This presentation is based on historically, real estate was a local phenomenon as a result, discussions of global economic and financial integration often ignored real estate Builders, brokerage firms, consulting and services firms, real estate finance firms, and investors went global in the 2000s Technological changes, market liberalization, and financial innovation all played a role Global imbalances (including cross-border financing of real estate investment) one culprit paving the way to a global crisis.