Despite U.S. commercial real estate prices having fallen 30% from the 2007 peak, hedge fund manager George Soros believes they "have not yet fallen in value…"

"It is inevitable, it is written, everybody knows it, there are already some transactions which reflect and anticipate it, so we know, they will drop at least 30 percent," Soros said in Washington yesterday.

When banks and insurance companies realize losses on their hundreds of billions of dollars in commercial real estate loans, they will get destroyed.

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