According to an article in the Dallas Morning News, commercial real estate sales in the Dallas-Fort Worth area have fallen to their lowest levels on record. In 2008 only 1,434 commercial buildings and land were sold, a 32 percent drop since 2007. Apartment buildings sales also plunged 58 percent in 2008 as more lenders withheld credit from those wanting to buy real estate. Retail real estate sales also slide downward 40 percent since 2007. The only commercial real estate numbers that did increase were foreclosures, which went up by 56 percent since 2007.
The real estate industry has been the lifeblood of the economy for the past ten years and these declining sales numbers are a definite sign that the economy is getting worse. Credit availability has not loosened and the amount of bankruptcies hitting real estate developers and retailers isn't helping matters and may cause more foreclosures in this sector. Foreclosures and bankruptcies in the commercial real estate sector will inevitably cause more job losses , foreclosures and bankruptcies amongst ordinary Americans who depend heavily on this sector for their livelihood.