Yes, I would be very cautious about investing in the real estate industry. Windfalls in the housing and refi markets can't continue forever. I would watch out for a 50% drop in operating earnings sometime in the next few years. Companies in this space that have high interest charges may be in terrible trouble after that happens.
Still, got to give ITIC credit, they are doing a good job while the boom lasts. Apart from the dangerous industry, I hope the Fines won't indulge themselves in any more option award sprees as they did in 2000. That was a bitter pill, I estimate the earnings for the year went right back out the door in management option awards.