1. Ray Alcorn of Park Real Estate Inc remarks that real estate is a capital-intensive industry, and its health rises and falls with capital availability; currently the capital markets are so .......... with cash, they can't find a place for it all.

2. Boom times typically engender oversupply of product, but construction prices have skyrocketed due to natural disasters and rising commodity prices, which has .......... new building in all property types.

3. Rising consumer interest rates will further slow consumer purchasing and the housing market, and may produce the desired soft .......... .

4. Historically, contractions in capital have a negative effect on valuations, and current .......... from government regulators aiming to trim commercial banks' real estate loan exposure are worrisome.

5. Global markets are literally awash in capital, all of it seeking yield and stability; fortunately, commercial real estate offers both, and even if banks are constrained there is a .......... of capital to fill the void.

6. Construction costs have gone through the .......... in the past year due to natural disasters and increased commodity prices.

7. High construction costs and condo conversions have reduced new supply and a slowing housing market increases rental demand, so owners can now flex their muscles with rent increases, and those who bought at high valuations may yet get the .......... .

8. Areas with declining employment and population will experience an acceleration of those trends, and investors will not acquire properties in such markets without good reason to believe a comeback is in the .......... .

9. Retail properties will suffer as owners rediscover risk as a component of value, but most of these assets are owned by well-capitalized private equity groups that can easily .......... the storm.

10. Acquisition of stabilized properties at low cap rates with little potential for rent growth is a sure .......... for below market returns.