Commentary It’s hard to deny that residential real estate is in strange territory. Over the past two years, we’ve seen interest rates at record lows, buyers purchasing properties site unseen, and cities like New York that were once pronounced dead, have emerged from the grave. In the past year, the median price for homes in America rose by 20 percent, and inventory of single-family homes plunged to record lows. This has driven an absolute frenzy in the housing market, resulting in bidding wars concluding well above reasonable prices, and a new wave of Wall Street money turning homes into rentals. Of course, there’s some element of economic fundamentals at play here. Workers who were previously limited to living within proximity to work now have flexibility to live anywhere. This has resulted in large migrations from expensive large cities to less expensive lower-tier cities. Housing prices in those smaller cities, like …