It's not quite "Don't Worry, Be Happy," but a new note from CBRE emphasizes that multifamily problems will eventually end. "Markets are never static and strong rent increases are likely to resume in traditionally higher growth cities as excess supply is absorbed," they wrote.

Negative results in commercial real estate are nothing new. As with any market, it happens periodically and then improves. As pre-Socratic and misanthropic philosopher Heraclitus wrote, change is the only constant in life. When things are good, the saying rankles, but when they're bad, it is a comfort.

The worry of multifamily negatives has been on the increase. In the minutes of the January Federal Open Markets Committee meeting, the Federal Reserve paired only this category with office as major causes of concern among bankers. Freddie Mac has seen a relative sharp escalation in serious multifamily delinquencies, although an at least decade-long high is still only 0.44%.