With the Great Recession a fading memory, and the pricing of urban center commercial office product at, or approaching 2007 levels, we are all feeling good about the outlook for the real estate industry. Alas, in the background remains dark clouds with bloated government, over regulation, and anti-growth policies. Evidence the most recent fiasco in Washington with a 17-day shutdown of “non-essential” government, with the result being only a short term fix and stage set for a new crisis in January.
On another front, the SEC is ready to pounce on JP Morgan with an unprecedented and egregious $13-billion “settlement” over the sale of mortgage securities that it inherited, in part, from the acquisition of Bear Sterns. Yet another attempt to bring the banking industry to its knees instead of focusing on intelligent reform.
So with our recovering real estate markets comes continuing uncertainty promoted by bureaucrats from the far left and far right with few moderates, if any, in the middle.
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