This month’s data are a mixed bag best approached with a healthy dose of perspective. The instances of positive figures are encouraging, but those figures are still not at levels high enough nor extensive enough to point to a vigorous recovery. Unemployment, stuck on a high note for over a year, slid down a bit, but this is due less to job growth and more to discouraged workers exiting the workforce. Commercial property prices rose while sales volume fell. Commercial mortgage–backed securities (CMBS) issuance remains active, while December’s CMBS delinquency rate reached a new high, yet again.

• For the complete ULI Real Estate Barometer – January 2011, click here.