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Lander

Bernanke Worries Over State Of Commercial Real Estate As Credit Crunch 2 Looms

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"U.S. commercial property prices fell 7.6 percent in May from a month earlier, bringing the total decline to 35 percent since the market’s peak, Moody’s Investors Service said in a report this week. Commercial properties in the U.S. valued at more than $108 billion are now in default, foreclosure or bankruptcy, almost double than at the start of the year, Real Capital Analytics Inc. said earlier this month.

Yesterday, more than a half-dozen members of the House panel mentioned or asked Bernanke about the topic, with Chairman Barney Frank saying there’s a “great deal of fear” that a wave of commercial defaults will produce economic problems similar to those caused by residential mortgages. "

Doomberg

Edited by Lander

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-7.6 MoM, -35% from peak.

Wow. Now, what does this paragraph remind me of?

One of the main issues for the industry is that the market for debt backed by commercial mortgages “has completely shut down,†the Fed chief said yesterday.

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