There will be an economic rebound in the second quarter, saidHarvey Rosenblum, senior vice president and director of researchfor the Federal Reserve Bank of Dallas as he echoed his boss' callfor the balance of this year. With midyear just a month away,Rosenblum, like Alan Greenspan, isn't about to narrow the callanymore than that.

"When you have a mild recession, a short-lived one, it leads tofairly weak recoveries in the first year," Rosenblum But, he quickly added, "there are lots of forces inplace that are probably underpinning economic growth."

With real estate always dragging behind by a good six months,it's clearly going to be 2004, perhaps even 2005, before the goodtimes are back again, Hessam Nadji, Marcus & Millichap'smanaging director of research services, said after his presentationto the crowd at the Westin Galleria in North Dallas. Dallas-FortWorth investors again heard that distressed properties will becoming to market, but they shouldn't plan on any fire sales. Nearterm and long term will push price adjustment, with no freefallforecast because, Nadji assessed, "there's no desperation in themarketplace."

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