Wiping the fog off our eyeglasses and peering into the coming decade, we see a U.S. economy flipped on its head from how it entered this past one. In January 2010, U.S. GDP was coming off its best quarter in a year and a half — at only 0.18 percent growth. Unemployment was close to 10 percent. The economy, and the property market with it, had finally hit bottom and was only beginning to pull itself back up on its feet.

Fast-forward 10 years, and the economy is certainly standing tall. Ten years of adequate growth and a steady bull market have kept momentum into 2020, and delivered a healthy economy with employment at its strongest level in nearly 50 years. Fears about a coming recession peaked in late August 2019, when the yield curve for 10-year and two-year U.S. Treasury bonds briefly flipped. But the curve flipped back by November, and the mood among U.S. real estate investors lightened. Now, the prevailing con­sensus is the danger of a recession is mostly cleared