For more on the financial crisis, check outGlobeSt.com's Webinar, "Wall Street In a Freefall—TheWinners and Losers."

CHICAGO-A recent report by law firm DLA Piper, based here, showsthat most real estate executives now rank the current credit crisisas the most impactful event in the industry in two decades. Thesurvey has also shown the executives do not expect stability toreturn to the real estate market until at least 2010, withsecuritized lending not returning to previous levels until at least2011, if ever. The report surveyed 424 real estate executives inAugust, and is being released in conjunction with DLA Piper's 2008Global Real Estate Summit, to be held in Chicago Tuesday.

"One of the biggest things is an acknowledgement and analysis ofwhat the projection of the feeling of the time period for recoveryis, and when we're going to get back to stabilized markettransactions picking up to a better pace than the last 12 months,"Jay Epstien, chairman of the company's US real estate practice,tells GlobeSt.com. "If you monitor how people have talked about theperiod of recovery in the last 12 months since the start of thecredit crisis, each time you measured it people have had adifferent view. It's pretty striking that now the overwhelmingmajority of answers have leapfrogged over 2009."