U.S. Commercial Property Prices Drop to 8-Year Low
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U.S. commercial property prices tumbled for a third straight month in August to the lowest level in eight years, pulled down by declining values for distressed real estate, according to Moody’s Investors Service.
The Moody’s/REAL Commercial Property Price Index fell 3.3 percent from the prior month to surpass the post-crash low in October 2009, the company said in a statement today. The measure is 45 percent below its October 2007 peak and is at its lowest since June 2002.