Taking the full measure
It's no secret that the credit and housing markets have been in a funk lately. Just this week, massive investment bank Lehman Brothers filed for bankruptcy. That was right before Bank of America picked Merrill Lynch from the bargain bin. On the housing side, the news is almost as ominous. Foreclosures hit a record high in August, and there appears to be little relief in sight. Within this context, a conference focused largely on driving capital to companies that mostly own property would appear to be risky at best. But the National Investment Center for the Seniors Housing & Care Industry actually had to turn away hundreds of potential attendees from last week's show in Chicago. So what gives? The answer seems to be that while housing and capital are parts of the senior living business, they don't fully define it. The sector exists largely to deliver quality housing and care to our nation's seniors. Real estate issues and acquiring capital, it turns out, are merely pieces of the puzzle.