All in all, Finn said, "This presents a unique window of opportunity for our industry." He added that "this is the time we see to make money"--at the bottom of the market, not the top.

Nonetheless, Finn emphasized that what started as a malaise in the subprime market has long since become a global contagion. "Almost everybody in the world is feeling pain; it's only a matter of degree," he said. Dr. Peter Linneman, NAI Global's chief economist, pointed out that the recession has hit Europe and Asia harder, because those regions have slower fundamental growth to begin with.

A particularly negative effect on European and Asian economies, Linneman said, was the startling increase in the price of oil: from $50 to $150 per barrel in 14 months. With a ratio of 30 basis points in GDP gained or lost for every $10 decrease or increase in oil prices, Linneman said the dramatic spikes--which he cannot explain--wiped out the growth rate in many countries.