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.