By, Meredith AndersonFor the first time since 2007 the commercial real estate activity seemed positive. However this rise although slightly encouraging does not acknowledge the fact that the real estate market had a drastic fall just one year earlier.
The NAR, National Association of Realtors, showed that the brokerage activity rose from .09% to 102.4. However the index is still falling short of what it once was on a couple years ago.
Although there was somewhat encouraging news form the real estate market, credit availability remains a huge problem for the industry. The vacancy of both commercial and residential properties is predicted to reach record highs this year. "Credit availability needs to significantly rebound for any hope of a meaningful commercial recovery in 2010," NAR chief economist Lawrence Yun said. Its a great time to buy, but only if you have the money at hand.
Sources:
http://online.wsj.com/article/BT-CO-20091119-711360.html
http://www.reuters.com/article/GCA-Economy/idUSTRE5AI39920091119
http://www.bcbr.com/article.asp?id=103101
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