NEW YORK CITY-The distress facing many in the US residential and commercial real estate market is very market-specific; some markets remain strong, while others have weakened. So says Ernst & Young’s Global Real Estate Center’s Global Real Estate Market Outlook 2008.

According to Dale Anne Reiss, global real estate director at E&Y, the situation isn’t likely to ease in 2008. She explains that with the lack of available financing and the specter of recession in the US, E&Y expects real estate market conditions both here and abroad to be difficult through this year.

Joyce DeLucca, founder and managing principal of Kingsland Capital, has similar views as E&Y’s outlook. DeLucca believes the market hasn’t hit bottom yet and notes that for the near to intermediate term, the outlook of the global credit market is quite negative. “It is not 100% bleak,” She says. “There will be compelling opportunities in the credit markets as the market finds a bottom.”

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