That's right. You read here and at Crain's. Many properties cannot sell because (a) there is basically no lending going on, regardless of what you may hear, and (b) buyers are afraid the worst is yet to come.
Here are the Q1 2009 sector numbers for Chicagoland, per the story and Real Capital Analytics:
Industrial: down 81%.
Office: down 85%.
Apartments: down 94%.
Retail: down 99%. (Yup. Two properties, $12.5 million.)
I guess the good news is that it can't get worse. Or can it?