Rosen Views Page 1 Page 2 Rosen Tools Rosen Value Adding Solutions Sales To become a client please call us at 510-549-4510 or email us. The Rosen Report The Rosen Report provides comprehensive RCG proprietary forecasts and interpretive analysis of key national and regional economic, demographic and real estate market conditions. Updated quarterly. Each time you select The Rosen Report, the most recent data is imported into your report from our live database. The Rosen Report, including the Rosen Report Executive Summary, is published quarterly. (Click here for current Rosen Report Executive Summary.) The Rosen Report contains: 1. National Economic Outlook The Outlook provides RCG's view of current domestic and international economic news and potential implications for our clients. RCG's Base Economic Scenario and Alternative Economic Scenarios are presented, which cover our views on the probable directions of GDP growth, interest rates, and stock market valuations. Key economic health indicators, including consumer confidence, unemployment, exchange rates, and foreign trade balance, are addressed. 2. Regional Economic Overview We examine sector patterns of employment growth for the East, West, Midwest and South. Key economic indicators are presented for major metropolitan areas in each region, including RCG's three-year outlook for economic risk. 3. Real Estate Capital Markets We present our view on the current state of the real estate capital markets. We provide analysis and forecasts for major debt and equity activities including commercial mortgage volume and rates, CMBS issuance and spread analysis, equity REIT issuance and private and public equity real estate returns. 4. RCG’s View on the Real Estate Market Cycle RCG believes the fundamental real estate cycle can be characterized as having four primary phases: Absorption, Growth, Overshooting, and Decline. We chart MSAs and property types within these phases using a clock analogy. The Real Estate Market Cycle Clock is updated quarterly. 5. Property Type Overview RCG's views on the national and regional perspectives are developed for office, industrial, single-family housing, multi-family housing and retail property types. Relevant indicators are assessed and forecast including construction, vacancy, rent growth, loan delinquency, values, and returns by property type for the East, West, Midwest and South regions. 6. Summary Data Tables of key economic and real estate indicators from RCG's proprietary forecasts are presented for the economy and by property type for the top 77 metropolitan areas.