There were some who said the Dallas DFW real estate market was too strong to follow national trends.  What have we seen half way through the year?  Commercial real estate foreclosures are up from 2007.  Single family residential prices are dropping, and now the Dallas Morning News reported that “net office leasing in North Texas is down more than 50 percent from the same time last year, according to preliminary numbers from Cushman & Wakefield of Texas”.

It is fair to say that no one knew a year ago that oil would be at $136 per barrel, inflation would be rising, corporate write-downs would set new records , bad employment data, the sub-prime lending collapse, CBMS market is not recovering, the Fed will raise rates and cost of money will rise and so cap rates and more.

The fundamentals are bad and even though the pundits tell we have seen the worse of it, who really believe them anymore.  These are unique times and everyday brings us something new.  Did we ever expect to see $150.00 per barrel?  No?  Well get ready.