For the past year-and-a-half, things have been, in a word, grim. Most organizations spent 2009 slashing expenses, stopping their development work, and looking for any and every alternate source of revenue in a drained marketplace. Yet our desire for optimism persisted. Most of us overturned every rock for signs of hope or opportunities. For many, that led to a focus on demographic data indicating that 2012 and 2013 would be banner years for apartment housing thanks to an influx of Gen Yers.

Is that true? I don’t know. But here’s what I do know: Last week, we reported on signs that the CMBS market is resurfacing, albeit not at terms desirable in comparison to the GSEs. This week, we share the results of recent reports that indicate foreign investment in the multifamily sector is up. Of course, their interest is focused heavily on distressed assets, a segment that continues (worrisomely) to grow in volume. We also look at the plans that the public REITs—considered a barometer for the broader multifamily industry—have on the books and in the works for 2010. But these days, the REITs seem replete with cash, and smaller operators don’t have similar dollars to deploy.

What does it all mean? We are still looking for glimmers of good things to come. Even in the yin and yang, the pros and cons of recent news, there might be a case for optimism. And sometimes, when things continue to be tough, that’s enough to help you hunker down and forge ahead.