A web search might suggest real estate crowdfunding is a big, growing phenomenon. While that’s generally true, it is still a very small part of total dollars invested, both nationally and locally. A Securities and Exchange Commission analysis, “Capital Raising in the U.S.: An Analysis of the Market for Unregistered Securities Offerings, 2009-2014,” showed that only 2 percent of total investment dollars were gathered under a new set of SEC rules, 506(c) of Regulation D, which allowed accredited investors to advertise deals through an electronic platform. The analysis, which covered investments in real estate, startups and other venturs, tracked companies required to file under Regulation D.