The problems of commercial real estate are deepening as other sectors struggle back to growth, prompting fears the commercial-property sector could put the entire U.S. recovery at risk. Janet Yellen, president of the San Francisco Federal Reserve Bank, has spoken publicly about her concern. "Commercial property didn't turn down until well after housing did," she said. "The sector's problems appear to stem in large part from the effects of the recession and the credit crunch rather than the type of building boom and lax underwriting standards that tripped up housing."
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