The great flood, at least in real estate terms, has not repeatedhistory. Unlike in the previous distressed down cycle of the early1990s, banks haven't dumped assets, in part due to governmentIntervention.

Now, said panelists at the Real Share Chicago event last month,those in pursuit of problem properties are evaluating longer leadtimes and complicated workouts, or are now on the sidelines,waiting to see if the dam will ever burst.

The general consensus from the speakers at the event, attendedby about 300 brokers, developers, owners and lenders, is that theextend-and-pretend trend may go on for years. "I think the $1.4trillion worth of loans coming due will be this decade's Y2K," saidpanelist Bruce Cohen, board chairman and CEO of Wrightwood Capital."And talk about

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