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"Existing home sales plunged 27.2% in July to an annual rate of 3.83 million units. This was the lowest level of sales since 1995 and the third and by far the largest decline since expiration of the homebuyer tax credit at the end of April. With the July decline, existing home sales are now 25.5% below their year ago level and off a stunning 47.2% from their September 2005 peak. With the tax credit pulling sales forward it seems like the housing market has to find a new bottom all over again. Home sales need to be revived again, not by government programs and tax incentives but by the sound fundamentals of job and income growth and economic expansion."

Commercial Real Estate in Distress

From CNBC Squawk Box, Citigroup global head of real estate Thomas Flexner discussing the state of commercial real estate.