Real estate, the next leg?

The chart above comes from the IMF stability review, January update. It shows the price evolution of US real estate. The red line is from the commercial sector; and has started to fall seriously as from 2009. Until now, it has not attracted as much attention as the subprime and other housing real estate. But it must hurt, and will have an impact in the banking sector, or repackaged in a creative debt formula in other portfolios.