Our central bankers don't yet believe the recovery has legs. In the housing market, in particular, they are not ready to wager that the rebound has independent momentum

Less intrusive monetary policy and rising interest rates are no surprises. Absent the related distortions of the capital marketplace, investors can expect weaker price momentum.

The fiscal health of cities and states is one of the underestimated sources of risk that investors face as they venture away from familiar environs and into new markets.

The last week has seen an amazing proliferation of researchers and journalists cogitating on the impact of rising interest rates on commercial property values. It's a critical issue for our industry. But it's hardly unexpected or unexplored. The red flags are in the rearview mirror, even if it's only now becoming good copy.

Rent growth at class B and C apartment properties quickened during the first quarter. But with fewer investors and lenders vying for those properties, appreciation lagged cash flow.

Multifamily development includes more than rental apartments. Assuming they are the same masks an important shift.

Though rejected by the Cypriot parliament, abrogation of the sovereign guarantee has shattered the credibility of the deposit insurance scheme. The complicity of the Eurogroup and IMF undermines perceptions of guarantees across the currency union.

The sequester is the wrong path for the American economy. For just a moment, it may be the best option we have.