Global Real Estate 2009 Year End Commentary and 2010 Outlook is Now Available

The bear market for real estate stocks has ended.  We noted a year ago in our 2009 Outlook that the bear market for real estate stocks was as deep and long as any of the previous declines in real estate stocks, in fact surpassing any of the drawdowns in the last 15 to 20 years, including the early ’90s when real estate went through what some have labeled a depression for our industry.  As with past bear market periods, REITs have avoided experiencing three consecutive calendar years of negative returns.