hints of broader problems arise in real-estate loans

--delinquencies on loans that back commerical mortgage-backed securities rose for the first time since 2003 in Q2 --CMBS delinquencies rose 13% in Q2 to $1.65 billion from 1.46 bil in Q1 --but issuance of these bonds also had risen sharply, as reflected in Q2 GDP where commericial construction shore up the Q2 growth. So delinquency rate might still be low. --fundamentsl such as vacancies and rents are still solid. --delinquencies on 2005 and 2006 vintages rose the most, possibly due to relaxed underwriting.