Where are the new Guitar Heroes?

The cigarette smoke slowly wafts above the heads of a few hundred teenagers in a shady bar off Beale Street in Memphis, TN. They are mesmerized by the hard blue's licks of the progenitor of Rock N Roll himself Chuck Berry. Your grandfather is one the in awe of Berry as he moves up and down the stage with his Gibson ES-335 and plays his way into Rock N Roll immortality. Chuck Berry Begot Clapton, Richards, Paige, and Hendrix. Men who seemed to have the ability of Berry, but on horse steroids. In the present day, some of the best guitarists of the present are slightly disappointing. One is some young punk named John Mayer and a guy in a knit cap named "the edge" who looks like a garbage man not a guitar hero. Needless to say it looks like we peaked musically.

Some would say our real estate has followed a similar arc. During the middle to late part of the 20th century, we had strong and steady growth in the United States. During the late 1990's and 2000's, our real estate industry started bulking up on the "juice". Easy money, bad loan standards, ridiculous home values . Now we've come down off that unsustainable high and are facing the hard facts. Things have changed a bit, and probably permanently. At the peak of the bubble there was nearly a 70 % home ownership rate. We will never be there again, and we probably wont even be within 200 basis points for a long time.

The problem with the recession is the idea that we will fill all the inventory and shadow inventory that is out there and it will be "allll good". There are millions of homes all over this country sitting vacant. With those homes, came millions of non performing loans and many more teething on the edge of that due to continuing tight economic times. The "high speed" among us in the industry and talking heads who actually know have figured it out. They've realized the "renting" class amongst us (the 20-34 year demographic) are running to apartments and are tepid about homeownership and not coming back for a long while. I have and many other have seen close relatives taking a beating of a lifetime on in their 401 k's and home values. The days of month after month of record home starts, easy to find equity, and generous mortgage officers is over.

Very pedestrian home starts, difficult financing, no sure things, and ever present threats of recession:we need to realize this is the "new normal" for residential and probably even office sectors--or, more eloquently put by one of my friends in the Marine Corps "Welcome to the Suck!"

I've realized this guy(yeah the guy eating the cell phone) may be the best guitarist of my generation and years to come. I'm not going to lie-- I still check out YouTube videos of zeppelin and The Stones... The good 'ol days indeed

-The Inside Associate

Why American Real Estate loves the Bachelorette

Who hasn't ever the dreaded words, "We need to talk?” You’re having dinner at a nondescript restaurant with bus boys bustling around, waiters taking orders, and then out of the blue you hear those dreaded words: "It's over, Tim.” Then two weeks later your old girlfriend is going out with the jackass nobody liked in high school. I've been watching a little more ABC lately, and that means I’m watching The Bachelorette. The darling of the show has fallen in love with the incorrigible asshole Bentley. Not only is he not the one for our lovable friend Ashley Hebert, it’s obvious he gets some sick kick out of seeing her cry. It seems like since he's left, all she does in every episode is go on dates and wax poetic about him.

The US Real Estate industry is in the same place. We got "done dirty" by loans with bad terms, very easy money, and imbecile regulators.As a result, we are mired in one of the worst real estate markets in decades. Now that we've been shocked back to reality, Congress is trying to put together sensible rules to keep us on the straight and narrow.

The largest hangup for the industry is the Qualified Residential Mortgages (QRM) rules. The QRM guidelines seem like the astute, conservative way to prevent further housing disaster. You know, kind of the safe "ivy league boyfriend." But, true to form, Ashley/people are clamoring for Bentley – the “bad guy,” the exciting, less restrictive mortgage options.


The worst thing is that there are tons of groups that want to get behind this move to lower the QRM standards. Legislators, the National Association of Realtors (NAR), the National Association of Home Builders (NAHB), and NA whatever else you want – just about anybody else who is about to have a big old bite taken out of their pie.

The harsh reality is that in the long run, the conservative Ivy League boyfriend is going to have to be hardworking, but will also ultimately enjoy prosperity.Going with the bad boy Bentley and all his easy lending ways seems to be a one way ticket to all of us living in a trailer with our parents.There are a lot of people with a lot invested in how these QRM rules take shape. The last time those with the most to gain ran amok on a sugar high, the rest of us were left to clean up the mess. Having a defined framework to create reasonable mortgages may be a positive development. Even if that means we have to stop dating guys named after cars, sporting bad hair cuts.

-The Inside Associate

This is New Orleans

After a nice dinner at Antoine's Restaurant nestled in the heart of the French Quarter, what is there to do? The obvious answer is to listen to one of the very persuasive doors nearby and come in for "just one drink.” All of a sudden that rum and coke turns into two rum and cokes, and then a Jager Bomb, and then two hurricanes. Then a drunken stumble into a dark part of the quarter gets you into a "situation" with some shady characters. The night ends as only a night in the French Quarter can: with you trading your cell phone and wallet for your freedom. This scenario sounds eerily like what has happened to our economy in the last 10 years, and to Real Estate in particular.

The thing we need to remember throughout the whole mess is "IT'S NOT THAT BAD!!" America has always had a "woe is me" look at everything. Take the Civil War, for example. We survived that, along with the Great Depression. Nazis? Check. Japan taking over the world in the 80's? Not so much. It’s true that the world is still very much on shaky ground. The Chinese are slowing down and dealing with inflation issues, in addition to cooking the books. The eurozone is extremely problematic with huge currency and sovereign debt issues. However, like the champ its proven to be, the U.S. remains one of the preeminent places in the world to invest.

The globe has become smaller, but it's still growing economically. The United States will be the nexus point for a growing East in India and China, developing South America in Brazil, and let’s not forget about Europe. Some could say that we could become like the United Arab Emirates in a sense. They have pursued policies that have fostered economic growth and development to create the playground of the near east. With sensible regulation and policy making, we too can be the nexus point of a globally integrated economy.

With the end of QE2 and the $8,000 housing tax credit over, we've hit the wall of economic reality. Having hit that "wall" we must sit in this "coma" and just wait. For a country that has little patience this may seem interminable, but it's more than likely our best medicine. Over the course of the next 18-24 months, there will be bargain hunters who are ready to pull the ripcord and parachute into the housing market. More attempts at artificial recovery are only going to delay an already painful process.

The devastation that was post-Katrina New Orleans did bear fruit. Many people left, but many people stayed and rebuilt. With substantial coordination and effort, NOLA now has newer, better schools and hospitals. The infrastructure has been rebuilt and is currently pursuing and attracting businesses. The French Quarter is still filled with great food, alcohol, and revelry. The United States, with some coordination, will once again be the place where wealth is made, products and innovations are devised, and where people can still buy their houses with white picket fences

A New Tradition

The US is a country full of traditions. The American tradition has always to been to throw off convention, lead, and blaze a new trail. One of these traditions is to incorporate new methods of doing things and make existing ideas ours. This dates all the way back to Plymouth Rock and the farming ways of Squanto and his friends. You can look at our Declaration of Independence and constitution and see us incorporating the European ideas on freedom and civil liberties into our own.

If you checked the news in the last few months (or years, for that matter) you've been hearing of the impending doom descending on the American economy. Based on our history of adaptation , and yet contrary to what many well-heeled people think, we should be actively searching for capital inflows from overseas. Over the last few years, the U.S. has been host to many "buying" trips by those from all over the world buying up real estate. The U.S. gov’t and the economically established should be encouraging active foreign direct investment on a much grander scale. There are millions and millions of dollars’ worth of industrial, retail, and office space ready to be bought up for pennies on the dollar. We should be working to responsibly rework the tax code to encourage investment.

In the larger view of the economy, many naysayers have been publicly reticent about taking foreign capital in American companies and brands. I believe unabashedly that this is a fallacy. Some of the most "American" brands in our country are owned by interests outside the U.S. A Beligian company owns Budweiser. Unilever from the Netherlands owns Vaseline and Ben N Jerry's. A German company owns Trader Joe's, and the list goes on and on.

From a global economics perspective, there's no good reason not to be chasing capital. If you’re living in Europe and are looking to safely invest your capital with more than a few commas involved, does investing in some place that uses the euro make sense? The Europeans cannot control the value of the euro or the credibility of those member countries using it. Similarly, if you’re well to do in China, wouldn't you want to put your money someplace where the rule of law matters? For other expanding and developing countries the U.S. maybe down, but isn't out, and it is certainly still a stable haven in which to invest.


This maybe anathema to those in this country who believe “America first” before all else. It's time to wake up; executives all over this country have been investing in foreign nations for decades to our detriment. We have the opportunity to swing the pendulum back our way and with a cheap dollar court industry all over the world. There are millions upon millions of square feet in retail, industrial, and office space available. We can either have overseas investors invest in REITS and other companies, or we can do the "American" thing and chase them down and give them their share of the American dream… and a white picket fence to go along with it.

-The Inside Associate

Stop the Foreclosure

It's another Tuesday afternoon, slightly overcast. A BMW 650I whizzes by a yellow cab in the financial district of a nondescript metropolitan city. A large man hops out of the cab and throws a Jackson at the cabbie. He heads up to the 16th floor of the high rise. The elevator opens and he heads to suite 316. As he walks in, the man sees pencil neck geeks furiously signing paperwork, flipping through pages and wildly signing more. The man who looks curiously like Arnold, but has the air of the famous lawman Robocop, raises his licensed firearm and yells in his strangely familiar Austrian accent, "STOP THE FOREEEEECLOSURRRRREEEEEE, ASSHOLE!"

No, this isn't the start of a huge action scene in the next blockbuster for Arnold Schwarzenegger. It's probably the day dream of millions of Americans who went through a quasi-legal foreclosure process.

In states all over the country, the investigations process is at different stages. Some are looking to assess penalties and fines, some are busy gathering facts, and, in some states, wrong doing hasn't yet been decided. For a quick rehash, thousands upon thousands of families in the last few years were unceremoniously kicked out of their homes. Many of these situations stemmed from buying more house than they could afford; others were from loans that had enticing teaser rates for a while that would be eventually unsustainable. These unfortunates were in some cases kicked out their homes without due process, or, in some more insidious cases, due process was executed with falsified loan documentation (aka the "Robo signings").

Currently, deals in some states are being negotiated to prevent prosecution and secure a financial settlement. Other states are being aggressive and actively pursuing the breach of public trust with the full force of the law.

In a majority of these situations, the homeowners – some naive and some not – were "shaken down" by the industry. The industry swindled the general public when they were buying homes, and again as they were kicked out of those same homes only to receive property back that was only worth pennies on the dollar and depressing the market further. Very productive indeed.

My hope is that the eyes of the public will be opened as a result of these investigations and possible prosecutions. When dealing with buying a home loan and the entire process associated with it, the people you are working with aren't your friends. They aren't " helping you"; they are business partners, hired hands. Like any good business partner, always keep an eye on them.

-The Inside Associate

P.S. The Inside Associate blog is now reaching over two hemispheres, a few major continents, and a few G-8 Countries. I would love to reach out to the readers in Europe and across the globe to provide feedback. Things you would like to see on the blog, questions you may have, or just general commentary. I'm always grateful for any insight. I'm exceedingly grateful for you giving us some run to your friends in the general public and the industry.

BMW, lending, Robo Signing, RoboCop, Schwarzenegger, zombie foreclosure

Sucker's Rally or Starting Point?

The market as a whole is beginning to see small, positive signs. The private sector is starting to add jobs, even if they are all McDonald's burger-turners. In some areas, where job creation has been brisk and multifamily (MF) is starting to thrive, REIT's involved with MF are starting to push rents aggressively beyond the normal 3% CPI increase. For some, this is signaling that now may be the time to start developing more properties. Sure, this may be a prudent starting point to help capture local markets, or it may be the continuation of an infamous sucker's rally.

At the company where I work, "Davidson," a lead developer recently came to speak with me about the "opportunity" to develop a 300+ unit project. After surveying the market, it all sounds very promising: only one new class-A property built in the last 8-10 years, and a relatively well-off area with high household AGI's, with metro access all over. The only catch is that a competitor's class A property built in the last 3 years is barely meeting industry benchmarks in a time when REIT's are pushing rents to pump up the bottom line.

When confronted with this factoid, the developer told me, "We are trying to capture the market; it's going to be urban and the newest thing out here." I guess nobody informed these developers here and all over the country that the attack of the "zombie" foreclosures is about to happen any minute. Thousands upon thousands of shadow foreclosures are going to continue to depress rents for those MF REIT's trying to capture the class A and hi B dollar. Step into the shoes of the typical double income no kids (DINK) spending $1800-$2400 on a 1,300 square foot apartment, or spend $1,500-$1,900 on a 30 year note (with record low interest rates) on a REO from the bank. Asking for class A rent in a market where class A sites compete with cheap investment property rental rates and very cheap foreclosures doesn't sound like a winning combo.

With the larger economy in focus, is developing property or even buying property a really good idea right now? The federal government's actions in the housing market via the $8,000 tax credit in 2009 might have impelled first time buyers into the market. Coupled with the feds pumping more than 1.5 trillion dollars into the marketplace, they may have created one of the most devastating sucker rallies ever concocted. Do first time home buyers really want to hear that the market has another 20 % loss til they reach bottom? For the REIT developer, having the false confidence of record amounts of liquidity in the market doesn't mean it will be there fifteen months in the future. The people suckered into "Trump University" think developing now is a bad idea. Now that the banks have recorded profits and been exceedingly tight with capital, it doesn't really sound like a time to take a gamble.

Let's remember the cardinal rule of development: "Developers don't get paid unless they develop something." When the smart money is sitting on the sidelines, maybe we should listen.

-The Inside Associate

It's not disney, but it's the circle of life.

I've never been a person who likes to point and say "that's the bad guy" (sorry to disappoint, Tony Montana). I've always tried to look at things and frame them in perspective. After many years, I've realized we all pretty much live in glass houses and it's usually all shades of gray. In this article from the Wall Street Journal, we definitely have a story of vultures devouring an unlucky victim.

What most of us don't understand or want to believe, however, is that the vulture IS important. Yes, you read that right: the vultures of the world, the Gordon Geckos, and others who thrive on the misfortunes of others, are a vital part of the circle of life…and the circle of Wall Street. I do not normally extol the virtues of these piranhas, but they earn their keep.

Companies such as Cerebus Capital Management and Vornado are helping to expedite the process of flushing out the pipeline of these toxic assets. What these firms do is buy up "special servicers" that have one of the first opportunities to acquire distressed assets. What seems to be wrinkling a few noses is that these special servicers are the ones who advertise the properties for auction. That they may try and keep these properties on the down low is extremely possible. I guess the key point is that somebody forgot to tell these mavens of industry that "life isn't fair, never has been, never will be." The companies trying to interject themselves into this drawn-out process are doing us all a favor. These vultures are helping flush out the system in a much quicker, tidier way than would probably be the case otherwise.

Another way to view this new trend: it's an auction (a prim, which means they are paying cash for all these mistakes. The investors more than likely didn't know what they were buying, or they probably wouldn't be investing in a B-level tranche of a Commercial Mortgage Backed Security (CMBS). The harsh reality is that insiders in the industry who were actually "in the know" had knowledge that the loan sector of our industry was running towards a cliff. I can't really sympathize with some well-heeled investors who lost some money in the B "piece" of a CMBS. At some point during the last four years they were probably expecting close to 0% return on such a bad investment. The "B piece" tranches weren't investment grade options then and they sure aren't now with so much uncertainty out there. To be overly concerned that these investors get some returns on these near junk bond investments is silly.

The last piece of this puzzle is the actual property itself. The "real politic" view of the situation is that companies struggling to make their debt service payments, or those who are already delinquent, are not really trying to put more money into these properties. They are more than likely focusing on deferring maintenance and other capital intensive decisions. The quick takeover of properties by these vulture investors via auction may well be the best thing for the property as well as the greater economy. The faster these assets’ values are escalated through capital improvements, the more the investor's balance sheet is helped and new capital is brought to these starved assets, thus improving the overall market situation in its specific locale. In other words, the faster these assets are rehabbed and then put to market, the better off things will be for the rest of us.

This situation isn't ideal for all parties involved. The element of fair play may not be pervading the whole story, but when since Cub Scouts has fair play been on anybody's mind? The fact that these vulture investors have found a way to speed up an arduous and already gut-wrenching process is probably best. For once, maybe it's okay to cheer for the bad guy.

-The Inside Associate

A foundation or a farce ?

A foundation or a farce?

There is a lot of news coming out as of late from the Federal Reserve. The news I'm talking about isn't regarding QE2 or raising interest rates. The fed is in discussions about regulatory provisions from the Dodd-Frank Act (Link). These provisions are a beast at over 450 pages. The Wall Street Journal's Alan Zibel wraps it up pretty succinctly in this post on April 18th. Most notably, the standards for home loans – conventional and "non-standard" – are clearly fleshed out and easy to understand.

As of the writing of this post on April 19th, these are only proposals (here are the highlights). However, I think this an important step in helping to reconstruct a housing market that did its best, for the better part of the last decade, to run amok all the way over the cliff. Transitioning from a "no holds barred" mortgage origination paradigm to structured, concise guidelines will be a boon for just about everyone. Banks and lending institutions will have clear standards to abide by, mortgage backed securities (MBS) buyers will breathe a little easier, and, most importantly, the general public will be more secure in their future efforts to buy a home.

Reviewing the newly proposed rules, there are few interesting nuggets. The first is the need to "consider and verify" such basics as employment status, debt to income ratio, credit status, and "income or assets used to determinate ability to repay." The fact that this has to be spelled out in black and white is almost mind numbing. A "qualified mortgage," which has yet to have its down payment ratio defined, would not include loans with negative amortization, interest only payments, terms longer than thirty years, or balloon payments. In addition, there is a cap on fees and total points limited to 3%. Lastly, for many of those potentially damaging adjustable rate mortgages and other "nonstandard" loans, creditors have the option to refinance them into a "standard" loan if they meet that respective criteria.

With the impending end of Fannie and Freddie now in the foreseeable future, having clear and logical rules for "vanilla" mortgages and existing exotic loans will be a confidence booster for the consumer. Moreover, the ability to roll those exotic loans over into conventional loans with a fixed rate will help promote the recovery of the market.

These proposals, coupled with clear risk-retention rules (currently TBA), will provide a solid foundation for reliable housing growth and, more importantly, economic prosperity. There remains, however, one question that looms ominous in my mind: Will the banking/private lenders fight this regulation? Hopefully, after this last disaster’s destruction of billions of dollars of home value, the industry can recognize the sensibility of this proposal.

-The Inside Associate

American dream on life support?

If you live in a house right now in suburbia look around and thank your lucky stars. If you live in an apartment take a look a round, I hope you like what you see because you might be there for a while. There are signs from the government, lending institutions, and municipalities that the status quo in buying a home is here to stay.

As we speak Congress is debating the standards that lenders need to play by. These risk retention standards are going to play a major role in how lenders decide to lend to prospective homeowners. The culture in home lending has had a paradigm shift since the early 2000's. Prospects now need a near flawless credit record, 20% down payment, and viable income ratios. In the "good ol days" with nearly nothing down and some paperwork, BAM here's your new home.

Large institutions and multifamily REITs definitely see the writing on the wall. With the impending demolition of Fannie and Freddie, multifamily has cornered a whole segment of the industry. College students transitioning to the work force, aspiring "YUPies" who haven't yet saved 20 %, and just about any other young people that don't have great credit. Multifamily REIT's across the country have buckled down on expenses and now are looking at serious growth as reflected in large stock price increases since 2008. My own employer's who for the sake of this blog we will call "Davidson" recently made major acquisitions in a high profile area looking to cash in. Furthermore, A developer from Urban Housing Group, just yesterday (April 7th 2011) walked into my office to discuss the state of the market. We were discussing the new Class A development they are breaking ground on in July.

The groundwork is laid. A much higher bar to clear to acquire a home loan, a serious demand for space in Multifamily with new college graduates every year adding to the demand. Demand price increases from a burgeoning clientele base will erode the saving power of renters. Gradual macroeconomic inflation increases will also slowly deteriorate the buying power of renters and other prospective buyers. I believe this all culminates in the creation of a new semi permanent renting class, who may not ever have the ability to have the white picket fence.

Who are the primary first time home buyers? A lot of the time they are young married couples. Over two thirds of first time home buyers were under the age of 35 and a house hold size on average of 2.7 people, according to the NAHB. The median income of first time home buyers is $ 67 K. In addition, as of the writing of the NAHB article in 2008, barely over a third of first time home buyers (FTB) had the "conventional" 20 % down payment. So for over 50 % of FTB's, they were either given some kind of leniency or possibly were part of a program that was willing to work with them. Now, we are looking at a future home market where that "assistance" or leniency will be rare or non-existent.

This may seem trivial, "a few more renters is okay". It won't be just few it will probably be a majority of the 18-34 age demographic. The "after shock " of creating this renter class will be a major blow to suburbia, if not the death knell. Since late 2006, we've all heard of entire unfinished subdivisions all across America. We've all heard of someone who's lost a home to foreclosure or has bought a foreclosure recently.


My outlook for the future in a macroeconomic perspective is rather gloomy. The growth of suburbia which boomed through the 80's, 90's and the last decade will come to a very slow crawl. Housing growth was a major economic driver of that time period. For a lot of municipalities, that growth meant blue collar jobs from construction, varying forms of corporate investment to meet the needs of new homeowners, and an increase of the tax base. With new home starts expected to remain at minimal levels, the overall health of the economy will be suspect. The birth and growth of the "renter class" will be a huge windfall for some, but for the rest us it is a reminder the US has seen better days.

Umm, yeah Miami Sounds good

I have always been a fan of people or groups willing to take a "big swing". I really enjoy seeing people seize the moment. Taking big risk and getting a big reward is a great feeling to have, like when Charlie and Rain man take Vegas. For the Foram Group, this big swing is going to miss. It's not going to just miss, it's going to miss bad.

In a New York Times article dated from 2006 near the highs of the real estate boom, there is noted criticism about growing too fast without the visible need for more office space. The fact that Foram Group was building A+ office space with over half a million square feet in an already over built space seems foolish.

The irony of it all is that former mayor of Miami, Manny Diaz, in the above article is, "cheer leading" much of the over development. "The developers building in that area that I know are responsible folks." Apparently the Mayor has a lot of faith in developers knowing when enough is enough. I guess Manny didn't get the memo, developers only get paid when they build something.

George Soros in his book "The Alchemy of Finance", espouses the idea of "market equilibrium" as an idea as faulty as the Theory of Efficient Markets.

He believes that markets do not always come to a balance that it will burn itself out and then start over and repeat the loop. From seeing the different booms and busts over the last 25 years, who can really disagree? Unwise gambles like building a 600,000 sq ft premium green office space at the end of building boom in an area known more for beaches then business doesn't prove Soros wrong.

Maybe a warning flare should have gone up when Foram had to cancel it's effort to build a second phase to its office complex, or losing its anchor tenant, Bilzin Sumberg law firm in 2009.

This reminds me of something that happens a lot in the world of pop culture and sports. Normally a sports team dangles itself out there and suckers a city into building a new arena. The city uses hundreds of millions of tax dollars and "to be even" the team throws in two million. Citing all kinds of unseen benefits to the economy that will make this deal a "no brainer". Well this time the city won. The city got all kinds of benefits of new construction jobs ,zoning and building fees. The developers for all their vision currently have no tenants as of the writing of this article. That comes as no surprise because in Q4 of 2010 Miami ranked in the top 10 across the nation in square footage of new office completions and under construction (click on completion and construction).

I am a firm believer if you offer criticism you should offer a solution. Foram if you look at their portfolio. Eight of their nine properties are in the Southeast region, with the exception of Triple J ranch in Colorado. Going off the idea they wanted to emphasize staying in the south. Orlando just makes a lot of sense. Orlando is dead last in square footage of new completions(55 K) and fourth worst in under construction(105 k). A high end green space would command its lion share of rents, as well as stand out compared to the construction currently underway.

I understand Miami and Orlando are different. Orlando doesn't have the same beaches, same atmosphere, or same reputation. Business that requires high end office space is done during the week, not the weekend or with a Mojito in your hand. The sensible choice for Foram should have been a development in Orlando. Let's see how they do.

-The Inside Associate

A New Day, A New Blog, A New Perspective

It's my great pleasure and personal honor to welcome you to my blog The Inside Associate. The idea to have a blog has been marinating on my brain since about late December of 2010. I wanted a forum to point out interesting developments in RE coming about from Macro-Economic events.

My personal goal for this blog is to be a place where somebody involved within the industry can visit. Look around and add to their perspective on current events and things happening in our field. I will focus on things directly and indirectly "making waves" in RE and provide thoughts that are "Sub Rosa" hence the term "Inside". I will be looking at this from the point of view of a "Young Turk" making my way through our industry hence the term "Associate".

I will consistently try and gather information from both sides of orthodoxy. The optimist, the pessimist, the bull, the bear, the extravagant, the frugal. I will not try to referee who or what is right or wrong at the time. In my experience life and business isn't black or white. Many times it's shades of gray.

The format will revolve around finding an interesting view on the industry in it's current state. I will try to do some groundwork and provide a take to add to the topic or news and move from there. Every so often, I will try to get some opinion leaders, industry movers, and thought drivers to provide their perspective on things.

So to recap, this blog will provide a point of reference on large scale events causing ripples or movements within the RE industry. This blog will try to give context and proportion, and a little of the "inside baseball" that is beneath the surface. What this blog won't be is political beyond talking about government actions and ideas or a platform to push an agenda. What this blog will be is informative, expansive, unafraid, and possibly a little irreverent.

For now, that's all I got. I'm looking forward to getting underway and getting your feedback.

Till next Time

The Inside Associate