Though CMBS cumulative default rates have doubled (rising from 1.02% in 2001 from 0.54% in 1999 for Fitch-rated transactions), experts say that it's not as bad as it looks.

And though the rise in default rates is significant, 1.02% is still way below industry averages. According to Standard and Poor's, the average commercial mortgage delinquency average for the entire history of the American Council of Life Insurance (ACLI) data series is 2.3%.

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