Murray: CRE still has a long slog ahead until recovery

06/23/2010 | Wall Street Journal, The

Despite some high-profile transactions and the growing number of commercial mortgage-backed securities financings, there is a belief commercial real estate's recovery still is in its early stages. "There's still deleveraging that needs to occur," said John Murray, a senior vice president and portfolio manager at Pimco who predicts more pain for the sector. Also, with fewer deals coming to markets, prices are still artificially high, he adds.

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