After reading Market Maven's blog on Nov 12, I was encouraged, yet skeptical, we are seeing a true "trend" in CRE activity. I'm almost a convert as we have seen the following activity increase in the following specific areas:
-Pre-bid due diligence for purchase of CRE at bank auction
-Stimulus impacts and legislation (pending) in Low Income Housing (LIHTC) and New Market Tax Credits
-Strong GSE volume in Fannie, Freddie and HUD/FHA
-Asset management capital improvements prior to a planned disposition
-Lenders looking at their entire portfolio and "rebalancing" reserves to reflect current deferred maintenance conditions
In aggregate, volume and revenue is still lower than 2007/2008, however there are signs that we're close to the bottom in some asset classes and that the "extend and pretend"/"delay and pray" tactics of large lending institutions is running out of steam and banks are looking to cleanse the their balance sheets in a legitimate manner.
If these trends hold and we don't experience the "typical" slowdown in transactions in January and February, I think we can all agree there is something to be Thankful for this Thanksgiving.