CMBS trouble spreads to Europe, Asia

Commercial-mortgage-backed securities, or CMBS, were popular in the U.S. long before they hit Europe and Asia, but the slowdown in the debt instruments is smacking real estate markets there, too. Investor demand for CMBS has dropped so much that only one new issue has been backed by European property this year, and part of it hasn't sold. The situation in Asia isn't much better.

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