Does shaky oil market affect boom towns (ie Bakken shale)

[Phil Ferranto]

Hi everybody,

I like to see how macro trends affect investment opportunities. With an overall jittery stock market and energy prices at historic lows and continuing to fall further; how do you see that ultimately affecting real estate markets? Could there be consolidation in oil exploration industry or natural gas industry that will make certain real estate markets soft? Is this just a temporary blip that doesn't have a real impact on markets? I understand that every real estate market is separate unto itself, but how do larger macroeconomic factors present hidden opportunities (or build dangerous bubbles hidden to the average investor)?