Remarks for the Urban Land Institute at the Emerging Trends in Real Estate Conference, Atlanta, Georgia, November 10, 2009

Remarks at the University of Miami, Coral Gables, Fla., October 22, 2009

The excess supply of commercial and residential real estate might explain why the historically low nominal and real interest rates have had relatively little effect on stimulating investment.

Land developers in select economic environments have been found to build in large increments and hold substantial amounts of inventory despite their ability to mitigate risk by phasing the production of residential lots. Such behavior was observed in numerous metropolitan areas throughout the...

Community banks seem to have the most to fear about the state of commercial real estate today. The problems with these loans, however, shouldn't derail the entire economy.

Remarks for the Urban Land Institute at the Emerging Trends in Real Estate Conference, Atlanta, Georgia, November 10, 2009

The scale of the recent collapse in asset values and the magnitude of the recession suggest that activities connected to the increase in values over the 2002-07 period--notably, expansion of the financial markets, homebuilding, and real estate--were overstated. If this is true, aggregate U.S....