What is your outlook on the real estate market?

[Jon H.]

Where do you think the real estate market goes from here? Lets say the next 1-3 years. We've had a good 2 years but are we peaking or is there more room to run? Personally i'm just not sure and but being in the Bay Area, the market just always seem like it will keep going up...

[Joel Owens]

Depends on what you are talking about.

Different asset classes as a whole nationwide are cycling at different times. You have overall recoveries and then micro market recoveries.