The commercial real estate market poses a threat to the US recovery, according to John Ryding, chief economist at RDQ Economics in New York.

'We have yet to see the full extent of those problems,' Ryding said in an interview on Bloomberg Radio.

The housing market, which plunged the economy into recession, also remains fragile, Ryding said.

'Maybe housing credit has gotten ahead of itself,' he said. 'I don’t think we’re out of the woods yet on the write- off situation.'