What most people don't understand is firstly there is a...

What most people don't understand is firstly there is a significant difference between residential and commercial real estate. Residential real estate can fall alright but commercial is based on your lease and rental return.

Secondly there are significant differences in commercial real estate itself. It comes down to competition, location and what it is. Hence it is possible to see some commercial real estate rising in value when the rest is falling. It just comes down to the quality of the assets.

Hence they are a good defensive asset with potentially high returns. I know because I was 15 years in the business and am retired as a result. So if I can ask treibs, can you be specific about which commercial properties you think CNP will have an issue selling?

Or are you talking generally about the US market as a whole?