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Property values have declined by more than 40% due to a triple hit of lower rental revenues, increases in vacancy and higher rates of return. This has raised questions about the over building that occurred in so many property segments, and why real estate lenders, investors and appraisers did not see the potential problems. A review of many failed projects over the past several years reveals cases of limited market analysis supporting the feasibility of developments and key metrics that were often ignored.

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