RAYMOND TORTO is the Global Chief Economist of Torto Wheaton Research (TWR), a premier real estate advisory and research firm. Today, Boston-based TWR provides unrivaled insights based on its highly academic approach, its 23 years of experience, and its access to deal-specific information from its parent company, CB Richard Ellis. Highly rigorous and reliable forecasting models, along with proven analytical expertise, have earned the company international recognition. As a professor of economics, Mr. Torto built the Economics Department at the University of Massachusetts at Boston and led the McCormack Institute for Public Affairs. The author of five books and numerous articles on financial markets and tax policy, he often is quoted in the real estate press. Torto serves on many boards, is a member of numerous real estate associations, and is an acclaimed public speaker. He holds a PhD in economics from Boston College.