The Challenges of Financing in the Real Estate Market

A lot of this is people being forced to sell assets because they just can't get financing. That loan failed at the new high evaluation, and when they auction the building, they only got 13 million for it in New York. We're now seeing debt levels I think the global reach market is a loan to value of around 30%. It tells you something about the level of debt and whether that is likely to be an issue. Of course, there will be challenges localized challenges. There are opportunities for a strong balance sheet to be able to come in and pick up opportunistically globally.