Commercial Real Estate, IYR

FN: Notice how despite a bounce attempt in the broader markets yesterday, IYR drilled lower? The CRE collapse is still that "next shoe to drop". It hasn't happened yet. The loans are in "pretend and extend" mode over at the big banks. They've been praying for a CRE bailout. They've tried everything. The PPIP program went from $1 trillion to a mere $60 billion. The IYR will get the March lows of about $20 fast as reality sets in. The only question really, is how messy will the ride down be?