Research Publications	Published
Real Estate Capital Markets Insights - March 1, 2010 (186 KB) The Standard & Poor’s 500 Index rose about 0.6% early in Monday trading, as did Europe’s Stoxx 600 Index.	Mar 01 2010
Real Estate Capital Markets Insights - February 22, 2010 (183 KB) The U.S. Federal Reserve (Fed) raised the discount rate to 0.75%, signaling that the end of the loosest monetary policy in the history of this country will be coming to an end.	Feb 22 2010
Real Estate Capital Markets Insights - February 15, 2010 (190 KB) The Commerce Department released fi gures last week showing January sales at U.S. retailers climbed more than anticipated, while consumer confi dence unexpectedly fell this month from a two-year high showing a recovery in household spending may be gradual.	Feb 15 2010
Weekly Economic Insights - February 15-19, 2010 (344 KB) The market consternation that has led Greece (and other Euro nations with elevated sovereign risk challenges) to develop into the first major credit issue of 2010 has both Euro-specific overtones as well as broader macroeconomic origins and implications. The recent challenges once again raise the question whether a multinational government apparatus that combines centralized monetary policy with decentralized fiscal and tax policy is really a workable and credible model.	Feb 15 2010
Real Estate Capital Markets Insights - February 8, 2010 (195 KB) Productivity of U.S. workers maintained a strong upward trend, rising at an annualized rate of 6.2% in the fourth quarter according to a recent announcement by the Labor Department.	Feb 08 2010
Weekly Economic Insights - February 8-12, 2010 (135 KB) The government bond markets of Greece, Portugal, Spain, Italy and Ireland have been under heavy speculative attack in recent weeks, especially Greece and Portugal. Short sellers have been bidding up interest rates, the credit spreads of these nations have been widening and credit default swap premiums have been mushrooming. Consequently, in recent weeks, macroeconomic issues have ruled supreme over all other factors in financial markets. The focus has primarily been on Greece.	Feb 08 2010
Real Estate Capital Markets Insights - February 1, 2010 (274 KB) The U.S. Gross Domestic Product (GDP) grew at a rate of 5.7% during the fourth quarter of 2009, according to advance estimates released Friday by the U.S. Commerce Department.	Feb 01 2010
Weekly Economic Insights - February 1-5, 2010 (440 KB) The relative strength of recovery doesn't matter, the surge of corporate profits is secondary and company or sector analysis seems to be of limited use. What matters at the moment is the budget and fiscal environment of Greece, Portugal, Spain, Italy and Ireland. The problem begins with each country's fiscal deficit as a proportion of respective GDP moves to their overall level of public debt and on to the underlying strength of each economy.	Feb 01 2010
Monthly Economic Insights - January 2010 (431 KB) Despite unmistakable signs of voter anxiety about both government budget deficits and an economic recovery that has thus far shown little ability to create job growth, it is a bit surprising that there is not more discussion about taking a fresh look at the slow rollout and apparent ineffectiveness of the 2009 fiscal stimulus plan.	Jan 31 2010
Real Estate Capital Markets Insights - January 25, 2010 (272 KB) The re-election of Ben Bernanke as U.S. Federal Reserve Chair looked like it was in trouble last week.	Jan 25 2010
Real Estate Capital Markets Insights - January 18, 2010 (283 KB) Recent U.S. data is consistent with a moderate recovery.	Jan 18 2010
Weekly Economic Insights - January 18-22, 2010 (183 KB) This week held the biggest correction in markets since October. Whether or not this correction persists further won't be known for awhile of course, but it is clear that there has been some rotation in the leadership of the stock market rally.	Jan 18 2010
Real Estate Capital Markets Insights - January 11, 2010 (288 KB) Home prices in 20 U.S. cities rose in October for a fifth consecutive month, putting the housing market and economy farther along the path to recovery.	Jan 11 2010
Weekly Economic Insights - January 11-15, 2010 (349 KB) Prior to the financial crisis, “decoupling” was a hot discussion topic; were emerging market economies beginning to decouple from developed countries? Was their growth becoming self-sustaining and less dependent on exports? The chorus of “yes” answers suddenly turned mute when global credit markets completely seized.	Jan 11 2010
Weekly Economic Insights - January 4-8, 2010 (381 KB) Envision a product that is at more than a 40-year high in terms of affordability, can be financed with interest rates that are subsidized on a pre-tax basis and tax deductible, and if purchased by mid-year 2010 also provides a large tax credit to the buyer.	Jan 04 2010
Real Estate Capital Markets Insights - December 21, 2009 (275 KB) The number of Americans filing initial unemployment claims unexpectedly rose in the week ending December 12th.	Dec 21 2009
Weekly Economic Insights - December 21-25, 2009 (167 KB) Rarely has there been such a lack of consensus around an economic topic as on the future direction of consumer prices today.	Dec 21 2009
Real Estate Capital Markets Insights - December 14, 2009 (272 KB) U.S. initial unemployment insurance claims increased by 17,000 to 474,000 for the week ended December 3rd, which was not unexpected considering the magnitude of recent declines.	Dec 14 2009
Weekly Economic Insights - December 14-18, 2009 (204 KB) The Committee was meeting and all through the Fed; Danced visions of Lehman and Fannie and Fred. Their failures created a huge credit crisis; Infecting all bonds with a terminal virus.	Dec 14 2009
Real Estate Capital Markets Insights - December 7, 2009 (276 KB) The U.S. Labor Department reported last week that the number of first-time filers for unemployment benefits dropped last week by 5,000 to 457,000 on a shortened holiday workweek.	Dec 07 2009
Weekly Economic Insights - December 7-11, 2009 (371 KB) Another week, another wave of government intervention news and activities, including the release of a report evaluating the effectiveness of the Troubled Asset Relief Program (TARP).	Dec 07 2009
Monthly Economic Insights - November 2009 (222 KB) The U.S. recovery is growing, but with lingering problems that diminished the output surge typical of past recoveries. While we expect the recovery to continue, i.e., with no "double dip" recession, it is likely to be subdued until the expansion broadens.	Nov 30 2009
Weekly Economic Insights - November 30 - December 4, 2009 (191 KB) Overall, November was a good month for U.S. stocks and a decent month around the world; fourth quarter performance to date, though, has been more mixed.	Nov 30 2009
Real Estate Capital Markets Insights - November 23, 2009 (267 KB) Black Friday is here again. This year, retailers are carrying less inventory than a year ago.	Nov 23 2009
Real Estate Capital Markets Insights - November 16, 2009 (276 KB) Last week, the U.S. House of Representatives passed, by a narrow margin, a Health Care Reform bill.	Nov 16 2009
Weekly Economic Insights - November 16-20, 2009 (268 KB) It’s that time of year already, with U.S. retailers deploying crack-of-dawn store openings and one-upmanship price discounting maneuvers to draw shoppers into stores the day after Thanksgiving, also known as Black Friday. They are going high tech in hopes of coaxing a sales uptick out of a consumer segment that, while less shell-shocked than a year ago, is a shadow of its former self in terms of spending firepower.	Nov 16 2009
Real Estate Capital Markets Insights - November 9, 2009 (275 KB) The U.S. Labor Department announced on Friday that the unemployment rate rose to an unexpectedly high 10.2% as payrolls dropped by 190,000 in October.	Nov 09 2009
Weekly Economic Insights - November 9-13, 2009 (196 KB) The International Energy Agency (IEA) released its 2009 World Energy Outlook this week with little fanfare, but it does contain some interesting material.	Nov 09 2009
Real Estate Capital Markets Insights - November 2, 2009 (273 KB) The advance indicator for U.S. GDP growth during the third quarter 2009 was 3.5%, which was stronger than the consensus forecast.	Nov 02 2009
Weekly Economic Insights - November 2-6, 2009 (203 KB) The views surrounding the future of the U.S. economy are about as diverse as they’ve ever been. With so many radical perspectives, what’s a person to think?	Nov 02 2009
Monthly Economic Insights - October 2009 (307 KB) Since there has never been a time in the midst of a U.S. recession when economic growth surged 3.5% as it did in the quarter just past, even the doom-and-gloom crowd will have to admit the recession is over.	Oct 31 2009
Real Estate Capital Markets Insights - October 26, 2009 (271 KB) Inflation continues to be held at bay as wholesale prices unexpectedly fell in September on lower fuel costs.	Oct 26 2009
Real Estate Capital Markets Insights - October 19, 2009 (279 KB) The economic progress in developing economies, which collectively are leading the globe out of the recession, is impressive and is gradually lifting the standard of living of the populace of those nations.	Oct 19 2009
Weekly Economic Insights - October 19-23, 2009 (165 KB) Global and U.S. economic forecasts have become steadily more bullish in recent months as it is becoming more and more apparent that the trough of the recession has been reached.	Oct 19 2009
Real Estate Capital Markets Insights - October 12, 2009 (271 KB) Labor Department data released last week showed that employers cut 263,000 jobs last month and that the unemployment rate climbed to a 26-year high of 9.8%.	Oct 12 2009
Weekly Economic Insights - October 12-16, 2009 (319 KB) Globalization and tremendous technological advances have dramatically increased public awareness of the economic condition of mankind, including those in developing and emerging economies.	Oct 12 2009
Quarterly Economic Insights - 3Q 2009 (255 KB) Whatever happened to Armageddon? Many investors certainly thought it was imminent. We think investors should find the courage to start looking at their investments again; they’ll feel better.	Sep 30 2009
Real Estate Capital Markets Insights - September 28, 2009 (269 KB) The U.S. Federal Open Market Committee (FOMC) met September 22-23. Their post-meeting announcement, as expected, noted evidence that the U.S. economy...	Sep 28 2009
Real Estate Capital Markets Insights - September 21, 2009 (267 KB) The U.S. Labor Department reported last week that the number of first-time filers for unemployment benefits unexpectedly dropped last week by 12,000 to 545,000.	Sep 21 2009
Weekly Economic Insights - September 21-25, 2009 (352 KB) The apparent beginning-of-the-end of extraordinary government intervention measures and ultra-accommodative monetary policy across the globe seems to be generating market withdrawal symptoms, taking some of the momentum out of global stock and commodity markets.	Sep 21 2009
Real Estate Capital Markets Insights - September 14, 2009 (274 KB) Recent world economic data show that recoveries are ongoing. July real retail sales in Hong Kong rose a strong 1.3% over June after a 1.8% jump in June for a three-month average of 4.3%, seasonally adjusted annual rate.	Sep 14 2009
Weekly Economic Insights - September 14-18, 2009 (292 KB) The economic backdrop has evolved into one that is currently producing some rather disparate financial indicators. First, the stock market has been rallying even though September is supposed to be a bad month. Second, commodity prices are strong with gold above $1,000 per ounce despite no particular hint of inflation.	Sep 14 2009
Weekly Economic Insights - September 7-11, 2009 (192 KB) One unique feature of this global recession and now recovery is its synchronicity. Production has begun to gear back up; and investor appetite for risk is rising fast. The global swoon in confidence and ensuing financial panic linked the recessions and the global stimulus is coordinating the recoveries.	Sep 07 2009
Monthly Economic Insights - August 2009 (295 KB) Recent data point to a synchronized recovery takinghold around the world. In the United States, the secondestimate of second quarter GDP was another upsidesurprise to the consensus.	Aug 31 2009
Real Estate Capital Markets Insights - August 31, 2009 (275 KB) The U.S. economy took a first step toward recovering from the worst recession since the 1930s in the second quarter as companies reduced inventories, spending started to climb and profits grew.	Aug 31 2009
Weekly Economic Insights - August 31-Sept 4, 2009 (217 KB) The unexpectedly strong second quarter profits came from outstanding productivity growth and the plunge in unit labor costs; both of the latter were positively revised when reported this week.	Aug 31 2009
Real Estate Capital Markets Insights - August 24, 2009 (277 KB) The Labor Department reported an unexpected increase in applications for unemployment benefits for the week ended August 15th.	Aug 24 2009
Real Estate Capital Markets Insights - August 17, 2009 (268 KB) U.S. initial jobless claims increased by 4,000 in the week ending August 8, to 558,000.	Aug 17 2009
Weekly Economic Insights - August 17-21, 2009 (391 KB) Cautious optimism regarding the global economic recovery was on display late last week at the annual U.S. Federal Reserve Bank of Kansas City’s Economic Symposium in Jackson Hole, Wyoming.	Aug 17 2009
Real Estate Capital Markets Insights - August 10, 2009 (269 KB) News on the employment front that was released last week was a positive surprise:	Aug 10 2009
Weekly Economic Insights - August 10-14, 2009 (218 KB) The latest U.S. Federal Reserve Open Market Committee (FOMC) meeting was held August 11 and 12th and the only new development coming out of the meeting was to smooth out the termination of the $300 billion treasury purchase program (usually referred to as quantitative easing).	Aug 10 2009
Case for Preferred Securities (437 KB) Investors continue to seek diversification while balancing a desire to preserve credit quality and maximize returns. Preferred securities offer an attractive solution for an increasing number of investors.	Aug 06 2009
Real Estate Capital Markets Insights - August 3, 2009 (272 KB) The biggest news reported in the past week came with Friday’s announcement of the preliminary GDP reading for the second quarter of 2009.	Aug 03 2009
Weekly Economic Insights - August 3-7, 2009 (430 KB) Whatever month the National Bureau of Economic Research, (NBER), the official arbiter of recession dates, decides as the end of the recession, the U.S. and global economies are starting to lay the foundation for a sustainable recovery. The economic drivers that coincide with the end of a recession are being put in place.	Aug 03 2009
Monthly Economic Insights - July 2009 (287 KB) In short, the U.S. recession was deeper, consumer savings were higher, inflation was lower, the U.S. economy is poised for some sort of rebound, the drag on household net worth from the plunge in house prices is winding down, stocks are beginning to price in a recovery and few people believe that any kind of recovery is coming.	Jul 31 2009
Real Estate Capital Markets Insights - July 27, 2009 (277 KB) U.S. initial jobless claims saw an increase for the week ending July 18, rising by 30,000 to 554,000.	Jul 27 2009
Real Estate Capital Markets Insights - July 20, 2009 (268 KB) The Labor Department’s latest weekly report of initial unemployment claim filings for the week ended July 11th showed a significant drop of 47,000 to 522,000.	Jul 20 2009
Weekly Economic Insights - July 20-24, 2009 (226 KB) At every economic forum, questions always arise about the potential for severe inflation. The worry is understandable. There has been almost unimaginable monetary stimulus around the world over the last year or so. Although, we’re not so sure now is the right time to be opening the whine about inflation. It’s quite possible inflation could remain well contained for several years into the future.	Jul 20 2009
Real Estate Capital Markets Insights - July 13, 2009 (449 KB) U.S. initial jobless claims declined by 52,000 in the week ending July 4 to 565,000. However, this drop appearslargely due to seasonal distortions related to auto plant shutdowns.	Jul 13 2009
Weekly Economic Insights - July 13-17, 2009 (222 KB) Beginning in early March and in the midst of investor misery, despondency and despair, financial markets around the world began a tremendous rally. For several weeks, though, until the last few days, the stock market has been struggling to maintain the rally.	Jul 13 2009
Weekly Economic Insights - July 6-10, 2009 (587 KB) The market pause that accompanied the start of third quarter 2009 continued over the past week.	Jul 06 2009
Quarterly Economic Insights - 2Q 2009 (509 KB) With apologies to Rod Serling, investors must have felt the past nine months was just another episode of his hit science fiction television show from the 1960s.	Jun 30 2009
Real Estate Capital Markets Insights - June 29, 2009 (449 KB) Home re-sales rose by 2.4% in May to an annual rate of 4.77 million according to the National Association of Realtors. The average sale price, while down from the year ago period was up from April.	Jun 29 2009
Weekly Economic Insights - June 29 - July 3, 2009 (572 KB) By many measures, the recently ended second quarter 2009 represented a key milestone for the global economy and financial markets.	Jun 29 2009
Real Estate Capital Markets Insights - June 22, 2009 (257 KB) The turmoil in credit markets was profound enough to break the link between simple monetary accommodation and private sector credit creation. The Fed was forced to move towards unconventional policies involving direct intervention in impaired markets and, in the process, taking as collateral many new and riskier type assets than ever before.	Jun 22 2009
Real Estate Capital Markets Insights - June 15, 2009 (451 KB) Retail sales rose in May, increasing 0.5% both in total and excluding autos. Results were mixed across segments, with gas stations and building supply stores leading the gains and department and sporting goods stores leading the declines.	Jun 15 2009
Weekly Economic Insights - June 15-19, 2009 (162 KB) With the unprecedented disruption in financial and credit markets during 2007 and 2008 has come a wide assortment of central bank policy actions set by the U.S. Federal Reserve (Fed).	Jun 15 2009
Real Estate Capital Markets Insights - June 8, 2009 (248 KB) Federal Reserve Chairman Ben Bernanke’s remarks before the House Budget Committee last Wednesday provided a preemptive reality check for better than expected news on the employment front that was announced later in the week.	Jun 08 2009
Weekly Economic Insights - June 8-12, 2009 (465 KB) Bond Bubble Bursting? Was it really a "bubble"? Many commentators thought so. They use the term bubble for any situation where asset prices run to levels that appear well above what seems logical based on fundamentals.	Jun 08 2009
Real Estate Capital Markets Insights - June 1, 2009 (454 KB) General Motors, the world’s largest auto manufacturer for 77 years culminating in 2007, declared bankruptcy on June 1, reporting assets of $82.3 billion and liabilities of $172.8 billion.	Jun 01 2009
Weekly Economic Insights - June 1-5, 2009 (324 KB) Over the last couple of weeks, there has been a lot of economic data that has provided insight into how the United States economy may exit the recession.	Jun 01 2009
Real Estate Capital Markets Insights - May 18, 2009 (476 KB) U.S. retail sales dropped in April for the second straight month.	May 18 2009
Weekly Economic Insights - May 18-22, 2009 (377 KB) In a performance worthy of developed countries with established representative governments, the world's most populous democracy went to the polls and returned the current ruling coalition to power for another five year term. Of the 714 million registered voters in India, 420 million people, or almost 60%, took part in India's most recent month-long election process. This was a big victory for Manmohan Singh, the current Prime Minister, who is only the second Indian leader to be re-elected after a full five-year term in office; the first was Jawaharlal Nehru, India's first Prime Minister.	May 18 2009
Real Estate Capital Markets Insights - May 11, 2009 (488 KB) The long awaited results of the Supervisory Capital Assessment Program (SCAP), also known as the bank stress tests, were released last week.	May 11 2009
Weekly Economic Insights - May 11-15, 2009 (247 KB) The stock market advance took a step back last week, with investors spotting a few worrisome weeds cropping up among the green shoots of economy recovery.	May 11 2009
Real Estate Capital Markets Insights - May 4, 2009 (491 KB) The U.S. economy plunged again in the first quarter as cmopanies slashed inventories, jobs and spending making this the worst recession in at least half a century.	May 04 2009
Weekly Economic Insights - May 4-8, 2009 (434 KB) The long awaited results of the Supervisory Capital Assessment Program (SCAP), also known as the bank stress tests, were released last week.	May 04 2009
Monthly Economic Insights - May 2009 (387 KB) Sell in May and Go Away? At least, that’s the adage. The Old Stock Picker’s guide was to sell all one’s stocks in May, just be out of the market from May through October and buy them back again the first of November. Like all old saws, especially those that rhyme, there is some truth in this one…it wouldn’t have become a maxim without it.	May 01 2009
Real Estate Capital Markets Insights - April 20, 2009 (485 KB) The March decline in orders for durable goods was less than forecast in what some consider a sign that the recession may be easing.	Apr 27 2009
Real Estate Capital Markets Insights - April 20, 2009 (481 KB) Initial U.S. jobless claims unexpectedly declined by -53,000 during the week ended April 11 to 610,000. However, the decline is likely at least partially attributable to Good Friday, so the improvement may be more limited than the numbers suggest.	Apr 20 2009
Weekly Economic Insights - April 20-24, 2009 (328 KB) The 2008/2009 U.S. recession has an excellent chance of becoming the longest and most severe since the 1930's. Indeed, the current recession is distressingly similar to the 1930's, since it is being deepened and prolonged by extreme financial system problems around the world.	Apr 20 2009
Real Estate Capital Markets Insights - April 13, 2009 (486 KB) Following criticism that the government was handling bank bailouts differently from that of the auto industry, Secretary Geithner said should banks need "exceptional" assistance he would move to have CEOs and board members replaced.	Apr 13 2009
Weekly Economic Insights - April 13-17, 2009 (486 KB) The economic plunge that began last October in response to the global credit market seizure and Lehman bankruptcy the month before is waning. So despite the protestations of the real doom-and-gloom crowd, it’s becoming clear there will be an economic recovery.	Apr 13 2009
Real Estate Capital Markets Insights - April 6, 2009 (442 KB) According to analyst forecasts, American companies will see increasing income in the fourth quarter of 2009, but banks will be responsible for all of the rebound.	Apr 06 2009
Monthly Economic Insights - April 2009 (554 KB) For over a year and a half, following this advice from the thirteenth stanza of the Rubaiyat was about the only way to preserve very much of one’s capital.	Apr 01 2009
Quarterly Economic Insights - 1Q 2009 (561 KB) It began with the worst of times. Driven by seeming delay, dithering and mixed policy messages coming out of Washington, stock markets around the world tanked in the first nine weeks of the first quarter.	Mar 31 2009
Real Estate Capital Markets Insights - March 30, 2009 (442 KB) The final estimate of real GDP growth in 4th quarter 2008 saw a slight downward revision to -6.3% (from the previous estimate of -6.2%), and matched concensus expectations.	Mar 30 2009
Real Estate Capital Markets Insights - March 23, 2009 (440 KB) The March controversy over bonuses at AIG has dominated headlines over the past several days and led the U.S. House of Representatives to pass a bonus surtax bill.	Mar 23 2009
Weekly Economic Insights - March 23-27, 2009 (290 KB) The U.S. Treasury first announced the Financial Stability Plan (FSP) on February 10, 2009, an announcement intended to restore a modicum of confidence to the nation's financial markets as much as it was to announce an actual plan to help the largest U.S. banks and financial institutions regain financial health.	Mar 23 2009
Weekly Economic Insights - March 16-20, 2009 (552 KB) The market is anxiously awaiting additional details on the Financial Stability Plan, particularly the removal of toxic assets from bank balance sheets.	Mar 16 2009
Real Estate Capital Markets Insights - March 9, 2009 (438 KB) Initial unemployment insurance claims in the U.S. totaled 651,000 for the month of February, only slightly exceeding economists’ median expectation of 650,000.	Mar 09 2009
Weekly Economic Insights - March 9-13, 2009 (200 KB) For several months we’ve counseled a sanguine response to the monotonously terrible economic data. The near-total seizure of credit markets after the Lehman bankruptcy and related shocks of mid-September were clearly going to generate awful numbers for the fourth quarter and probably beyond, so the worst should have been expected.	Mar 09 2009
Real Estate Capital Markets Insights - March 2, 2009 (436 KB) The Commerce Department’s second reading of Q4-08 GDP was released on Friday and revealed that the economy shrank at a much greater annualized pace than the previously reported -3.8%.	Mar 02 2009
Weekly Economic Insights - March 2-6, 2009 (329 KB) What's going on with the stock market? It continues to make new lows, despite a record fiscal stimulus package passed in short order, improving credit markets and a U.S. Federal Reserve (the Fed) that turned on the money spigots.	Mar 02 2009
Behavioral Finance & Implications for Equity Investors (211 KB) At Principal Global Investors, we view the study of behavioral finance as one of the many ways we can improve our skill level and culture to enhance our investment process. Understanding behavioral finance is a way in which we as investors can protect the integrity of our investment process.	Feb 23 2009
Real Estate Capital Markets Insights - February 23, 2009 (431 KB) The market experienced a great deal of confusion last week around the possible "nationalization" of Citigroup and Bank of America.	Feb 23 2009
Real Estate Capital Markets Insights - February 16, 2009 (432 KB) The U.S. House of Representatives and Senate have passed the much debated fiscal stimulus package.	Feb 16 2009
Weekly Economic Insights - February 16-20, 2009 (410 KB) With the passage of the American Recovery and Reinvestment Act of 2009, more government intervention initiatives continued to fall into place during the past week. The following day, President Obama unveiled the Homeowner Affordability and Stabilization Plan (HASP) which allocated $175 billion in capital to assist distressed homeowners...	Feb 16 2009
Real Estate Capital Markets Insights - February 9, 2009 (541 KB) The Labor Department reported last week that initial jobless claims increased by 35,000 to 626,000 in January. This was the highest pace since October 1982 and about 26,000 ahead of market expectations according to a Bloomberg survey.	Feb 09 2009
Weekly Economic Insights - February 9-13, 2009 (322 KB) For several months following the events of the Ides of September, we've suggested that economic data would be miserable…it's only natural. When credit markets seize as they did in September and October, it's like having a heart attack as credit is the lifeblood for every economy.	Feb 09 2009
Real Estate Capital Markets Insights - February 2, 2009 (437 KB) The advance estimate of real GDP growth in the U.S. for the fourth quarter of 2008 was -3.8%, which was much better than economists’ consensus expectation.	Feb 02 2009
Quarterly Economic Insights - 4Q 2008 (364 KB) Charles Dickens was only half right: it was not the best of times; it was the worst of times. The 37.1% loss for the S&P 500 Index for 2008 was the worst annual outcome since 1931. It was the worst four-quarter performance since September 1974 and the seventh worst since 1925; the beginning of most S&P 500 history.	Dec 31 2008
Real Estate Capital Markets Insights - December 22, 2008 (265 KB) The Federal Reserve's Federal Open Market Committee (FOMC) dropped the Federal Funds rate target more than the expected 50 basis points in announcing an historically low "target range" of 0% to0.25% - a 75 bp to 100 bp reduction from the previously established target of 1.0%.	Dec 22 2008
Real Estate Capital Markets Insights - December 15, 2008 (263 KB) Retail sales excluding automobiles continued to fall during the month of November, declining by -1.6%, which was slightly better than expected. Declines in gasoline prices generated part of the decline, but improvements in other retail sales due to lower gasoline prices were very limited.	Dec 15 2008
Real Estate Capital Markets Insights - November 24, 2008 (264 KB) The Federal Reserve released the minutes from their October Open Markets committee meeting last week. Policy makers predicted the current economic contraction would continue through the middle of2009, and some members expressed the opinion that further rate cuts would be needed.	Nov 24 2008
Real Estate Capital Markets Insights - November 17, 2008 (262 KB) U.S. payroll employment declined by a larger-than-expected -240,000 jobs during October, the tenth consecutive month of negative growth. Year-to-date losses have totaled -1.2 million jobs, with losses expected to persist through much of 2009.	Nov 17 2008
Real Estate Capital Markets Insights - November 10, 2008 (266 KB) The Labor Department reported on Friday that the unemployment rate has climbed to a 14-year high of 6.5%. October job losses totaled 240,000 jobs. When combined with the upwardly revised decline of 284,000 jobs from the prior month, October and September represent the biggest two-month slide since 2001.	Nov 10 2008
Monthly Economic Insights - October 2008 (278 KB) The economy today might be compared to a patient in intensive care that has a combination of three problems.	Nov 05 2008
Real Estate Capital Markets Insights - November 3, 2008 (266 KB) The U.S. economy has three issues. First is a chronic or structural problem: imbalances and excesses created during and leading up to the huge global boom from 2001 to 2007 are having to be correctedor purged: too much consumer debt, huge trade deficit, housing bubble, record narrow credit spreads.	Nov 03 2008
Investment Grade Commercial Mortgage Backed Securities (CMBS) (218 KB) The real estate fixed income market has gone from being “priced to perfection” to a market that is priced to a “severe downturn”. While this shift has roots on both the fundamental and technical sides, it is our feeling that the market technicals currently in play have been the driving force behind much of the spread widening across the fullspectrum of CMBS, and to a lesser extent, private mortgages. CMBS has been swept up in the broader turmoil of the global credit markets.	Oct 29 2008
Fixed Income Update (77 KB) This bulletin takes a look at our outlook on the fixed income markets and our current portfolio management strategy.	Oct 22 2008
Real Estate Capital Markets Insights - October 20, 2008 (271 KB) Initial jobless claims fell by 16,000 in the week ended October 11 to 461,000, down from the most recent cyclical peak two weeks earlier. The result was better than expected, but not surprising since claims are still recovering from recent hurricane-related losses.	Oct 20 2008
Preferred Securities Update (52 KB) This bulletin takes a look at the impact of the current market turmoil on preferred securities.	Oct 07 2008
Real Estate Capital Markets Insights - October 6, 2008 (277 KB) After years of over borrowing and irresponsible lending, global financial institutions find themselves with deteriorating balance sheets, and hence a need for capital. Banks’ concerns regarding the quality of other bank’s balance sheets, and indeed a shoring up of their own balance sheets, resulted in a reduced lending.	Oct 06 2008
Real Estate Capital Markets Insights - September 22, 2008 (278 KB) On Monday the U.S. House of Representatives voted down the proposed $700 billion Emergency Economic Stabilization Act of 2008 (“EESA”) by a vote of 205 to 228, despite support from PresidentBush, Senator Obama, Senator McCain and other Congressional leaders. Approximately 60% of Democrats and 41% of Republicans in the House voted in favor of the bill, needing 12 changed votes topass. A motion to reconsider was tabled, making it possible for the House to reconsider the bill after further discussions.	Sep 29 2008
Comprehensive Intervention (50 KB) Following a series of incremental steps to shore up the financial markets, the U.S. Government is now taking a comprehensive, systemic approach to the problem.	Sep 24 2008
The Takeover of AIG (43 KB) Capping 10 tumultuous days that have begun to remake the U.S. financial system, the U.S. Government is temporarily taking over control of America’s largest insurance company, American International Group (AIG).	Sep 24 2008
Real Estate Capital Markets Insights - September 22, 2008 (280 KB) At the time of the last publication of Capital Markets Insights it was suggested that there were more questions than answers surrounding the volatility in the financial markets.	Sep 22 2008
Lehman Bankruptcy - Equities (43 KB) The credit crisis has sealed the fate of two financial services giants and put in question the fate of a third. Yesterday, Lehman Brothers filed for Chapter 11 bankruptcy protection under the weight of $60 billion in soured real estate holdings after failing to find a buyer.	Sep 16 2008
Lehman Bankruptcy - Fixed Income (43 KB) The Lehman bankruptcy is not the outcome that we had expected and the full impact of this will be determined over time.	Sep 15 2008
Real Estate Capital Markets Insights - September 15, 2008 (278 KB) While news of Lehman Brothers’ bankruptcy, Bank of America’s planned acquisition of Merrill Lynch and AIG’s deepening trials and tribulations are dominating the headlines at the start of the week, these stories currently offer more questions than answers.	Sep 15 2008
Real Estate Capital Markets Insights - September 8, 2008 (272 KB) Following weeks of continued pressure on the stock price and, more recently, on the debt issuance costs of Fannie Mae and Freddie Mac, the U.S. federal government took over the companies September 7. According to statements made over the weekend by Treasury Secretary Henry Paulson and James Lockhart, Director of the U.S. Federal Housing Finance Agency (FHFA), both entities have been placed into the conservatorship of their regulator, the FHFA.	Sep 08 2008
Monthly Economic Insights - August 2008 (294 KB) Second quarter economic growth was revised wildly higher from 1.9% in the advance estimate to 3.3% in this week's preliminary report.	Aug 31 2008
Real Estate Capital Markets Insights - August 25, 2008 (277 KB) U.S. homebuilders broke ground on the fewest homes (on an annualized basis) in 17 years during July. The Commerce Department reported an annualized level of 965,000 new starts in July, the lowest level since March of 1991.	Aug 25 2008
Real Estate Capital Markets Insights - August 18 2008 (281 KB) The week ending August 9th, U.S. initial unemployment insurance claims declined by 10,000 to 450,000, which was in line with expectations. Claim levels remain elevated largely due to an extensionof unemployment insurance benefits.	Aug 18 2008
Real Estate Capital Markets Insights - August 11 2008 (280 KB) As expected, the Federal Reserve (the Fed) maintained its federal funds rate target at 2.0% following last Tuesday’s meeting of the Federal Open Market Committee (FOMC). The Fed remains somewhat handcuffed given continued sluggishness in the economy and ongoing worries with regard to inflation.	Aug 11 2008
Real Estate Capital Markets Insights - August 4, 2008 (272 KB) Are we in a recession? Payroll jobs have been vanishing for months; unemployment’s up more than apercent; stock prices hit bear market territory; housing is a mess and home prices still plunging; oil justwas $147; autos are a disaster…hardly going to sell 13 million. But is it a recession?	Aug 04 2008
Real Estate Capital Markets Insights - July 28, 2008 (270 KB) The Labor Department reported last week that initial jobless claims rose to a four-month high of406,000 in the week ending July 19th. A Bloomberg survey of 44 economists estimated the numberwould be 380,000.	Jul 28 2008
Real Estate Capital Markets Insights - July 21, 2008 (274 KB) Initial unemployment insurance claims increased by 18,000 in the week ending July 12 to 366,000.Continuing claims, which are a better gauge for hiring, decreased based on the prior week’s largedecline. We may see some increase over the coming few weeks due to seasonal hiring issues.	Jul 21 2008
Real Estate Capital Markets Insights - July 14, 2008 (269 KB) The most recent Reuters/University of Michigan index of consumer sentiment indicates that consumer confidence remainsclose to its lowest level since 1980. The latest reading of 56.6 is slightly above the 56.4 from last month and exceededeconomists’ projected 55.5.	Jul 14 2008
Real Estate Capital Markets Insights July 7, 2008 (271 KB) Analysis of U.S. quarterly equity performance may focus on the tremendous return of energy stocks, up almost 17% forthe sector during the second quarter. Utilities may also get a mention coming in second with a 7% gain. The materialsand technology sectors will be noticed as the only other sectors with a gain for the quarter of almost 4% and a bit over2% respectively.	Jul 07 2008
2Q08 REIT Quarterly (275 KB) During the second quarter real estate stocks tracked the performance of the broader equities market experiencing a late quarter selloff.	Jun 30 2008
Case For Global Property Securities (344 KB) Investors worldwide are increasingly embracing cross-border real estate investments. In recent years, governments across the globe have opened their real estate markets by enabling more tax efficient investment vehicles and this trend is continuing.	Jun 30 2008
U.S. Property Account Performance Report 2Q08 (476 KB) Higher required rates of return and a re-pricing of risk led to write downs within the U.S. Property Account during the second quarter. Fund level performance registered a total return of -0.75%, while property level performance (which excludes the effects of cash and leverage among other balance sheet considerations) was -0.39%.	Jun 30 2008
Real Estate Capital Markets Insights June 23, 2008 (271 KB) It doesn’t seem that the housing market has hit bottom. The Commerce Department reported last week that buildersbroke ground on fewer homes in May than in April. Builders started 975,000 homes in May (on an annualized basis),down from 1.008 million on that same basis in April. Building permits fell 1.3 percent in May to an annual rate of969,000 new homes.	Jun 23 2008
Real Estate Capital Markets Insights June 16, 2008 (268 KB) Retail sales excluding automobiles rose by +1.2% in May, nearly twice the rate expected, following +1.0% growth in April.The gain signals that Americans who have received their tax rebate checks are spending a larger-than-expected share ofthose rebates (rather than saving), a trend likely to continue as other Americans receive their checks over the next fewmonths. Year-over-year retail sales growth now stands at +4.9%.	Jun 16 2008
Real Estate Capital Markets Insights June 2, 2008 (271 KB) On Thursday, May 29, the price of crude oil futures traded from a high of $133.12 to a low of $124.67 in night tradingbefore Friday’s open. That range of $8.45 was almost as much as a barrel of oil was worth just 10 years ago when theprice slumped below $11 a barrel in 1998.	Jun 02 2008
Monthly Economic Insights - June 2008 (308 KB) No one, no country can isolate themselves from the economic consequences of the unprecedented changes in the global marketplace of the last quarter century.	Jun 01 2008
U.S. Property Account Performance Report 1Q08 (May 2008) (466 KB) Property level performance slowed during the quarter amidst continuing volatility in the broader markets and uncertainty related to pressures facing the economy today.	May 31 2008
Real Estate Capital Markets Insights May 19, 2008 (272 KB) The Fed made indications last week the credit crunch, while subdued recently may not be over. Chairman Bernanke indicated in a speech at an Atlanta Fed conference that the central bank will increase auctions of cash to banks as needed. In a separate speech later in the week the chairman praised banks' efforts to raise additional capital to put themselves on stronger financial footing.	May 19 2008
Real Estate Capital Markets Insights May 12, 2008 (274 KB) Jobless claims decreased by 18,000 in the week ended May 3 to a level near 365,000, a larger than expected decline.Continuing claims, which are a better gauge of hiring activity, also saw a slight decline.	May 12 2008
Real Estate Insights 1Q 2008 (May 2008) (298 KB) Whether the economy is officially in a recession is something that we won’t know until later, but there is no denying that economic growth has slowed significantly and to many sectors of the economy it feels very much like a recession.	May 12 2008
Real Estate Capital Markets Insights May 5, 2008 (278 KB) The Commerce Department’s initial estimate for first quarter 2008 U.S. GDP was reported on April 30th. The anemic,albeit positive, increase of 0.6% (annualized) exceeded the consensus estimate of 0.5% but represented the lowest levelof growth since fourth quarter 2002.shortly for a recession. So it’s not unusual that forecasts of recession by economists have gathered steam.	May 05 2008
Monthly Economic Insights - May 2008 (307 KB) Even with the spreading credit problems and widespread fear and gnashing of teeth in developed markets, there is a great deal of resilience around the world.	Apr 30 2008
Real Estate Capital Markets Insights April 28, 2008 (276 KB) Polls this year have variously found 75% to 90% of people thinking the United States was either in or headedshortly for a recession. So it’s not unusual that forecasts of recession by economists have gathered steam.	Apr 28 2008
Real Estate Capital Markets Insights April 21, 2008 (315 KB) The Federal Reserve reported last week that economic growth had slowed in February in nine of its twelve districts. The Fed’s “Beige Book” reported that the other three districts reported mixed results.	Apr 21 2008
Real Estate Capital Markets Insights 4-7-08 (306 KB)	Apr 07 2008
Real Estate Capital Markets Insights 3-31-08 (307 KB)	Mar 31 2008
Real Estate Investment Trusts vs Direct-Owned Commercial Real Estate-April 2008 (152 KB) Principal Real Estate Securities Separate Account invests in stocks of companies which own real estate, thus providing investors with an indirect interest in real estate. Meanwhile, Prinicipal US Property Account Separate Account has direct ownership of office, retail, industrial and multi-family buildings.	Mar 31 2008
REIT Quarterly, 4th Quarter 2007 (209 KB) Upheaval in the credit markets and economic uncertaintyadversely impacted stocks in the financials sector,including REITs.	Mar 25 2008
Real Estate Capital Markets Insights 3-24-08 (310 KB)	Mar 24 2008
Real Estate Capital Markets Insights 3-17-08 (280 KB)	Mar 17 2008
Real Estate Capital Markets Insights 3-10-08 (301 KB)	Mar 10 2008
Monthly Economic Insights - March 2008 (217 KB) At times like today when credit markets are frozen, it's worse than painful to mark long-term assets down to some low price just because there's no liquidity.	Mar 01 2008
Monthly Economic Insights - February 2008 (107 KB) So where are we now? Whether we are in a recession now or not is a matter for time and technicians to answer; the real question is, how bad is the situation and how much worse might it get.	Feb 27 2008
Real Estate Capital Markets Insights - January 26, 2009 (546 KB) The Labor Department reported another spike in first-time unemployment claims for the week ended January 17th.	Jan 26 2008
Real Estate Capital Markets Insights - January 12, 2009 (429 KB) This monthly reduction of 0.3% may look like small, but consumer debt has grown continuously since 1946. Consider as well that this monthly decline translates into a 3.7% annual rate.	Jan 12 2008
Real Estate Capital Markets Insights - January 5, 2009 (416 KB) Fed officials seem to be trying to influence President-elect Obama and his economic team as they meet this week with congressional leaders. The President-elect has promised a large stimulus package and the Fed officials are throwing their support behind such a plan. 0.25% - a 75 bp to 100 bp reduction from the previously established target of 1.0%.	Jan 05 2008
Market Insights - 4th Quarter 2007 (122 KB) Most developed equity markets faced selling pressure in the fourth quarter of 2007, but managed to preserve gains for the year as a whole.	Dec 31 2007