Real estate investors are expecting 2004 to be a transition period as markets move toward a weak recovery tempered by a continued loss of jobs overseas, limited job creation here at home and continued budget shortfalls in all levels of government.
      That, at least, is how the annual "Emerging Trends in Real Estate" report looks at it. The report, developed by the Urban Land Institute (ULI) and PricewaterhouseCoopers LLP, is based on surveys and interviews with more than 350 of the industry's leading authorities.
      So far, returns continue to belie weak market fundamentals, including high vacancy rates, falling rents, resurgent concessions, rising property taxes and higher operating expenses, the report says. However, if interest rates rise too quickly before job growth drives up leasing activity, property values could fall even as the economic recovery gathers steam.
      "No one expects a sudden rebound," according to Emerging Trends. "Rents will be flat in most sectors, down more for office. Income returns carry the day, appreciation will be negligible and many office markets will experience value dips

     If you are a new homeowner, then 2004 will be filled with new responsibilities, projects and home maintenance to-dos.
      Instead of the tired "I'll lose 10 pounds and go to the gym every day" resolution, you could dedicate your efforts to making your house safe and your household financially secure.
      One of the most important things you can do is ensure you've adjusted to your new mortgage payment and the slew of other payments you make as a homeowner -- property tax, insurance, utility bills, maintenance services, and the list goes on.
      "In the first twelve months after purchasing a newly built home, owners spend an average of $8,900 to furnish, decorate and improve their homes -- more than twice the $4,000 spent by non-movers," the National Association of Homebuilders says in its report, "Housing: The Key to Economic Recovery."
      As a new homeowner, it's sometimes easy to get lost on spending sprees and ultimately increase your debt and potentially reach the point at which you get behind in your mortgage payments. That gets even more overwhelming if you're carrying holiday debt.
      While you are probably anxious to buy furniture for every room of your new house and decorate everything all at once, financial experts suggest you: