The psychological and financial damage caused by the 2008 financial crisis and the ensuing Great Recession continue to weigh heavily on Americans. If you want to understand why financial crises happen, Skin in the Game is indispensable. This multi-dimensional book highlights the lingering risks in the US property sector. If these risks are not dealt with effectively, real estate in America will be unprepared for the next inevitable financial crisis. The following five unresolved problems in US real estate-and their suggested solutions-are discussed in detail in the book: 1. Misconceptions about housing. 2. Negative home equity. 3. Delinquencies, defaults, and foreclosures. 4. Commercial debt maturities. 5. Private-label mortgage-backed securities.Included are timely advice, new perspectives, and practical suggestions for coping with excessive debt risk in the US property market. There are also compelling discussions on topics from covered bonds to recommendations for reform in the real estate profession to specific strategies to guide property owners and investors through the current economic environment.


Anwar Elgonemy draws on over twenty years of experience in real estate acquisitions, developments, financings, and valuations. Elgonemy has advised real estate clients throughout the United States, the Caribbean, Europe, the Middle East, Latin America, and Southeast Asia. Previously, Elgonemy was a senior vice-president with Jones Lang LaSalle (NYSE: JLL). Elgonemy is a Certified Commercial Investment Member (CCIM), Counselor of Real Estate (CRE), Fellow of the Royal Institution of Chartered Surveyors (FRICS), and a Member of the Appraisal Institute (MAI). Widely published, he has also attained top-tier media coverage in the New York Times, Wall Street Journal, Financial Times, and Time magazine. He is an alumnus of Harvard University. REVIEWS: ＂Anwar Elgonemy’s Skin in the Game is an excellent analysis of the unresolved problems in the post-crisis US financial system-and particularly the real estate sector-that points out looming risks and possible solutions to avert further catastrophe. Skin in the Game is an easily accessible, well-written, and essential read from a seasoned practioner.＂ -Colin Dyer, Chief Executive Officer, Jones Lang LaSalle. ＂Anwar Elgonemy brings his invaluable perspective as a commercial real estate strategist to the tangled story of the financial crisis and breaks down its many mysteries into clear, thorough, and lively explanations that never lose sight of the most important factor of all: human psychology. Skin in the Game is an excellent resource.＂ -Alyssa Katz, author of Our Lot: How Real Estate Came to Own Us and Adjunct Faculty member at New York University’s Arthur L. Carter Journalism Institute. ＂This is a great deep-dive into the world of real estate finance. Well-written, impressively researched, entertaining, and educational.＂ -Matthew Anderson, Managing Director, Trepp LLC. ＂First-time author Elgonemy offers an in-depth look at the housing market collapse, and suggests changes to mortgage practices to prevent its recurrence. Elgonemy’s book is thorough and well-researched. Readers will find a wealth of information and ideas.＂-Kirkus Reviews.