13523 University Avenue
Clive, IA 50325
(515) 222-0123 (Primary)
(515) 221-9879 (Fax)
A change of seasons should be noted by municipal investors, as a seasonal increase in new
issuance may be a catalyst to lower returns after a strong 2014
We continue to expect housing may add to GDP growth in 2014 and for the next several years
as the market normalizes following the severe housing bust of 2005-2010.