Moody's reports that commercial mortgage backed securities (CMBS) delinquencies were up to 7.2% in April which is the second biggest monthly jump on record and the record was just set in March.
Grandpa was sratching his head earlier as to why the REITS were launching today with IYR leading the pack...silly me, the buyers already knew the delinquencies shot up to 7.02% so it was simply time to buy as delinquencies rise...
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