WASHINGTON – May 19, 2009 – Commercial real estate is still in the early stages of a downturn, but the picture could brighten by the middle of 2010, NAR Chief Economist Lawrence Yun told attendees of the REALTORS® Midyear Legislative Meetings Thursday.
Credit markets seized up almost entirely in the days after Lehmann Brothers collapsed in September 2008 as lenders shifted to survival mode, Yun said. The economy has since shown signs of stabilizing, but credit availability for commercial real estate remains frozen.
The volume of commercial mortgage-backed security (CMBS) issuances so far in 2009 is essentially zero, Yun said, compared to just two years ago when $230 billion in loans were securitized. Continue Reading Here
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