Have we turned the corner or is another shoe ready to drop?

Shakeout Near for Real Estate Firms”

www.nytimes.com/2009/04/22/business/economy/22mall.html

It is quite possible that we are at a bottom and there is some light up there BUT there is still a lot more deleveraging to go. Only in America? Unlikely. The CMBS market is quite large by Canadian standards and we pride ourselves in “catching a cold” when the U.S. sneezes.

We are beginning to see the effect of disappearing lenders, stiffer conditions and higher lending costs affecting the commercial real estate world.