This summer told a story that no risk model wanted to write. Rivers ran too low to cool the plants beside them. Cities logged heat records that used to be once-in-a-generation events. Wildfires reached suburbs that had never planned for them, while, weeks later, the same regions were flooded by storms violent enough to shatter roofs with hail the size of golf balls. For the real estate sector, this was not weather. It was a live stress test of every portfolio, every loan book, and every insurance policy tied to a physical address.