At least 13 commercial mortgage-backed loans that were more than 60 days behind payments in August 2020, but then recovered, began missing their repayments between October 2021 and March of this year, according to Moody's Analytics research first reported by Bloomberg.

A total of 7.89% of CMBS loans were marked as "troubled" in March, according to Moody's, a slight increase over February. 

Moody's found the repayment challenges on retail and office properties are being caused by the fact that it is still hard to find tenants to fill space. As uncertainty hangs over the leasing market, the delinquency rate could be set to grow -- although if hospitality demand improves that may offset the challenges in other sectors.

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