Real Estate is a Frog

If you throw a frog into boiling water it will jump out.  If you put the frog into cold water and slowly increase the heat a fancy meal is on its way.

For millennia animals have evolved and adapted to changes in climate.  However their rate of change over time is slower than the rates of climate change projected for the rest of this century.  Many land based species will die out because they cannot adapt quickly enough to adapt to the hugely warmer climate expected by 2100.

Traditional real estate was luxuriating in a tepid bath in 2008 when self-regulation was wiped as a consumer protection measure.  The fires continue to be stoked by developments in technology and the internet making information more widely available with new business models and tools dis-intermediating the industry.  The heat is increasing rapidly.

If change is slow enough the frog could adapt and survive in hot water.  When it is as fast as we see today the frog is dinner.