Real Estate and the Economy: The Train has Left the Station (Financial Views‪)‬

Commentary Going into the 2003 fourth quarter, the economy provided generally positive signals, suggesting that it might be emerging from the doldrums of the past several years. However, there had been enough false starts and carry-over risk exposures to restrain the sense of exuberance. As the economic situation unfolded, the optimists found support for their enthusiasm, with a number of signs suggesting that the near-term economy would continue to improve. Approaching year-end, the economic recovery appeared to be in the works, although still nowhere near the heyday levels of the 1990s when the "New Economy" created momentum in the market. Thus, it appears that the worst times may well be behind us.