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The New York Observer

Three's A Trend! Commercial Real Estate Prices Drop Third Consecutive Month

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July 22, 2008 | 10:18 a.m.

Soon, we'll be as blase about the bad economic news as we were -- oh so recently -- about the good news.

But not yet. On today's downbeat wire, Reuters reports that, "Commercial real estate prices fell 3.5 percent in May, the biggest drop since at least December 2000, as a slowing economy took a toll on property values, Moody's Investors Service said on Monday."

"Commercial real estate prices, as measured by Moody's/REAL Commercial Property Price Index, are down 5.7 percent from a year earlier and 8.8 percent from their peak in October 2007, Moody's said in a report.

May's decline marked three straight months of negative returns for the index, Moody's said in a report."

For more on this dispiriting development, click here.

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