Fundamentals in the apartment sector are much better than the industry could have expected a year ago, but they still are fragile, said Connie Moore, president and CEO of BRE Properties, speaking at REITWeek 2010. "Job growth drives the multifamily sector, and while it is stabilizing, it still creates anxiety for residents," she said. Another unknown is a potential overhaul of the GSEs. The industry is expecting additional rules, but if Congress eliminates Fannie Mae and Freddie Mac's multifamily lending activities, "it will be a game changer for the industry."

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