Real estate cycle, where are we now?? (Macro)

Global pandemic, civil unrest, irrational stock market, and an unleashed fed making the money printed go BRRRRRRRRRR.. With interest rates being kept so low and money pumping by the feds, inflation seems to be the logical result eventually which in turn should result in a the fed upping interest rates, driving down demand for RE which may quickly become illiquid, pushing property values down.

With all that said I’m curious to hear BPs opinion on what point we are in the cycle? On both a macro and micro, what you’re seeing on the local market level.

Thanks BP!