U.S. commercial property prices are off 19% from year-ago levels and down 21% from an October 2007 peak, according to a measure of property values published on Thursday by Moody's Investors Service.

The credit rating agency's REAL National All Property Type Aggregate Index for January was at a reading of 151.58, down 5.5% from December.

Nationally, apartments are off the most, followed by office properties, according to Moody's. Apartment prices fell the most in the East, where they were off 13.7%.

The fall in prices was most dramatic in Southern California, where there were double-digit declines in prices of apartments, industrial properties and offices.

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