For many in the multifamily industry, 2009 was the worst year they had encountered. And while there have been some encouraging signs of late—slowing unemployment rates, a rebounding stock market, growth in GDP—there’s a sense in the industry that there’s more pain to come.

Mike May, Freddie Mac’s multifamily chief, recently gave me his view of what’s on the horizon. And, if you read the interview, you’ll see it isn’t particularly encouraging. In fact, most experts and economists don’t believe job growth will return until the end of 2010. And rising concessions and vacancies will continue to produce negative NOI growth for owners into the coming year.

But one thing is certain: People are anxious on both sides of the coin to find a resolution. Just how long can the industry hold on in the face of the Great Recession? Will 2010 be the Year of Distress? In our January/February issue, we will attempt to answer those questions. Simultaneously, we’re working on a feature called “Recession Survival Stories,” and we’re anxious to hear from you. How have you been able to keep the wolves at bay? Let me know. Like you, I’m looking for all the good news I can find.