Commercial Lending Down 54%

Not much surprise here. No transactions and declining values = no lending.

U.S. mortgage lending for commercial property fell 54 percent in the third quarter from a year earlier, led by a decline in loans for malls and shopping centers, the Mortgage Bankers Association said.

The dollar value of loans dropped 56 percent for office properties and 40 percent for apartment buildings, the Washington-based Mortgage Bankers said in a statement today. Loans for malls and shopping centers fell 62 percent and hotel loans declined 46 percent.

[via Bloomberg]

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