The Record (Bergen County, NJ), September 6th, 2007
HUI-YONG YU and DAVID M. LEVITT, BLOOMBERG NEWS The Record (Bergen County, NJ) 09-06-2007
Prices may fall 15% in year -- Buyers vanish as borrowing costs rise By HUI-YONG YU and DAVID M. LEVITT, BLOOMBERG NEWS Date: 09-06-2007, Thursday Section: BUSINESS Edtion: All Editions
NEW YORK — U.S. commercial real estate prices may fall as much as 15 percent over the next year in the broadest decline since the 2001 recession as rising borrowing costs force property owners to accept less or postpone sales.
"People aren't willing to do deals right now," said Howard Michaels, the New York-based...
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