But most experts are telling GlobeSt.com that ledge-jumpingmight be premature. While just a few weeks ago, mostindustry-watchers agreed that a correction would be more a slowingof growth than a downturn, they're saying now that the economy isin for some real bumpy weather. Nevertheless, the real estateindustry should be relatively insulated from a severe shock.Thefiscal stumble is "going to be hard and ugly," one unnamed marketobserver tells GlobeSt.com. He says it's never a good sign when"the stock market drives the economy rather than the economydriving the stock market. There's a large amount of capitalspending funded by equity offerings and high-yield bonds ratherthan by revenues."

But David G. Shulman, managing director of Lehman Brothers'equity research operations, counters that the industry should beprotected from a downturn. "We'll be fine," he says. "In 1990, realestate was one of the main causes of the recession. If we have a2001 recession, it's going to come from tech and telecom, and realestate will be only a sideshow to the main event."

Marcus J. Rayner, a principal with CRESA Partners, isn't sosure, and he expresses concern about a ripple effect caused by thedeath of the dot-coms. Next in line would be the service industriesassociated with them. "That's where it will hurt the overalleconomy," he says. "It's really too early to make a concreteprediction, but we don't think it's going to be very pretty. Theproblem will come if we tie the demise of the dot-coms to thefinancial services sector and their inability to tap into feesgenerated via IPOs."