After three years of dislocation and delaying unprecedented losses, the U.S. real estate industry finally sees some hopeful signs in 2011 of tempered improvement—across all markets and all property sectors. Emerging Trends interviewees expect halting advances in digging out from the recent avalanche of ill-considered commercial property investments and problem loans, but grow concerned about larger economic forces that could stunt any upturn and make the course more treacherous. “It’s always been a mistake to bet against the U.S. economy,” says an interviewee.