And here - we - go

One $200 million default is roughly equal to 1,200 houses or a small town going belly up. Multiple defaults are entire cities - even metropolises. This is not a game changer but a game over for banks, pension funds, insurance companies not to mention reits, developers and brokers.

Worries growing about commercial real estate

Delinquency rates at hotels, office buildings have more than doubled

Even as banks grapple with rising foreclosures, many lenders have something else to worry about: A rising tide of potential losses from commercial real estate loans that could reach into the billions.

Delinquency rates and defaults on office and retail buildings and hotels have more than doubled in just six months. For apartments and industrial buildings, the rates have increased more than 80 percent, according to Reis Inc.

While homeowners are defaulting at almost four times the rate of commercial landlords, the sudden spike in late payments has many industry insiders worried about the collateral threat to the economy and financial system. Nearly $73 billion worth of commercial real estate loans are in some level of financial distress, according to Real Capital Analytics.

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