... rise even with no inflation whatever, as interest rates decline in a zero-inflation environment. Property values certainly increased in 20 03 04 when interest rates and inflation were at very ... for REITs. Inflation, driven by the OPEC-led explosion in oil prices, roared out of control, as evidenced by the Consumer Price Index (CPI), increasing 6 .3 percent in 19 73, 11 percent in 1974, ... investment through which investors can be wiped out by tenant defaults or declines in prop-erty values. And, they surmise that if real estate investing is risky, then REIT investing also must be risky....