As Boy Dylan sang, 'things, they are a-changing' and we've got to be able to adapt to them. First of all, we've learned that national news headlines don't always affect our local situation. In some regions, real estate is booming. In others, it's depressed. In some areas, state and local tax policy is aimed squarely at real estate profits and values. In other states, real estate has privileged status. We know now that the selection of the political and economic environment in which we invest in real estate can make a big difference in how much money we make.