|Dreadful fiscal problems will hobble the Chicago and Illinois CRE
market until they’re resolved. Randy feels rising taxes and
diminishing services make businesses wary of locating here. Indiana,
he adds, is more fiscally responsible. Worldwide, CRE markets face daunting challenges. Growth is slowing in China, Hong Kong, South Korea, and Brazil, and Argentina is volatile. But he points to surprising pockets of strength in Peru and in Columbia, where the nation’s legendary culture of crime is receding. A number of central banks outside the United States have policies to reduce leverage and restrain growth in residential development. Hear more October 4.