Trepp released its March 2012 CMBS Delinquency Report and the results show that despite a robust national recovery, there are still clearly a lot of “have not’s” in the multifamily space.

Across commercial real estate, there were $5 billion in total new delinquencies and the delinquency rate for U.S. commercial real estate loans in CMBS jumped 31 basis points in March to 9.68 percent. Office and multifamily led the way. Multifamily was up 74 basis points in March to 15.39 percent of CMBS loans backed by multifamily properties that are more than 30 days delinquent.

Manus Clancy, senior managing director at Trepp, says 2007 loans coming due are the main driver of these increased delinquency figures.

Will these increasing delinquency rates continue? And if they do, will they provide buying opportunities for multifamily investors starved for product? Will the assets be in such bad shape (and in