You're gonna cry when this is $3. Commercial mortgage market is gonna be the next 'subprime' story. Most of these companies will get creamed and end up in bankruptcy. Better take your money out tomorrow - proshares will close URE once the true depth of the chit below becomes known. That's a guarantee.
Defaults on commercial mortgages went to .67% from .34%. That is still low by historical standards. In residential, they lent money to anyone with a heartbeat. In commercial, although it got aggressive, they lent money based on contract leases with tenants in place, not (like residential) where the borrower just "stated" that they had income to pay. Huge difference. In any event, I am a trader, not an investor. I'll let you know when I sell, up or down. K