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NEW YORK CITY-In a development that appears to defy the recent trend toward moderating increases in the CMBS delinquency rate, November’s rate shot up by 35 basis points, the steepest increase since May, says data firm Trepp. This follows a month in which the delinquency rate actually saw its first decline in more than a year. However, Mission Capital Advisors’ William David Tobin sees the rise as another manifestation of the bifurcation in the national market’s recovery.

“The November numbers certainly throw some cold water on the enthusiasm that has been building over the past six months that the peak for delinquencies was nearing,” says Manus Clancy, managing director at Trepp, in a release. November’s increase puts the delinquency rate at 8.93%, just behind the all-time record of 9.05% set in September, according to Trepp. Prior to that, the monthly increase had tapered off from the 40-bps jump recorded in May to an average of 10 to 20 bps, culminating in a 47-bps drop in October.

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