Sorry to say but the employment report and its implications for the near term future, plus the certainty of a nasty and negative national election campaign, tells me that the economy will get worse and that in turn will negatively affect the availability of financing for commercial real estate developments, for vacancy rates (they will increase) and for rental income, across the spectrum of commercial real estate. The sector has held up relatively well to date but the future is, as it always is, the problem.

Those of us who have cut back on our REA holdings appear to be those who have depended on it for much of their income from T-C investments and being one of them, I obviously believe this was a rational move. I expect the Traditional Account will provide a better return than the REA will looking forward as much as a year. If I had an investment in it that had been based on it as a diversified investment, my investment in it would have been much less and I probably would have retained most of that. But alas I am not in that situation and preservation of my income producing buckets, my T-C investments, are my principle concern; thus my move.

Things are going to get worse before they get better; find yourself a relatively "comfortable" investment position and hunker down.

Ray