Evidence of Commerical Real Estate downturn?

The graph above comes courtesy of Calculated Risk and shows Countrywide Financial's (CFC) Commercial Real Estate Pipeline at the end of October

Countrywide Commercial Real Estate Loan Pipeline

In October, Countrywide had $752 Million commercial real estate loans in their pipeline, compared to $1,824 million last October and $1,323 million in September.

That's quite a significant drop. The question is whether this is specific to CFC which has had trouble obtaining funding or whether it is because of a drop-off in Commercial Real Estate Investment. I suspect it is a bit of both.