The Real Deal New York

REITs fall in early afternoon trading

September 29, 2008 04:49PM

The real estate investment trust (REIT) index, .RMZ, fell 3 percent in
trading early this afternoon as real estate stocks — not on the SEC’s
short-sell prohibition list — continued to be sold in short sales. Shares of commercial real estate
lender Gramercy Capital Corp. fell 17.4 percent. Meanwhile, CB
Richard Ellis Group Inc. shares were down 12 percent, and Jones Lang
LaSalle shares were down 10.1 percent. After the plan to rescue Wall Street failed in Congress today, the Dow Jones industrial fell 777 points at the close of trading, the index’s biggest one-day point drop ever.

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