First advertising will shift to more accountable forms of media. I am not even talking about the Internet. TV and newspaper may stall but mediums like Direct Mail continue to grow in down times.

Indeed the search industry was formed in a very bad time for advertising.

Given that much of real estate advertising is lead generation or tied to a specific conversion event, I don’t think budgets will disappear simply because of a broader downturn.

Where it might decline is buyers continue to sit on the side lines (i.e. less transactions to be done, hence conversion rate naturally has to come down).

But the broad brushed economy down, marketing down I dont think applied as much to the online real estate industry because of its direct marketing nature. But then again, I would think that of course.