A history of the integration of real estate finance into the overall capital market system, the article focuses on the cyclical nature of real estate capital markets. The article provides a history of the last three major cycles (1970, 1990, 2000) from the standpoint of a practitioner, urging readers to think a half cycle ahead. It concludes that real estate is a valid profession when seen as a series of long term trust relationships rather than an unending series of unconnected deals.
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