5 at 5: Your Daily Digest for Real Estate Investing, 2/22/21

Fed sounds CRE alarm, Texas biz climate takes a beating, a look ahead for Vornado, a loss for Marriott, and an extension for opportunity zone tax breaks. A new Federal Reserve report says that CRE prices "appear susceptible to sharp declines" from historically high levels, especially if distressed sales pick up or if the pandemic leads to longer-term declines in demand. This Bloomberg report evokes memories of the "irrational exuberance" then-Fed Chair Alan Greenspan warned of a quarter-century ago.