tailieunhanh - Real Estate Investment Research National Apartment Report 2011

I would like to express my utmost appreciation to the members of my thesis committee—Dr. Peter Holliday, Dr. Julia Miller, Dr. Douglas Domingo-Foraste, and Dr. Ann Irvine Steinsapir—and to the administrative staff of the Department of Art for their advice and guidance during this undertaking. Thanks also to Dr. Ben Bronson, Jamie Kelly, and Armand Esai from the curatorial department of Asian and European Archaeology and Ethnology at the Field Museum of Natural History for their assistance and letting me review their records and photograph the frescoes in their collection. I am also grateful to the library staff at California. | EGiiERIA-OSYtRORNBG OiWTVE rABIBwWnWinBinilSWffiS Real Estate Investment Research National Apartment Report WK JECTED FREDDIE MAC ATEGY LIMIT FI ATHEHSIAH VERAGE BID A JONWIDE STRENGTH PROJECTED FREDDIE MAC I RISK SLUMP DRIVERS ASSETS CASH FLOW AL UPTURN APARTMENT FORECLOSURE MOI OK SIGNS CAPITAL NEW CONSTRUCTION INFLATI ESTMENT VACANCIES SHADOW MARKET SING e inventory population pent-up demand RECOVERY CONDOS FOR RENT FUTURE OF F ISCAL PROFORMA ECONOMY DELIVER CAP RATE UNTS RATE RENT GROWTH PERCENT OCUS REBOUND ROLLOVER POTENTIAL FUND CTED FREDDIE MAC LOCAL QE2 EXCEEDING CO ERS ASSET ODERATE JO HIGH DIST FLOW RECESSION UNCERT H SUSTAINABLE FORECAST iOWTH SPENDING I IENCE INVENTORY P IONS BURN SELLER C Y FISCAL PROFORMA SUBMARKET IM E FOCUS ROLLOVER IE MAC LOCAL EXCEEDIN Rs ASSETS CASH FLOW Moderate job growth h CONSTRUCTION ROLLOVER Upply increase sales distre Q BURN JRB GNS -AMILY O CO Y LI SCO ERTY HE ING iTIA S C ENT .ATI ENT Y D RE AGE BID ASK MAXIMIZE FOCUS HEADWINDS IONWIDE STRENGTH ECHO BOOMERS FREDDIE I GING GAINS RISK SLUMP DRIVERS ASSETS IAL UPTURN FORECLOSURE MODERATE JOB GRO 2011 National Apartment Report To our valued clients The economy weathered numerous challenges and setbacks as it made slow progress toward recovery last year. Cautious consumers and cash-heavy but guarded . companies reflected a pervasive negative psychology which hampered economic momentum. To be sure profound concerns and economic risks will linger well into 2011 particularly high unemployment record private- and public-sector debt and the potential for sovereign debt contagion. The gravity of these issues however should not overshadow key indicators that affirm a solid footing for the . economy including the return of core retail sales and corporate earnings to pre-recession levels and the creation of more than million private-sector jobs in 2010. While job creation last year was tepid especially in light of the million jobs cut during the Great Recession it is a