Early this year, an executive of a large real estate company decided to unload a $2.25 million rental property in Southern California.

At the time, he was expecting multiple, all-cash offers on a pocket listing. Remember those relics from the past?

That was before inflation hit the north pole. Before Putin’s tanks rolled into Ukraine. Before the economy sunk into a recession. Before it cost a Benjamin to fill up your tank. Before corporate earnings went the wrong way. Before the stock market fell off a cliff. Before consumer confidence waned.

Before rising mortgage rates cracked the spine of an otherwise healthy housing market.

The perfect storm

In the meantime, our SoCal real estate executive waited until this summer to list his property.

After several price cuts, he closed for $1.75 million — 20 percent off his price expectations. He was caught off guard by how quickly things deteriorated.

No corner of the housing industry is immune from the vagaries of this new and unfriendly market.

Fewer people are searching for houses, shrinking the lead pool for agents and hurting the earnings of the portals.

The number of transactions is plunging and prices are close behind. Housing demand is at a seven-year low.

Many teams will break up as the size of the commission pie shrinks with fewer slices to pass around.

Broker-owners with shaky fundamentals will be tested. Those who are over-leveraged with fat cost structures will struggle to stay afloat.

Software companies are already feeling the pinch too, as are other proptech firms, like the power buyers. Competing with all cash buyers is no longer a problem that consumers need to fret about.

Many startups will pivot their business models. For some, it will be a last gasp.

Middle managers will be hit the hardest as company layoffs accelerate. Many agents, mortgage brokers and title reps will leave the business.

Opportunity will emerge from the muck

The listing inventory will grow as the economy worsens and more homeowners are forced to sell. Already, a growing number of bankrupt sellers are unloading their homes.

An oversupply of unsold new home inventory — now seven months — is piling up.