Several weeks ago I delivered a keynote address to the WCAR in Sacramento. I was asked to address prevailing fears regarding the down market and the potential threat new dot-coms pose. A simple raise of hands determined that half the audience had been practicing real estate less than 10 years. That explained half the fear. They’ve never witnessed a down market. They’ve never had to apply the skills veterans have had to hone working through trends, or at the very least, markets that were not frenzied. Their fear going forward is very real indeed.