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Waiting for Distress
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07/16/2008
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Coming on the heels of several years of lower cap rates that pushed prices steeply upwards, the U.S. real estate market appears poised for a correction. The only question is how much. The correction could be steep if cap rates revert to historical norms. However, if one takes a range of other factors into consideration -- such as relative value to Treasury yields and the emergence of the real estate capital markets -- the more likely scenario is a modest drop in prices.
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Authors:
Philip Conner
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