"No Sign of Recovery" in Commercial Real Estate

Calculated Risk details (via Bloomberg):

The Moody’s/REAL Commercial Property Price Index dropped 4.2 percent from February and is now 47 percent below the peak of October 2007, Moody’s said in a statement ...So-called trophy properties in New York, Washington, Boston, Chicago, Los Angeles and San Francisco are helping those markets avoid the drag caused by distressed asset sales nationwide, Moody’s reported.

The overall index shows “no sign of recovery,” Moody’s said.

The Moody's / REAL Commercial Property Index is in nominal terms (despite the "real" name), but still hit a post-bubble low. In real terms? 21% down since the series began back in December 2000 and 50% below August 2007 levels....

Source: MIT / BLS