Foreign financial markets commercial real estate economist Dr. Mark Dotzour SVN economy recession interest rates Fed 10-year Treasury Janet Yellen, President Obama Bank of Japan Haruhiko Kuroda REIT self-storage, apartments Apple single-family home construction

• Europe, China and Japan will be printing money with little result
• Emerging markets will experience inflation and recession
• No American inflation until the year after oil prices bottom out
• A couple of meaningless rate hikes by the Fed
• Low GDP—about 2%
• Mortgage rates below 4%—unlikely to go above 4.5% this year
• Home price increases to continue
• Foreign currency values will continue to fall, reducing purchase of US real estate from Russia, Canada and Mexico
• New federal transparency rules on cash purchases (FIRPTA) will reduce foreign buying demands in the US
• The stock market could decline like in October 1987, reducing spending in the US and producing a lack of liquidity in the bond market
• The Black Swan: Putin will get tired of $36-per-barrel oil and blow up oil production in Iraq and Libya.