CPPI down 5.1% in July

CRE Prices dropped off a cliff in July:

Moody's: US commercial real estate prices resume steep declines in July

New York, September 21, 2009 -- Commercial real estate prices as measured by Moody's/REAL Commercial Property Price Indices (CPPI) renewed its steep declines and low transaction volume in July, Moody's Investors Service reports. The CPPI was down 5.1% from June after having declined by only 1% the prior month. It is now 30.8% below what it was a year earlier and 38.7% below the peak measured in October of 2007.