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Perspective

It appears that happy days are waning, as the debt and equity markets continue to be battered by growing fears associated with the subprime loan debacle and the domino effect it is having more broadly on the market. The pain this is causing for hedge funds and banks is significant, and it is now spreading beyond the mortgage market into wider credit markets as well as the stock market, as evidenced by the freefall of most markets on Friday. This recent event suggests that the bull real estate market that we have enjoyed for years now has a rough road ahead. We have not seen a significant slowdown in hiring this summer, except on the residential and mortgage side of the business, which will surely remain anemic. However, it’s predictable that hiring managers and candidates will begin to move more cautiously until the direction of the market becomes clearer. This may be the long-awaited adjustment, but, if we are lucky, it’ll be a mild one that will clear the way for continued, albeit less frenetic, growth.

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.
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