And here's the MBA's take

$8.9 billion in property sales in the first quarter. We knew from local results the number would be down. Its opinion? "While the pace of the economic slowdown appears to be easing, different aspects of commercial real estate and commercial real estate finance are feeling different levels and types of pressure."

Originations are down (no shock there), amd the CMBS market is dead (gee, imagine that!) but what I found interesting was that cap rates were, yes, up from 2007, but at 7.4% they are not as high as I might have thought. These are only reported deals, but it is an interesting sign that we may have a way to go or the prices might not drop as low as the vultures expect. Or, we could just be waiting for the shoe to drop on CRE foreclosures. Heck, I will leave it for the experts to figure it out. I'm just interested in the news.

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