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NEW YORK CITY-After trending upward for three consecutive months between November 2009 and January of this year, the monthly Moody’s/REAL National All Property Type Aggregate Index followed a decline in February with another dip in March, according to a report released Monday. Neal Elkin, president of Real Estate Analytics, tells GlobeSt.com he’s “not at all surprised.”

Even as the market began to stabilize, “Given a lot of the conflicting pressures on pricing in the asset classes, our view has been that bouncing along the bottom would be the most likely scenario,” says Elkin, whose firm prepares the Commercial Property Price Indices for Moody’s using Real Capital Analytics data. “These types of gyrations–up a little bit, down a little bit, up a little bit—are consistent with that.”

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