Cleveland and Detroit have the highest commercial mortgage delinquencies in the U.S. Properties with mortgage payments 60 or more days past due hit 3.93% as of March in Cleveland and 3.75% in Detroit. The average delinquency rate in North America is 1.1%, according to Standard & Poor's.

"There is really no part of the country being spared," said Robert Bach, chief economist at Grubb & Ellis. "Cleveland and Detroit are just the first to feel the stress. They’re the canaries in the coal mine." Bach expects Phoenix and Las Vegas will be the next cities to crack.

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