There was a very slight decrease in the amount of commercial/multifamily mortgage debt outstanding between the end of the fourth quarter 2008 and the end of the first quarter of 2009, according to the Mortgage Bankers Association.

There is $3.48 trillion outstanding as of March 31, 2009, down by $33 million, according to MBA's analysis of the Federal Reserve Board Flow of Funds data. Multifamily debt outstanding increased by 0.6% to $908 billion.

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