In some ways, looking back across 2009 feels like gazing across a recent bomb crater, watching the smoke rise. The previous autumn saw financial, commodity and real estate markets unravel. An investor exodus to cash late in 2008 sent indexes plummeting. As 2009 began, industry group indexes had suffered, or were en route to, record-setting losses. Mortgage lenders were headed for a 96% drop from their 2005 peak through March 2009. Commercial