The document provides an overview of the commercial real estate market downturn in the Western US. It discusses how the bubble was formed due to equity shifting to real estate, excessive debt, and improving economic fundamentals. It then summarizes the current state with values down 30-40% across all asset classes and high unemployment impacting demand. Charts show declining occupancy rates, rents, and prices across major office and apartment markets in the region. The future forecast is for further declines as the bubble unwinds and economic recovery remains uncertain.
Slide oresentation by National Association of REALTORS Chief Economist Dr. Lawrence Yun to members and friends of the St. Charles County Association of REALTORS
Tourism is an important industry for Transylvania County's economy. In 2008, tourists spent $77.1 million in the county, generating 780 jobs and $14.9 million in worker payroll. This tourist spending also generated $2.99 million in state taxes and $3.71 million in local taxes. On average, tourist spending in Transylvania County results in $211,232 being spent daily and provides $388 in tax relief for each county household.
Dr. Lawrence Yun, chief economist and senior vice president of research for the National Association of REALTORS presentation at the Charleston Trident Association of REALTORS 2012 Midyear Residential Real Estate Market Update. Dr. Yun shares national and local (Charleston, SC) data recapping market activity through July 2012 and offers a forecast for the remainder of 2012 and beyond.
The document analyzes freight costs and identifies store direct shipments as a major factor. Specifically, store direct shipments of non-toy items like optical drives significantly increase freight costs due to their high average sales price compared to toy items. Actions are recommended to stop shipping non-toy items store direct, ship toy items in 10-packs to lower costs, and change the metric for toy item freight out from a percentage of revenue to a cost per unit.
Real Estate and Economic Outlook, by Dr. Lawrence YunNar Res
This document summarizes a presentation by Lawrence Yun, Chief Economist at the National Association of Realtors, on the real estate and economic outlook.
The key points are:
1. Existing home sales are recovering at the best pace in 5 years but are only up 8% year-to-date.
2. Factors slowing the housing recovery include the lingering effects of the credit bubble and declining mobility rates.
3. Inventory remains very low while investors and frustrated homebuyers remain active in the market.
4. Several local housing statistics for New Orleans are presented showing year-over-year improvements.
5. Various charts and data are presented on housing starts,
Housing equity and net worth are impacted by home prices and stock market performance. In the US, the housing crash and stock market decline in 2008 significantly reduced homeowner and renter net worth, though it has since recovered. Homeowners typically have much higher net worth than renters, ranging from 31 to 46 times higher. In the Tampa Bay area, the median home price declined after the housing bubble but has stabilized in recent years. A return to typical price growth could restore positive equity for homeowners who purchased during the housing crash within around 9 years.
1) The document discusses boundary spanning leadership and how developing networks can drive collaboration and innovation. It focuses on a case study of the biotech company Merrimack Pharmaceuticals.
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3) A network analysis was conducted to understand how well Merrimack had developed as a networked organization and to identify critical boundaries to collaboration. Several strategies for spanning boundaries like managing, forging common ground, and discovering new frontiers were discussed.
Economic and Real Estate Market Update from National Association of REALTORSBrian Block
Lawrence Yun, Chief Economist for the National Association of REALTORS gave this presentation at the REALTORS Mid-Year Meeting in Washington D.C. It provides and outlook for the economy and the real estate market.
Slide oresentation by National Association of REALTORS Chief Economist Dr. Lawrence Yun to members and friends of the St. Charles County Association of REALTORS
Tourism is an important industry for Transylvania County's economy. In 2008, tourists spent $77.1 million in the county, generating 780 jobs and $14.9 million in worker payroll. This tourist spending also generated $2.99 million in state taxes and $3.71 million in local taxes. On average, tourist spending in Transylvania County results in $211,232 being spent daily and provides $388 in tax relief for each county household.
Dr. Lawrence Yun, chief economist and senior vice president of research for the National Association of REALTORS presentation at the Charleston Trident Association of REALTORS 2012 Midyear Residential Real Estate Market Update. Dr. Yun shares national and local (Charleston, SC) data recapping market activity through July 2012 and offers a forecast for the remainder of 2012 and beyond.
The document analyzes freight costs and identifies store direct shipments as a major factor. Specifically, store direct shipments of non-toy items like optical drives significantly increase freight costs due to their high average sales price compared to toy items. Actions are recommended to stop shipping non-toy items store direct, ship toy items in 10-packs to lower costs, and change the metric for toy item freight out from a percentage of revenue to a cost per unit.
Real Estate and Economic Outlook, by Dr. Lawrence YunNar Res
This document summarizes a presentation by Lawrence Yun, Chief Economist at the National Association of Realtors, on the real estate and economic outlook.
The key points are:
1. Existing home sales are recovering at the best pace in 5 years but are only up 8% year-to-date.
2. Factors slowing the housing recovery include the lingering effects of the credit bubble and declining mobility rates.
3. Inventory remains very low while investors and frustrated homebuyers remain active in the market.
4. Several local housing statistics for New Orleans are presented showing year-over-year improvements.
5. Various charts and data are presented on housing starts,
Housing equity and net worth are impacted by home prices and stock market performance. In the US, the housing crash and stock market decline in 2008 significantly reduced homeowner and renter net worth, though it has since recovered. Homeowners typically have much higher net worth than renters, ranging from 31 to 46 times higher. In the Tampa Bay area, the median home price declined after the housing bubble but has stabilized in recent years. A return to typical price growth could restore positive equity for homeowners who purchased during the housing crash within around 9 years.
1) The document discusses boundary spanning leadership and how developing networks can drive collaboration and innovation. It focuses on a case study of the biotech company Merrimack Pharmaceuticals.
2) Merrimack takes a unique multi-disciplinary and team-based approach to drug discovery aimed at more efficiently progressing ideas into novel cancer therapies. It is organized into cross-functional project teams called PODs.
3) A network analysis was conducted to understand how well Merrimack had developed as a networked organization and to identify critical boundaries to collaboration. Several strategies for spanning boundaries like managing, forging common ground, and discovering new frontiers were discussed.
Economic and Real Estate Market Update from National Association of REALTORSBrian Block
Lawrence Yun, Chief Economist for the National Association of REALTORS gave this presentation at the REALTORS Mid-Year Meeting in Washington D.C. It provides and outlook for the economy and the real estate market.
The document provides an economic and housing market outlook presentation by Lawrence Yun, Chief Economist for the National Association of Realtors. It summarizes recent trends in pending home sales, first-time buyers, distressed home sales, and home prices. It then discusses the impact of the homebuyer tax credit and forecasts job growth, household formation, and mortgage rates will impact the housing market recovery in 2010. Risks to the recovery include a future housing shortage and lingering effects of past lending mistakes.
Moneyweb Investment Seminars - David Shapiromoneyweb
The document discusses the current state of the global economy and financial markets. It notes that while the light can be seen at the end of the tunnel, the global economy is still within it due to uncertainties persisting in developed economies like high unemployment and weak housing markets in the US. Emerging markets are forecasted to grow faster than advanced economies. The document also provides investment ideas and stock picks that may perform well in the difficult market environment.
Real Estate Finance 201: The Realities (Stephen Blank) - ULI Fall Meeting 102611Virtual ULI
There is no consensus on the future of Fannie Mae and Freddie Mac. Policymakers face difficult choices in balancing support for the mortgage market with taxpayer risk.
The document provides an overview of key economic and political factors that may impact the housing market in 2013, including the fiscal cliff, debt ceiling, Eurozone debt crisis, and state/federal policies. It summarizes housing market trends in Southwest California in 2012, with median home prices rising 9-30% year-over-year in areas like Lake Elsinore and Temecula. Demand remained strong with over 250 homes sold in January 2013 across the region.
Janalent Microsoft Economic Forum PresentationJoe Honan
The document provides advice for companies to survive and thrive during an economic recession based on insights from various industry experts. It recommends that companies (1) control costs by eliminating unnecessary expenses, virtualizing systems, and strengthening core operations, (2) invest strategically in growth areas while competitors retrench, (3) focus investments on activities that directly support revenue or savings, and (4) leverage technology and partnerships to expand customer bases and deepen relationships. Implementing these strategies will help companies weather the economic downturn and position them for success as conditions improve.
The document discusses reasons why now is a good time to buy a home, despite recent housing market issues. It notes favorable mortgage rates, a large selection of homes on the market, and signs that the worst of the credit crunch is over. Additionally, job and income growth are fueling pent-up housing demand, and historically homeowners who stay in their homes long-term do well building wealth. While sales and construction numbers are down from peaks, price declines have slowed and some regions are seeing price increases again. Overall the analysis suggests more recovery in 2008.
LTC, Annual Forum, For Whom the Road Should Toll: The Future of Toll Roads an...LTC @ CSUSB
The document discusses the need for toll roads in the Southern California region to address several transportation challenges, including population growth, aging infrastructure, and increased goods movement. It notes that vehicle miles traveled have grown much faster than population. It then provides an overview of the SR-91 Express Lanes project as an example of a successful privately financed toll road, including its current toll rates and fiscal performance exceeding forecasts.
Where are We in the Real Estate Cycle?Ivan Kaufman
The real estate market is currently in the midst of its second longest expansion following the longest historical expansion that led to the Great Recession. There is a growing sentiment that the market is in an asset bubble that will soon correct, though the timing is uncertain. Commercial property prices have begun slowing according to indices, rent growth has outpaced wage growth, and many lenders are no longer underwriting future rent growth. Multifamily construction levels are very high, which could impact future rent growth. Cap rates are expected to expand from compressed levels as foreign capital flows slow, rent growth declines, and debt costs rise.
The document summarizes the state of lending in America and its impact on U.S. households. It discusses how the mortgage market evolved in the 2000s, with the rise of subprime and Alt-A loans, private label mortgage backed securities, and weak regulation of abusive lending practices. This led to a foreclosure crisis in the late 2000s that disproportionately impacted minority homeowners. The challenges going forward include protecting financial reforms, preventing unnecessary foreclosures, and preserving affordable homeownership opportunities.
Update on economic trends of Chattanooga, Tennessee\'s travel & tourism trends, hotel performance, and tourism outlook for 2009. Dr. Steve Morse, economist, University of Tennessee
In 3 sentences:
CMBS issuance in the first half of 2016 totaled $30.7 billion, well below forecasts and the $54.5 billion issued in the first half of 2015. Multifamily asking rents increased 4.1% year-over-year to $1,252 per unit while the vacancy rate rose to 4.5%. The US added 287,000 jobs in June with gains in leisure/hospitality, healthcare, and financial activities.
Ivan Kaufman shares with you a Q2 update for the real estate market, noting CMBS issuance, selected interest rates, average asking rent, foreign investment, multifamily properties and more.
Borrw.com is a private real estate fund that aims to purchase 1,000 single family homes in distressed housing markets like Oakland, Riverside, and Phoenix. It plans to rent the homes at above-market rates with lease-to-own options for tenants. After 3-5 years, homes will be sold to tenants with crowdfunded mortgages. The team has experience in real estate, marketing, and distressed housing. Financial projections estimate growing rental income, expenses, and dividends through 2016 as more homes are acquired.
Australian Residential Property Presentation14 04 2009Ivan Kaye
The document summarizes property investment opportunities on the eastern coast of Australia. It discusses demographic and economic factors that influence the real estate market such as population growth, infrastructure development, employment levels, and supply and demand of housing units. Charts show historical housing price trends and vacancy rates in Australian cities. The document concludes with examples of successful property investments in Sydney, Melbourne, Perth and Darwin that achieved high annualized returns.
The document summarizes the economic outlook for the El Paso-Juarez border region. It finds that the El Paso economy is recovering faster than other border cities, with employment increasing 3.8% from its lowest point. Unemployment in El Paso has matched the national rate as the US recovery gains momentum, with manufacturing and non-manufacturing activity expanding. The Mexican economy is also recovering, with GDP growth of 5.5% last year. Trade between the US and Mexico continues to increase, especially in the automotive industry where Mexico's production and exports are at record highs.
Roberto Coronado, Outlook for the El Paso-Juarez Region, Federal Reserve Bank...The Paso del Norte Group
The document summarizes the economic outlook for the El Paso-Juarez border region. It finds that the El Paso economy is recovering faster than other border cities, with employment increasing 3.8% from its lowest point. Unemployment in El Paso has matched the national rate as the US recovery gains momentum, with manufacturing and non-manufacturing activity expanding. The Mexican economy is also recovering, with GDP growth of 5.5% last year. Trade between the US and Mexico continues to increase, especially in the automotive industry where Mexico has become a top source of US imports.
The document provides an economic forecast and real estate outlook by Ted C. Jones, Chief Economist at Stewart Title Guaranty Co. Some of the key points summarized are:
1. The US economy has struggled to recover jobs lost since the recession, and unemployment remains high.
2. The housing market recovery will be important to driving the broader economic recovery, as housing has led previous recession recoveries. However, the housing recovery remains uneven in different local markets.
3. Commercial real estate continues to face difficulties with high vacancy rates and falling prices. Property values have declined significantly from their peaks.
4. Jones forecasts that interest rates will rise in 2011 from current low levels, and outlines some economic concerns
This document discusses several projections and analyses related to the US housing market in 2012:
1) Several analysts predict the housing market will improve in 2012 compared to 2011, with a stronger second half, citing higher than expected economic data and indicators of increased consumer sentiment.
2) Warren Buffett states that buying single family homes is an attractive investment due to low interest rates and the ability to refinance, and that buying one's own home is a good option if staying in the same place for 5-10 years.
3) The national mortgage settlement will allow banks to proceed with millions of delayed foreclosures, pushing home prices down another 3% but helping the market in the long run by reducing the
This presentation summarizes housing market conditions in downtown Seattle, including for-sale and rental markets. It shows that median home prices in 2011 were up 5% from the previous year while total sales over $1 million increased 20%. The rental vacancy rate in central King County is currently 3.5% and average rents have risen to $1,255 per month, with a further 3.6% increase planned. The presentation concludes by noting that no new condominiums have been delivered recently and discusses the large number of new apartment buildings currently in the development pipeline.
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The real estate market is currently in the midst of its second longest expansion following the longest historical expansion that led to the Great Recession. There is a growing sentiment that the market is in an asset bubble that will soon correct, though the timing is uncertain. Commercial property prices have begun slowing according to indices, rent growth has outpaced wage growth, and many lenders are no longer underwriting future rent growth. Multifamily construction levels are very high, which could impact future rent growth. Cap rates are expected to expand from compressed levels as foreign capital flows slow, rent growth declines, and debt costs rise.
The document summarizes the state of lending in America and its impact on U.S. households. It discusses how the mortgage market evolved in the 2000s, with the rise of subprime and Alt-A loans, private label mortgage backed securities, and weak regulation of abusive lending practices. This led to a foreclosure crisis in the late 2000s that disproportionately impacted minority homeowners. The challenges going forward include protecting financial reforms, preventing unnecessary foreclosures, and preserving affordable homeownership opportunities.
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Similar to Western Independent Bankers’ Troubled Asset Forum Presentation (20)
Western Independent Bankers’ Troubled Asset Forum Presentation
1. The Commercial Real Estate Bust:
How Long? How Deep?
And What Will Pull Us Out?
Western Independent Bankers:
Troubled Asset Forum
June 23, 2009
Hilton San Francisco
By:
Ted Simpson, MCR
Executive Director
Cushman & Wakefield of California, Inc.
2. Today’s Agenda
I. Why a CRE Bubble? Past
II. Has it Popped? Present
III. Forecast Future
3. Why a CRE Bubble?
I. Equity redirected towards
real estate from stocks
II. Debt madness
III. Economic expansion
improved fundamentals
4. Why a CRE Bubble?
I. Equity redirected towards
real estate from stocks
• ’01 stock market crash
• Change in institutional investors’ asset
allocation
• More capital chasing real estate than
available cap rate compression more
capital chasing RE cap rate
compression
• Global liquidity flood created by central
banks, oil’s rise (new wealth: Russia, Mid
East, Brazil)
5. Why a CRE Bubble?
II. Debt madness
• CMBS pyramid scheme/scam
• Big banks become investment
banks
• Community banks take highest
risk/ highest margin loans
*Risk was completely mispriced due to greed (fees),
competitiveness, shareholder pressure
6. Why a CRE Bubble?
Also chasing CRE debt…
• Big Banks
• Insurance Companies/Mortgage
REIT’s
• Community Banks
11. Why a CRE Bubble?
U.S. Unemployment (’90 – ’08)
Percentage
of
Unemployment
Source: U.S. Dept. of Labor; Bureau of Labor Statistics, 2009
12. Why a CRE Bubble?
Summary of How We Got Here
April ’07 Credit Crises
Housing crash
Consumer spending
Econ fundamentals
Vacancies in CRE
13. Why a CRE Bubble?
“We have seen this horror movie before,
so the end isn’t that scary.”
14. Status of CRE in Western U.S.
• Values down by 30% - 40%
• Values continue to decline
• Unwinding of bubble
15. Status of CRE in Western U.S.
All Asset Classes Plummeting
16. Status of CRE in Western U.S.
Western 11 states unemployment rates
State Unemployment Rate Apr ‘09
Arizona 7.7%
California 11.0%
Colorado 7.4%
Idaho 7.0%
Montana 6.0%
Nevada 10.6%
New Mexico 5.8%
Oregon 12.0%
Utah 5.2%
Washington 9.1%
Wyoming 4.5%
17. Status of CRE in Western U.S.
Oakland, CA
Year Owner Price
2007 Developer $2.1M ($330/SF)
3-2009 Lender $1.38M ($184/SF)
6-2009 Lender $1.315M ($175/SF)
Future Value $750,000 ($100/SF)???
18. Status of CRE in Western U.S.
Recent retailer bankruptcies
19. Status of CRE in Western U.S.
Retail – Quarterly Supply, Demand and Vacancy As of 2009Q1
Source: Property And Portfolio Research, Retail Edition, June 2009
20. Status of CRE in Western U.S.
Multi Family
• National Housing Affordability Index
21. Status of CRE in Western U.S.
Apartments – Quarterly Supply, Demand and Vacancy As of 2009Q1
Source: Property And Portfolio Research, Apartment Edition, June 2009
22. Status of CRE in Western U.S. - Apartment Case Study
Long Beach, CA
Apartment Complex
Year Owner Price
2005 Local Investor $6.6M $120,000/door
2006 Local Investor $9.2M $167,000/door
2007 Lender $11M $200,000/door
2009 Lender $6.6M $120,000/door
23. Imports ($000,000)
$-
$50,000.00
$100,000.00
$150,000.00
$200,000.00
$250,000.00
1992 Jan
1992 Jun
1992 Nov
1993 Apr
1993 Sep
1994 Feb
1994 Jul
1994 Dec
1995 May
1995 Oct
1996 Mar
1996 Aug
1997 Jan
Industrial
1997 Jun
1997 Nov
1998 Apr
Status of CRE in Western U.S.
1998 Sep
1999 Feb
1999 Jul
1999 Dec
’09)
U.S. Imports (’92 –US Imports
2000 May
2000 Oct
2001 Mar
2001 Aug
2002 Jan
2002 Jun
2002 Nov
2003 Apr
2003 Sep
2004 Feb
2004 Jul
2004 Dec
2005 May
2005 Oct
2006 Mar
2006 Aug
2007 Jan
2007 Jun
2007 Nov
2008 Apr
2008 Sep
2009 Feb
24. Status of CRE in Western U.S.
Vernon, CA
91,674 SF
• Lender carried back paper
• Listed at $120/SF
• Price drop to $109/SF
• Then to $99/SF
• Sold for $70/SF
• Previously sold 7/1/2003 for $57.43/SF
25. Status of CRE in Western U.S.
Hotel – National Rev/Par Over 10 Years
160.0
140.0
120.0
100.0
RevPar Index
80.0
60.0
40.0
20.0
0.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Year
26. Status of CRE in Western U.S.
Inland Empire - Office
Inland Empire Supply & Demand
2.00 32.0%
1.50 24.0%
1.00 16.0%
0.50 8.0%
0.00 0.0%
01 02 03 04 05 06 07 08 09 10 11
-0.50 -8.0%
Absorp Cnst. Vacancy
27. Status of CRE in Western U.S.
Los Angeles County - Office
CBD Supply & Demand
1.2 24.0%
0.9 18.0%
0.6 12.0%
0.3 6.0%
0.0 0.0%
01 02 03 04 05 06 07 08 09 10 11
-0.3 -6.0%
-0.6 -12.0%
Absorp Cnst. Vacancy
Non-CBD Supply & Demand
2.00 24.0%
1.50 18.0%
1.00 12.0%
0.50 6.0%
0.00 0.0%
01 02 03 04 05 06 07 08 09 10 11
-0.50 -6.0%
-1.00 -12.0%
Absorp Cnst. Vacancy
35. Status of CRE in Western U.S.
Las Vegas - Office
Non-CBD Supply & Demand
6.00 28.0%
4.50 21.0%
3.00 14.0%
1.50 7.0%
0.00 0.0%
2004 2005 2006 2007 2008 2009
-1.50 -7.0%
-3.00 -14.0%
Absorp Cnst. Vacancy
36. Price Per Square Foot
$-
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
$350.00
Sep-00
Dec-00
Mar-01
Jun-01
Sep-01
Dec-01
Mar-02
Jun-02
Sep-02
Dec-02
Mar-03
Jun-03
Sep-03
Dec-03
Status of CRE in Western U.S.
Mar-04
Jun-04
Sep-04
Dec-04
Date
Mar-05
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
National Historic Office Prices
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
Mar-09
Jun-09
37. Price Per Square Foot
$-
$10.00
$20.00
$30.00
$40.00
$50.00
$60.00
$70.00
$80.00
$90.00
Sep-00
Dec-00
Mar-01
Jun-01
Sep-01
Dec-01
Mar-02
Jun-02
Sep-02
Dec-02
Mar-03
Jun-03
Sep-03
Dec-03
Mar-04
Status of CRE in Western U.S.
Jun-04
Sep-04
Dec-04
Date
Mar-05
Jun-05
Sep-05
Dec-05
Mar-06
Jun-06
Sep-06
Dec-06
Mar-07
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-08
National Historic Warehouse Prices
Mar-09
Jun-09
38. Status of CRE in Western U.S.
Summary of Current CRE Markets
• If new construction in submarket =
Meltdown
• Very slow leasing
• Rapid rent deflation
• Mostly “forced” sales
40. CRE Forecast
CRE Forecast
Long Term:
• Market will drop in excess of
fundamentals (overshoot) due to forced
sales by troubled owners/lenders.
• This will create HUGE OPPORTUNITIES
FOR THE BRAVE (AND RICH). Cash is
king.
• 10 years cycle – 5 up, 5 down (we only have
7 year memories, so always overshoot)
• New, entrepreneurial companies will
sprout
41. CRE Forecast
Protracted/Anemic Recovery
• Output gap closed in 3-4
years, CRE follows
• 2% annual GDP growth in
2010
• Wall Street flat, removes fuel
from corporate growth
• CRE debt financing difficult to
obtain
42. CRE Forecast
Challenges to Recovery:
• Political risk – taxes,
changing rules
• State budgets
• High inventory levels
• Permanently decreased
corporate footprints (Starbucks)
• Special Servicers
43. CRE Forecast
Special Servicers
• Inflexible
• Can’t work out/extend
• Causes foreclosures
• Resultant fire sales drop
market
44. CRE Forecast
What’s required for a recovery
• Profits/Hiring
• Continued low IRs/low inflation
• Lending
• CMBS spreads drop 300 bps
• TALF? No closed deals
• Consumer Spending
45. % of Disp Income
19
-2
-1
0
1
2
3
4
5
6
7
8
9
90
19 -I
90
-I
19 II
91
19 -I
91
-I
19 II
92
19 -I
92
-I
19 II
93
19 -I
93
-I
CRE Forecast
19 II
94
19 -I
94
-I
19 II
95
19 -I
95
-I
19 II
96
19 -I
96
-I
19 II
97
19 -I
97
-I
19 II
98
19 -I
98
-I
19 II
99
19 -I
99
-I
20 II
00
20 -I
00
-I
US Personal Savings Rate
20 II
01
20 -I
01
-I
20 II
02
20 -I
02
-I
20 II
03
20 -I
03
-I
20 II
04
20 -I
04
-I
20 II
U.S. Personal Savings Rate
05
20 -I
05
-I
20 II
06
20 -I
06
-I
Need consumers to spend again: 8%
20 II
07
20 -I
07
-I
20 II
08
20 -I
08
-I
20 II
09
-I
50. CRE Forecast
The Good News:
• Healthcare and infrastructure spending
will be bright spot
• The employment of the currently
unemployed will point way to recovery
• Natural economic process
• Watch them! They will point the way!