They offered these loans under pressure to put more folks in homes from all sorts of groups one of which was realtors.

A hose in the toilet tank was coming loose due to high pressure and spraying water all over the floor. 

One off TDs newbie borrowers etc can be trouble.Funds have probably stabilized now.. but there were issues of course during the GFC like Rick mentioned..One reason I personally never did a fund is the pressure to put the funds out is pretty intense you bringing money in promising 8 to 12% and then you need to go make the loans so as the operator your cost are higher because of drag on the funds  IE time it takes to bring them in and then close the first deals.

The middle class is under a lot of pressure and B properties may turn C in 10 years.

These people IMO are incredibly valuable because they have the relationships for raising capital and takes the pressure off me if I cant come up with enough. 

The water heater went, the stove failed, the washer/dryer broke, a root grew into the sewer line and backed up pressure so that the cap blew off the sewer pipe in the crawl space, so we were flushing everything into the crawlspace......expensive clean up! 

And local pressure (in blue states at least) will likely ease up as they don't have to show how anti-Trump they are anymore.

So in all honesty its put downward pressure as well on land owners.. if you build costs rise but the home prices dont .. you have to pay less for the dirt.. many with dirt are old timers with no debt and just will sit and wait before lower price.. thereby making the tight dirt market even tighter. there goes affordable housing right out the window of supply demand economics  :) 

As long as people keep coming and our housing inventory remains tight, I think we will continue to see upward pressure on prices during this year. 

If a government shutdown continues to be viewed as likely, upward pressure on the yield will continue.