From Elliott Eisenberg at www.econ70.com:
To boost European economic activity, the ECB lowered the rate it pays banks that have deposits with it from -0.2% to -0.3%! These negative returns may encourage more lending, but I'm skeptical. It will, however, weaken the euro, boosting exports and inflation as imported goods rise in price. It will also dampen US interest rate increases as European investors buy Treasuries and in the process drive down their yields.
Between 1970 and 2009, US retail space grew 54% and peaked at 49.8 square feet/person. Since then, it's fallen for six straight years and is now 48.3 square feet/person. Only one mall of at least a million square feet has opened since 2008. By contrast, during the decade ending 2005, 54 such malls opened. At 52 million square feet, retail construction activity is currently one-third of its pre-recession level.
This article from AZ Central is good news for sellers and not so good news for buyers. "2016 Phoenix Housing Market Forecast Looks Promising". I love good news.