According to the Mortgage Bankers Association, the U.S. mortgage lending for commercial property fell by 54 percent in the third quarter as compared to the previous year.

This has in turn, led to a further decrease in loans for malls and shopping centers.

It was declared in a statement today by the Washington-based Mortgage Bankers, that the dollar value of loans has dropped by 56 percent for office properties and 40 percent for apartment buildings. The loans for malls and shopping centers also fell by 62 percent, whereas the hotel loans declined 46 percent.

New York-based Real Capital Analytics Inc. recently declared that the credit crisis has caused the U.S. commercial properties worth $138 billion to go into default, foreclosure or debt restructuring.

Due to the decreasing value of property, and the increasing unemployment rate, lenders are becoming more reluctant to extend credit.

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