Financial History 100th Edition Double Issue (Spring/Summer 2011) | Page 65

15 9 9 6 6 3 3 0 0 New Homes Median Months For Sale 1963–Present 1963 1964 1965 1966 1967 1968 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 12 12 commercial and industrial real estate around the globe. Both types of real estate investments produced impressive returns from 1974 through 2007 (REITs rose 580% and nonleveraged US homes advanced 531%). Since then, REITs are the clear winner; investors can also use REIT preferred shares for income generation with average dividend yields of 7%. In fa