Richard Collier, principal in the VanderKloot Co., a real estate consulting firm, told a recent Housing Roundtable Forum that developers should look to foreign markets for capital. Following are excerpts from his speech.

Let's talk about Europe very briefly. What I was told was that the softness of some of the European economies and the lack of investment opportunities there, particularly in housing, are making some of those investors look elsewhere as to where they can put their money, and the U.S. is still their preferred alternative. Secondly, there are large sums. Two money managers said to me, "Billions of dollars are waiting to come back to the U.S. when the time and opportunities are right. "It was interesting that in some instances I ran into cases where they did feel it was right in the multifamily sector, and they were now really starting to get serious about making multifamily investments here. They preferred existing over development, but wouldn't necessarily dismiss new construction entirely.

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