2010 is an inflection year for real estate. We will either see sustained growth, in which case the Fed will raise artificially low interest rates, or we will continue to languish economically, à la Japan over the past 20 years, in which case the Fed will keep rates low. The fact that real GDP has increased over the past three quarters (presuming the first quarter of 2010 will be positive), and that early signs of job growth are appearing, support our view that a recovery is underway. In this case, although job formation will lag GDP growth by 12-18 months, interest rates should be increased by June of this year, or we will risk repeating the 2002-2005 mistake of the Greenspan Fed.