When asked about the future of real estate -- are we in a home price bubble? will offices fully recover -- real estate economist Jim Gaines is quick to caution that "there isn't an economist in the world that really knows what the heck he's talking about." We’ve never gone through anything like this before, so modeling it is a difficult endeavor. But here is his take on what a recovery may look like for real estate and what normal might look like in the future.

READ: Where Texas A&M real estate economist Jim Gaines sees ups - and downs - in the year ahead

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