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It's the commercial market. The problems are on multiple fronts. Barclays Capital tagged the number
at $6.4 billion of commercial real estate investments that would not qualify for
refinancing the first 10 months of 2009. There's $1.7 trillion (with a
T) of commercial loans sitting on banks' books. And 30 U.S. big cities
have at least $1 billion of troubled loans.
So, unlike residential, this real estate bust is different.
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