We suggested when we last wrote that the market would remain depressed for another nine to twelve months. Since then, short term interest rates have increased mostly as expected—an increase of 25 basis points in March and another 25 basis points are anticipated in May. However, the crash of Silicon Valley Bank and other lenders has contributed to additional credit tightening and non-price rationing, which includes more onerous terms, such as lower loan-to-value and higher debt service coverage ratios. This is affecting all sectors of Real Estate
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