Employment and business woes in Europe, the Middle East and Africa are continuing to erode the performance of CMBS and multifamily transactions in the region even though property values appear to have bottomed out and shown slight improvement, according to a report from Moody's Investors Service's London office.

Christian Aufsatz, a Moody's senior vice president and co-author of the report said the rating agency remains skeptical of a recovery and forecasts declines in value "until 2010 in all EMEA CMBS markets." Viola Karoly, a Moody's analyst and co-author of the report, said overall performance deterioration that started in 2008 has so far "continued unabated."

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