The loss of capital from the CMBS market is a serious problem for the U.S. commercial real estate sector, several industry experts said in a round-table discussion on Bloomberg Television. "Investment activity has fallen 80% to 90% from what it was at the peak two years ago," said Lawrence Yun, chief economist for the National Association of Realtors. The only commercial deals closing are small ones that can be financed by local banks or through seller financing, he said. The bigger deals need capital from the CMBS market "and that market hasn't come back."
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