"What's lost in the debate is that we as a state make decisionsin a 'silo' world when we live in a global world," said TimothyTouhey, a long-time state official who is currently EVP of the NewJersey Builders Association. "Some 65% of mortgages in the US arebacked by foreign investors. So you don't interact without knowingwhat's going on in the world."
As far as market conditions themselves, "most of the meltdownshave happened," he said, referring to lender woes. "It will takeanother year to play out. All of this fed off the housingmarket."
For New Jersey, "it's a hard time getting equity in the market,but we'll get out of this," he predicted. One investment niche, inhis view: Commercial banks. While they're not necessarily bringingcapital to the market, "the banks are looking for cash forsecurity."
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