During the 1980s, a unique combination of increasing demand for space, aggressive and readily available capital, a leverage mentality, and unbridled optimism produced the strongest real estate boom in the nation's history.

Today, however, property performance at 50% to 60% of projections that were made just a few years ago is not uncommon. Liquidity has left the market and is unlikely to return for several years. Also, many borrowers are effectively insolvent.

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