Hello Josh and colleagues,After 15 hours of flights I am finally back in the land of Rising Sun, but due to jetlag, I have been up since 2:30am talking to my property managers in America!

This includes "risk free" gov-mint t-bills that are subject to inflation risk.

At the same time people from around the world still love California and though the values in southern California are extremely high, they're still some of the lowest they've been, and probably going to continue rising, so.... damned if you and damned if you don't!

Your NYC market is a double edge sword for the educated buyer that does there due diligence it can be the best market in North America and your timing could not be better near the end of a bust cycle. night mare tenants come and go but wait and see what happens to rents after QE-3 hammers the dollar and the fiscal cliff becomes reality as the government inflates its way to paying for baby boomer ss and medical costs.

So while valuations have held, they are still inflated.

With prices rising - I'd focus on people with equity that you can wholesale to a flipper.

Because really it's in a declining neighborhood where crime is on the rise and it's not a desirable area anymore.

If so, do investors normally invest/purchase on the anticipation of the market recouping, rather than trying to come in with very low offer?

I was taken aback at the speed of rise thus far...

I believe rates will slowly rise, might be in a jerk manner as the last two weeks but will not spike endlessly in either direction.