According to a report to be issued early this week from Standard & Poor's Ratings Group, there may be some signs that the commercial mortgage-backed securities market has reached a peak in certain property markets, despite the fact that issuance remains strong and real estate fundamentals remain sound.

"In some markets and property segments, we may have already tipped over the edge," says Larry Kay, an S&P analyst. "We are perched upon a very delicate equilibrium between supply and demand."

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