Abstract | To date, what has been written about the real estate industry and its association with the current recession has centered primarily on the flow of capital and its impact on yields, lending practices and the valuation of real estate. Accordingly, on Aug. 3, 2010, Jay Marling, editor in chief of The Counselor, solicited opinions of The Counselors of real estate (Cre) membership via email regarding current united states fiscal policy, unemployment, the current availability of real estate financing, pricing, and cap rates.