NEW YORK, March 19 (Reuters) - U.S. commercial real estate prices tumbled in January, Moody’s said on Thursday, suggesting problems that began in housing have spread well beyond that sector.
Commercial property values fell 5.5 percent, the biggest drop in since the ratings agency began compiling this index in 2000.
“Prices have nominally returned to the levels they were in the spring of 2005,” Moody’s said, adding that transaction volumes were at their lowest levels since October 2003.
Declines were reported across the board, including apartment, office, retail and industrial buildings. (Reporting by Pedro Nicolaci da Costa; Editing by Andrea Ricci)
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