Commercial real estate has not joined the bailout party; it may be strictly political as described here.
If that’s the case, with political backlash a possibility, commercial real estate may be left to implode.
That move appears to be over. As of this post, IYR has just penetrated the prior day’s low (of 72.29), adding weight we may be in the next leg down.
Using standard tools such as Fibonacci, a projected move points all the way to ~35.50, for IYR. At current levels, that represents a decline of 51%.