The impact of troubled commercial mortgage-backed security loans is being felt to varying degrees depending on the market in question. While it is clear delinquencies overall are rising, the measure of pain felt on the local level can vary significantly. CMBS loans back more than 50 properties in Lansing, Mich., for example -- and nearly one in five loans is defaulting. In Wichita, Kan., CMBS loans also back more than 50 properties -- but the default rate is less than one in 100.

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