As for their vulnerability to a downturn, of course it would hurt their business. But they run off their inventory of houses with 6 months in ordinary times. If that doubles, so what? This isn't a power plant or office building type thing, where the asset only comes back to you over 25 or 30 years. Do they own land, sure, but typically they hold it under options to buy until they are ready to sell units. They have something like $4 billion principle value in land options they can exercise or pass on. Lots of developers go in hock up to their eyeballs at the top of hot real estate markets, and go bust. I just don't expect them to be one of them (remotely).
As for what I do, these days I am a research analyst for a software company that does science and technology stuff (math, formal modeling tools, etc). In the nineties I did practical finance, as an investment advisor. I got clients out before the bubble popped and left finance for scientific software. (REITs were part of the cash-out strategy for some of them). Before that I was in grad school.
You sound purty smart.
Thanks for sharing.