US economy in 2015 may be softer than the consensus view. It is conditions of continued low yields and high uncertainties. Home ownership rates are falling, while home prices are rising. We are in an unpleasant political climate, an entitlement society, and near the end of a debt super cycle. Global debt is at such levels that the ability to service that debt is at risk. The implications are for slower growth and lower margins. The best allocator of capital is the free market. Current policies are not helpful. This year is a stock picker’s market and be ready for volatility. This year is a time to respond, as usual, to real estate opportunities with the right criteria to add value.