As the dust clears from the Nasdaq's spectacular fall from 5,000 and flailing dot-coms continue to burn venture capitalist millions, real estate assets have emerged as an attractive and stable alternative investment, according to several industry executives.

The backlash that followed the real estate disaster of the early and mid-1990s has produced a much healthier and more stable market, these insiders say. Bank underwriting has become very conservative over the last six years, and oversight by regulatory agencies, mortgage analysts, and the mortgage-backed securities markets has kept development in check, they say.

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