# Markets

Markets is treated as an interconnected process and meaning field. The chapter moves from grounded mechanisms to incentives, risks, history, relationships, mapshifts, and human consequences.

## Core traversal

- [Housing Cycle](../nodes/forces/housing-cycle.md) — Housing Cycle connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Real Estate Cycle](../nodes/forces/real-estate-cycle.md) — Real Estate Cycle connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Credit Cycle](../nodes/forces/credit-cycle.md) — Credit Cycle connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Federal Funds Rate](../nodes/forces/federal-funds-rate.md) — Federal Funds Rate connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Treasury Yield](../nodes/forces/treasury-yield.md) — Treasury Yield connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Mortgage Spread](../nodes/forces/mortgage-spread.md) — Mortgage Spread connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Yield Curve](../nodes/forces/yield-curve.md) — Yield Curve connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Labor Market](../nodes/forces/labor-market.md) — Labor Market connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Migration](../nodes/forces/migration.md) — Migration connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Demographics](../nodes/forces/demographics.md) — Demographics connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Construction Cost](../nodes/forces/construction-cost.md) — Construction Cost connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Housing Supply](../nodes/forces/housing-supply.md) — Housing Supply connects local property outcomes to rates, labor, demographics, liquidity, and expectations
- [Housing Demand](../nodes/forces/housing-demand.md) — Housing Demand connects local property outcomes to rates, labor, demographics, liquidity, and expectations

## How to read this chapter

Follow claims and cash flows separately. Ask who holds authority, who supplies information, who receives benefit, who carries risk, and what changes when time or scale changes. Keep sourced fact, industry practice, synthesis, interpretation, and symbolic expression distinguishable.

## Mapshifting prompts

1. Change the unit of analysis from property to right, loan, cash flow, role, record, neighborhood, or institution.
2. Change the clock from closing day to thirty years, one market cycle, one building life, or several generations.
3. Change stakeholder and ask which previously invisible cost becomes central.
4. Return to the human map before choosing a move.

## Sentinel handoff

Legal, regulatory, fair-lending, historical, financial, cultural, and jurisdiction-specific annotations remain separate from Engine Output. They inform contextual use without flattening the graph.
