Coverage of Current Topics: Due to the recent turmoil in financial markets, this edition adds further emphasis to the importance of proper underwriting of mortgage loans, whether they are subprime or not and whether they are for residential or commercial properties. Updated Concept Boxes: New concept boxes were added in select chapters to provide information about recent trends in mortgage-backed securities and how the government has worked to add liquidity to mortgage markets, in addition to taking over the Federal Home Loan Mortgage Corporation. Chapter 11: Investment Analysis and Taxation of Income Properties: A new section on market analysis has been added to provide readers with a better understanding of how data on the supply and demand for real estate can be used to project occupancy and rental growth. Chapter 14: Disposition and Renovation of Income Properties: A new section on installment sales and tax-free exchanges has been added to emphasize ways to defer capital gain taxes when selling investment properties. This includes a discussion on how to evaluate whether these tax deferral strategies are better than a regular sale. Discussion on Various Ownership Structures: Discussion has been added that outlines the various ownership structures that can be used for ownership of investment property along with the advantages and disadvantages of each. Chapter 21: Real Estate Investment Trusts (REITs): This chapter has been expanded to reflect the current economic landscape and also to include discussion on how to value a REIT. Integration of Financial Calculators and Excel into the Solutions of Problems: The way the solutions are presented has been simplified by using new notation introduced into this edition.