UBS warns that bubble danger persists even as housing markets cool.

Small investors continue to dominate housing market acquisitions.

Bottlenecks continue, including labor and material constraints.

It is leaning on mega-hubs as same-store sales grow.

Repairs average more than $1,700 a year.

CMBS investors drive pricing back to early 2025 levels.

Top institutional investors are backing the platform.

Fair Housing Act enforcement at HUD faces cuts and delays amid staff reductions.