In 2024, Miami was the housing market most at risk, with a real estate bubble index score of ****. Tokyo and Zurich followed close behind with **** and ****, respectively. Any market with an index score of *** or higher was deemed to be a bubble risk zone.

We analyze whether mid-level managers in securitized finance were aware of a large-scale housing bubble and a looming crisis in 2004-2006 using their personal home transaction data. We find that the average person in our sample neither timed the market nor were cautious in their home transactions, and did not exhibit awareness of problems in overall housing markets. Certain groups of securitization agents were particularly aggressive in increasing their exposure to housing during this period, suggesting the need to expand the incentives-based view of the crisis to incorporate a role for beliefs.

Portugal, Italy, Ireland, Greece, and Spain were widely considered the Eurozone's weakest economies during the Great Recession and subsequent Eurozone debt crisis. These countries were grouped together due to the similarities in their economic crises, with much of them driven by house price bubbles which had inflated over the early 2000s, before bursting in 2007 due to the Global Financial Crisis. Entry into the Euro currency by 2002 had meant that banks could lend to house buyers in these countries at greatly reduced rates of interest.

This reduction in the cost of financing contributed to creating housing bubbles, which were further boosted by pro-cyclical housing policies among many of the countries' governments. In spite of these economies experiencing similar economic problems during the crisis, Italy and Portugal did not experience housing bubbles in the same way in which Greece, Ireland, and Spain did. In the latter countries, their real housing prices (which are adjusted for inflation) peaked in 2007, before quickly declining during the recession. In particular, house prices in Ireland dropped by over 40 percent from their peak in 2007 to 2011.

The housing prices in many Asian cities have grown rapidly since mid-2000s, leading to many reports of bubbles. However, such reports remain controversial as there is no widely accepted definition for a housing bubble. Previous studies have focused on indices, or assumed that home prices are lognomally distributed. Recently, Ohnishi et al. showed that the tail-end of the distribution of (Japan/Tokyo) becomes fatter during years where bubbles are suspected, but stop short of using this feature as a rigorous definition of a housing bubble. In this study, we look at housing transactions for Singapore (1995 to 2014) and Taiwan (2012 to 2014), and found strong evidence that the equilibrium home price distribution is a decaying exponential crossing over to a power law, after accounting for different housing types. We found positive deviations from the equilibrium distributions in Singapore condominiums and Zhu Zhai Da Lou in the Greater Taipei Area. These positive deviations are dragon kings, which thus provide us with an unambiguous and quantitative definition of housing bubbles. Also, the spatial-temporal dynamics show that bubble in Singapore is driven by price pulses in two investment districts. This finding provides a valuable insight for policymakers on implementation and evaluation of cooling measures.

Chinese housing prices rose by over 10 percent per year in real terms between 2003 and 2014 and are now between two and ten times higher than the construction cost of apartments. At the same time, Chinese developers built 100 billion square feet of residential real estate. This boom has been accompanied by a large increase in the number of vacant homes, held by both developers and households. This boom may turn out to be a housing bubble followed by a crash, yet that future is far from certain. The demand for real estate in China is so strong that current prices might be sustainable, especially given the sparse alternative investments for Chinese households, so long as the level of new supply is radically curtailed. Whether that happens depends on the policies of the Chinese government, which must weigh the benefits of price stability against the costs of restricting urban growth.

This article investigates the occurrence of gentrification in Brasília. There is criticism in relation to economic and social costs, to the effects of panoptic architecture in society, and especially to the State’s role and level of intervention, present in the high degree of urban regulation and in the monopoly of the land market. All these factors restrict the housing supply, and result in a pattern of territorial occupation framed in the city model called COM-FUSA (CON-FUSED), compact and diffused in the territory. Widespread gentrification is perceived in the statement that Brasília is the automobile city, which is revealed by the largest proportion of cars per inhabitants, and mainly by the amount of cars for use in the fields. It is observed that the housing deficit problem is not related to land scarcity, but to property scarcity.

The home mortgage debt of households and nonprofit organizations amounted to approximately 13.3 trillion U.S. dollars in the first quarter of 2024. Mortgage debt has been growing steadily since 2014, when it was less than 10 billion U.S. dollars and has increased at a faster rate since the beginning of the coronavirus pandemic due to the housing market boom. Home mortgage sector in the United States Home mortgage sector debt in the United States has been steadily growing in recent years and is beginning to come out of a period of great difficulty and problems presented to it by the economic crisis of 2008. For the previous generations in the United States, the real estate market was quite stable. Financial institutions were extending credit to millions of families and allowed them to achieve ownership of their own homes. The growth of the subprime mortgages and, which went some way to contributing to the record of the highest US homeownership rate since records began, meant that many families deemed to be not quite creditworthy were provided the opportunity to purchase homes. The rate of home mortgage sector debt rose in the United States as a direct result of the less stringent controls that resulted from the vetted and extended terms from which loans originated. There was a great deal more liquidity in the market, which allowed greater access to new mortgages. The practice of packaging mortgages into securities, and their subsequent sale into the secondary market as a way of shifting risk, was to be a major factor in the formation of the American housing bubble, one of the greatest contributing factors to the global financial meltdown of 2008.

Using aggregate quarterly data for the period 1975:Q1-2010:Q4, I find that the US housing market changed from a stable regime with prices determined by fundamentals, to a highly unstable regime at the beginning of the previous decade. My results indicate that these imbalances could have been detected with the aid of real-time econometric modeling. With reference to Stiglitz's general conception of a bubble, I use the econometric results to construct two bubble indicators, which clearly demonstrate the transition to an unstable regime in the early 2000s. The indicators are shown to Granger cause a set of coincident indicators and financial (in)stability measures. Finally, it is shown that the increased subprime exposure during the 2000s can explain the econometric breakdown, i.e.?the housing bubble may be attributed to the increased borrowing to a more risky segment of the market.

Panic Disorder Market Overview: The global panic disorder market was valued at $2.07 billion in 2025 and is projected to reach $3.6 billion by 2033, exhibiting a CAGR of 4.99% from 2025 to 2033. Rising awareness of panic disorder, increasing prevalence of anxiety disorders, and advancements in treatment modalities drive market growth. However, factors such as limited access to healthcare services and potential side effects of medications may restrain market expansion. Key Market Segments and Competitive Landscape: The market is segmented based on treatment, severity, comorbidities, age group, and region. Medications, particularly benzodiazepines and selective serotonin reuptake inhibitors (SSRIs), play a dominant role in the treatment of panic disorder. Cognitive behavioral therapy (CBT), which focuses on changing negative thinking patterns and behaviors, is gaining prominence as an effective alternative treatment. Major companies in the market include AstraZeneca PLC, Johnson & Johnson, Roche Holdings, and Eli Lilly and Company. North America holds the largest share of the market due to high awareness and accessibility to healthcare services, while Asia Pacific is expected to witness significant growth over the forecast period owing to rising disposable incomes and increased awareness. Panic disorder is a mental health condition that causes feelings of intense fear and anxiety, often accompanied by physical symptoms such as sweating, heart palpitations, and shortness of breath. It can significantly impact a person's daily life, making it difficult to work, socialize, or even leave the house. Panic disorder affects approximately 2.4% of the population worldwide, with women being twice as likely as men to experience it. It typically develops in early adulthood, with an average age of onset of 24 years. The panic disorder market is expected to grow significantly in the coming years, driven by the rising prevalence of the condition and increasing awareness of treatment options. The global panic disorder market is projected to reach $6.4 billion by 2026, growing at a CAGR of 5.4% from 2021 to 2026. Key drivers for this market are: Rising prevalence of panic disorder Technological advancements in treatment Growing awareness of mental health issues Untapped potential in emerging markets Increasing healthcare expenditure. Potential restraints include: Rising prevalence of anxiety disorders Increasing awareness about the condition Growing adoption of virtual therapy Technological advancements in mental health treatments Expanding role of pharmaceuticals.

This dataset is about book subjects. It has 10 rows and is filtered where the books is Subprime nation : American power, global capital, and the housing bubble. It features 2 columns including publication dates.

Impacts of housing price’s deviation from the basic price on economic growth.

China's housing prices have been growing nearly twice as fast as national income over the past decade, despite a high vacancy rate and a high rate of return to capital. This paper interprets China's housing boom as a rational bubble emerging naturally from its economic transition. The bubble arises because high capital returns driven by resource reallocation are not sustainable in the long run. Rational expectations of a strong future demand for alternative stores of value can thus induce currently productive agents to speculate in the housing market. Our model can quantitatively account for China's paradoxical housing boom.

The Federal National Mortgage Association, commonly known as Fannie Mae, was created by the U.S. congress in 1938, in order to maintain liquidity and stability in the domestic mortgage market. The company is a government-sponsored enterprise (GSE), meaning that while it was a publicly traded company for most of its history, it was still supported by the federal government. While there is no legally binding guarantee of shares in GSEs or their securities, it is generally acknowledged that the U.S. government is highly unlikely to let these enterprises fail. Due to these implicit guarantees, GSEs are able to access financing at a reduced cost of interest. Fannie Mae's main activity is the purchasing of mortgage loans from their originators (banks, mortgage brokers etc.) and packaging them into mortgage-backed securities (MBS) in order to ease the access of U.S. homebuyers to housing credit. The early 2000s U.S. mortgage finance boom During the early 2000s, Fannie Mae was swept up in the U.S. housing boom which eventually led to the financial crisis of 2007-2008. The association's stated goal of increasing access of lower income families to housing finance coalesced with the interests of private mortgage lenders and Wall Street investment banks, who had become heavily reliant on the housing market to drive profits. Private lenders had begun to offer riskier mortgage loans in the early 2000s due to low interest rates in the wake of the "Dot Com" crash and their need to maintain profits through increasing the volume of loans on their books. The securitized products created by these private lenders did not maintain the standards which had traditionally been upheld by GSEs. Due to their market share being eaten into by private firms, however, the GSEs involved in the mortgage markets began to also lower their standards, resulting in a 'race to the bottom'. The fall of Fannie Mae The lowering of lending standards was a key factor in creating the housing bubble, as mortgages were now being offered to borrowers with little or no ability to repay the loans. Combined with fraudulent practices from credit ratings agencies, who rated the junk securities created from these mortgage loans as being of the highest standard, this led directly to the financial panic that erupted on Wall Street beginning in 2007. As the U.S. economy slowed down in 2006, mortgage delinquency rates began to spike. Fannie Mae's losses in the mortgage security market in 2006 and 2007, along with the losses of the related GSE 'Freddie Mac', had caused its share value to plummet, stoking fears that it may collapse. On September 7th 2008, Fannie Mae was taken into government conservatorship along with Freddie Mac, with their stocks being delisted from stock exchanges in 2010. This act was seen as an unprecedented direct intervention into the economy by the U.S. government, and a symbol of how far the U.S. housing market had fallen.

Moderate rising of house prices are beneficial to the economic development. However, over high house prices worsen the economic distortions and thus hinder the development of the real economy. We use the stochastic frontier models to calculate the fundamental value in the housing in Chinese large and medium cities, and then obtain indexes which could measure the house prices’ deviations from the fundamental value. With the macroeconomic data in the city-level, this paper empirically investigates the effects of the house prices’ deviations on macro-economic variables like consumption, investment and output. The study reveals that the housing bubble exists in most Chinese cities, and first-tier cities fare the worst. House prices over the fundamental value, which could increase the scale of real estate investment, bring adverse impacts on GDP, as it causes declining civilian consumption and discourages real economy’s investment and production. The encouragement and the discouragement on macroeconomy caused by house prices’ deviation from its basic value take turns to play a key role in the process of China’ eco-nomic growth. In the early stage of China’s economic growth, the encouragement effect predominates. As urbanization and industrialization gradually upgrade to a higher level, the discouragement effect takes charge.

Despite a short period of decrease after the burst of the U.S. housing bubble and the global financial crisis, the total amount of mortgage debt in the United States has been on the rise in recent years. In 2024, the mortgage debt amounted to 20.83 trillion U.S. dollars, up from 13.5 trillion U.S. dollars a decade ago. Which factors impact the amount of mortgage debt? One of the most important factors responsible for the growth of mortgage debt is the number of home sales: The more home transactions, the more mortgages are sold, adding to the volume of debt outstanding. Additionally, as house prices increase, so does the gross lending and debt outstanding. On the other hand, high numbers of housing unit foreclosures and mortgage debt restructuring and short-sales can reduce mortgage debt. Which property type has the largest share of the mortgage market? The total mortgage debt includes different property types, such as one-to-four family residential, multifamily residential, commercial, and farm, but the overwhelming share of debt can be attributed to mortgage debt one-to-four family residences.

New Zealand has *** of the highest house price-to-income ratios in the world; nonetheless, since the first quarter of 2022, the country's house price-to-income ratio started to trend downward. In the third quarter of 2024, the ratio was ***, a slight decrease from the same quarter of the previous year. This ratio was calculated by dividing nominal house prices by nominal disposable income per head and is considered a measure of affordability. Homeownership dream New Zealand has been in what is widely considered a housing bubble. The disproportionately large increases in residential house prices have placed the dream of owning their own home out of reach for many in the country. In 2024, around ** percent of residential properties were sold for over a million New Zealand dollars. The majority of mortgage lending in the country went to owner-occupiers where the property was not their first home, with first-home buyers often struggling to secure a loan. In general, only New Zealand residents and citizens can buy homes in the country to live in, with new regulations tightening investment activity in that market. Rent affordability Due to New Zealand's high property prices, many individuals and families are stuck renting for prolonged periods. However, with rent prices increasing across the country and the share of monthly income spent on rent trending upwards in tandem with a highly competitive rental market, renting is becoming a less appealing prospect for many. The Auckland and Bay of Plenty regions had the highest weekly rent prices across the country as of December 2024, with the Southland region recording the lowest rent prices per week.

Considering the notable influence of traditional Confucian culture on China’s housing market, this study introduces an innovative index to quantify the magnitude of the real estate bubble within China, employing a familial generational iterative model. Utilizing rent-buy policy as a conceptual framework, our research constructs a difference-in-differences model to investigate the impact of macroeconomic policies on the housing bubble phenomenon. Empirical observations from 2022 reveal pronounced bubble dynamics in first and second-tier cities, while housing prices in third and fourth-tier cities, alongside select fifth-tier cities, exhibit a declining trend. On a national scale, apart from minor affordability observed during 2005–2007, no significant affordability was identified in other years, with the housing price bubble index demonstrating a downward trajectory from 2020 to 2022. Furthermore, the implementation of the rent-buy policy that equality the rights of renter and owner has directly influenced the housing market, notably mitigating the overall escalation of housing prices. Additional analysis indicates that the rent-and-buy policy has been more successful in curbing price hikes in newly constructed and smaller-sized housing units compared to second-hand and larger-scale properties.

This paper utilizes quarterly panel data for 20 OECD countries over the period 1975:Q1-2014:Q2 to explore the importance of house prices and credit in affecting the likelihood of a financial crisis. Estimating a set of multivariate logit models, we find that booms in credit to both households and non-financial enterprises are important to account for when evaluating the stability of the financial system. In addition, we find that global housing market developments have predictive power for domestic financial stability. Finally, econometric measures of bubble-like behavior in housing and credit markets enter with positive and highly significant coefficients. Specifically, we find that the probability of a crisis increases markedly when bubble-like behavior in house prices coincides with high household leverage.

This data package includes the underlying data files to replicate the data and charts presented in Why China's housing policies have failed, PIIE Working Paper 23-5.

If you use the data, please cite as: Huang, Tianlei. 2023. Why China's housing policies have failed. PIIE Working Paper 23-5. Washington, DC: Peterson Institute for International Economics.

Housing Index in the United Kingdom decreased to 511.60 points in June from 511.80 points in May of 2025. This dataset provides - United Kingdom House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.