Reforming the GSEs is a long-overdue step. They have been operating under temporary rules in a market that performs better when there is certainty.

Transaction activity has ground to a near-halt as the market digests the impact of the new law.

A study of Yardi Matrix's database found that within opportunity zones there are either in place or under construction 1.9 million multifamily units, 960 million square feet of office space and 180 million square feet of self-storage space.

Lenders are acting much differently at this stage of the cycle than they were in the last cycle, when loanterms became ever-more aggressive until the market collapsed.

There are many potential triggers for the next recession according to Yardi Matrix' Paul Fiorilla.