The Real Deal Miami

Global real estate downturn whi

October 07, 2010 03:00PM

The downturn in the global real estate market could last for the next eight years, a new report from the International Monetary Fund warns. The U.S. housing market will depend mostly on economic recovery, “given the limited success of mortgage modification programs and the shadow inventory from foreclosures and delinquencies,” the report says. “If employment creation remains low, risks of a double dip in housing naturally increase.” Record-high delinquency rates in the commercial sector aren’t helping things either, and those are poised to only get worse, with $566 billion in commercial real estate debt, IMF said. [MarketWatch]