But not as bad as “greatest real estate crisis since the financial crisis.”

The fun just never seems to end these days.

German bank alerts the market on exposure to commercial real estate – The troubles in the US commercial property market, which have already hit banks in New York and Japan, moved to Europe this week, elevating fears about broader contagion.

The latest victim was Germany’s Deutsche Pfandbriefbank AG, which saw its bonds slump on concern about its exposure to the sector. It responded by issuing an unscheduled statement Wednesday that it had increased provisions because of the “persistent weakness of the real estate markets.”

It described the current turmoil as the “greatest real estate crisis since the financial crisis.”