"Nonresidential real estate conditions continued to deteriorate. Difficulty obtaining commercial real estate financing was constraining construction and investment activity. Bankers reported tight credit conditions, rising delinquencies, and some deterioration of loan quality.Perfect timing for Goldman Sachs to put SPG on their conviction buy list. Nothing like having more visibility than the federal reserve... unless you are the federal reserve of course.
Commercial real estate investment activity weakened further. Contacts said a decline incredit availability and markdowns on commercial property were keeping buyers and sellers onthe sidelines.
Commercial real estate lending continued to decline. Credit availability generally remained very tight across regions. A number of Districts reported deteriorating loan quality and rising delinquencies for all types of loan categories. In particular, several reports noted more stringent requirements for commercial real estate loans due to worries of worsening loan quality in the sector."
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