The woes in commercial real estate continue as investment “is nearly at a standstill” since commercial lending has virtually stopped, and job losses have cut employers’ need for space, according to the National Association of Realtors.

“Although access to residential mortgages has improved, the opposite is true for commercial loans,” said Lawrence Yun, NAR’s chief economist. “We need liquidity for commercial mortgage-backed securities not only to free the market, but also to roll over existing debt. At the same time, the loss of jobs has had a significant impact on the demand for commercial space.”

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