July was tough for commercial real estate. According to Moody's, its CPPI (Commercial Property Price Indices), which tracks data through sales transactions, commercial real estate prices were down 5.1 percent in the month of June alone. This is an acceleration over the previous monthly rate of decline. According to Moody's here: "The index is now 30.8 percent below its year-ago level and 38.7 percent below its peak in October 2007." For anyone in the industry, this is not a surprise. I have written about inflated commercial valuations before here.
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