Real estate has been buoyed by low rates, offering a glimpse of positive through the negativity.

This is the home stretch for 2020 and also, we hope, the home stretch for the COVID nightmare which has afflicted the world in 2020. For us, 2021 cannot come quickly enough. Nor can deliveries of vaccines. We are reminded that even though these vaccines will hopefully mark the end of this nightmare, there will be plenty of challenges to overcome in 2021. First and foremost, will be the spike in cases we are experiencing because of colder weather and holiday gatherings. Once again, our medical facilities are overloaded and strained.

Overcoming the virus will be only one of the challenges we face in 2021. There are millions of jobs that still need to be recovered. Some industries will need help with their recoveries---especially in the transportation and entertainment segments. Many think that this pandemic will change the way we do business in the future and it will even change how and where we work and live. So, while we are glad to see 2020 go, we understand turning the calendar does not give us a clean slate.

Fueled by record low interest rates, we have mentioned throughout the second half of the year that real estate has led us out of recession in 2020. Many are expecting interest rates to rise in 2021 as the economy continues to recover. However, with all the challenges that we will be facing next year, it is not expected that rates will rise so steeply that the real estate sector will be adversely affected. To the contrary, latent demand is expected to continue to fuel real estate activity in 2021. As long as rates stay low, we hope that this sector can continue to help the economy to recover in the months to come. We need that spark to help us meet the challenges which we will face in 2021.