A matrix reader passed along a mark-up of 2-2008 report by RREEF Research  – RREEF Alternative Investments is the global alternative investment management business of Deutsche Bank’s Asset Management division.
The mark-ups are quite compelling in contrast to the original document.
Overview Mark-Up Summary: OUR BASE OUTLOOK STILL HOLDS. TIMING IS NOW THE
QUESTION, A DELAYED OR FEEBLE RECOVERY WILL PUT OFF RECOVERY FOR DEMAND
Other points of interest:
CONDO “REVERSIONS” TO APARTMENTS ARE STILL A SUPPLY CONCERN.
THESE METROS GENERALLY OUTPERFORMED IN OCCUPANCY DETERIORATION BUT MOST ARE HIT WITH AS SHARP OR SHARPER RENT DECLINES COMPARED TO OTHERS.
and of course:
THINGS THAT DID SEND THE ECONOMY INTO RECESSION:
• HIGH OIL PRICES.
• INFLATION WORRIES DURING FIRST HALF.
• MAJOR BANK FAILURES.
• PROTRACTED CREDIT CRUNCH.