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FoxBusiness on the Commercial Real Estate Bubble

FoxBusiness chimed in this morning on the outlook for commercial real estate with Ardsley Advisors Managing Partner Peter Avalone. Is there really $7 trillion in commercial real estate debt out there, as Avalone says? The MBA's stats (based on Fed Reserve numbers) show $3.5 trillion in debt. Avalone says there's a lot out there and that $3.5 trillion just represents what commercial banks hold and refers to CMBS and insurance companies as holding the rest. But I thought the $3.5 trillion figure included all that. According to MBA's data, commercial banks have $1.55 trillion in outstanding commercial real estate debt. Anyone have a source on the $7 trillion figure?

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