U$.$S$.,$ since $1929,$ the worst $$bear markets$$ for CRE were characterized by:

a$)$ CRE asset price declines of $30-45\%$

b$)$ Asset valuation recovery periods of as many as six or more years, depending on debt capital availability, local market and other economic factors.

c$)$ Neither $($a$)$ nor $($b$)$

d$)$ Both $($a$)$ and $($b$)$