Before you think there's no money out there...

Blackstone, in spite of any losses, etc. says it has "$12 billion of dry powder" for real estate investments waiting for what it perceives to be the bottom. (sub. required)

They are not alone. Just take my word on that.

That of course brings one to the $64 question: When and where is the bottom? I don't know, and even if I did I wouldn't say. :)

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