Necessity is the mother of invention. The S&L debacle gave rise to commercial conduit financing for real estate, which in turn was the catalyst for the virtuous cycle of real estate value increases concurrent with new financing options and increased home ownership globally.

The real estate business is now going through a transition phase again, like a snake shedding the skin it has outgrown. The new systems being created are far more robust and inclusive of market segments that were not afforded the opportunity to participate in the most recent virtuous cycle.

The bottom line is that although there are very real concerns about localized markets around the world, the rapidly evolving systems being developed are taking this into account preemptively. The coming changes are not small; they are gargantuan. Stay tuned.


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