Well, 2010 is here ... and I don't see any black monoliths or a second sun. But then, I have it on good authority that the world will end in two years, so what's the point of worrying? Now, it's still very early, but 2010 is looking like a year that could be interesting in all sorts of horrifying ways. The commercial real estate meltdown is nigh upon us, with unpredictable impact across the board. And those who think we're out of the woods in residential real estate are probably the same people who like to play the proposition bets in craps: incorrigible optimists. When the only reason the unemployment rate didn't creep up over 10 percent in December is because some people are leaving the workforce altogether, and with the large shadow inventory of distressed properties that hasn't hit the market yet, there's not a lot of reason for thinking we've turned the corner. At the same time, seismic changes are happening just beneath the surface in the real estate industry, driven by...
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