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Real estate trends focus on the business and structural changes
房地产的发展趋势集中在业务和结构的变化

聚焦住宅房地产市场，房地产的发展趋势集中在业务和结构变化影响的行业。为了得到该部门的简要概述，我们将从美国开始谈起——一个经济基础被房地产泡沫动摇的全球经济巨人。

美国传说：

在美国，房屋价格见顶早在2006年，于2006年和2007年开始下降，并且可能在2010年尚未触底。2008年12月30日，凯斯 - 席勒住房价格指数报在其历史上最大的价格下降了导致2008年8月危机的次级抵押贷款。快速上涨的房地产估值的典型特征直到不可持续的水平均达到相对收入，价格与租金的比率和承受能力等经济指标。这可能在房屋价格下跌导致许多车主发现自己的负资产之后，抵押贷款债务超过财产的价值处于更高的位置。房地产泡沫的根本原因是复杂的。

To concentrate on residential real estate markets, real estate trends focus on the business and structural changes impacting the industry. To get a brief overview of the sector, we will start with United States, the global economic giant that nearly toppled to its feet owing to the housing bubble.

The saga at United States:

In U.S, Housing prices peaked in early 2006, started to decline in 2006 and 2007, and may not yet have hit bottom as of 2010. On December 30, 2008 the Case-Shiller home price index reported its largest price drop in its history that led to a crisis in August 2008 for the subprime. The typical characters of rapid increases in the valuations of real property until unsustainable levels are reached relative to incomes, price-to-rent ratios, and other economic indicators of affordability. This may be followed by decreases in home prices that result in many owners finding themselves in a position of negative equity—a mortgage debt higher than the value of the property. The underlying causes of the housing bubble are complex. The mortgage and credit crisis was caused by the inability of a large number of home owners to pay their mortgages as their low introductory-rate (sub-prime) mortgages reverted to regular interest rates. Problems for home owners with good credit surfaced in mid-2007, causing the U.S.'s largest mortgage lender, a large component of consumer spending was fueled by the related refinancing boom, which allowed people to both reduce their monthly mortgage payments with lower interest rates and withdraw equity from their homes as their value increased. David Lereah, former chief economist of the National Association of Realtors (NAR), distributed 'Anti-Bubble Reports' in August 2005 to 'respond to the irresponsible bubble accusations made by your local media and local academics.'[54] Among other statements, the reports stated that people 'should [not] be concerned that home prices are rising faster than family income', that 'there is virtually no risk of a national housing price bubble based on the fundamental demand for housing and predictable economic factors', and that 'a general slowing in the rate of price growth can be expected, but in many areas inventory shortages will persist and home prices are likely to continue to rise above historic norms.' Home price appreciation has been non-uniform to such an extent that some economists have argued that United States was not experiencing a nationwide housing bubble per se, but a number of local bubbles. In March 2007, the United States' sub-prime mortgage industry collapsed due to higher-than-expected home foreclosure rates, with more than 25 sub-prime lenders declaring bankruptcy. The combination of easy credit and money inflow contributed to the United States housing bubble. Loans of various types (e.g., mortgage, credit card, and auto) were easy to obtain and consumers assumed an unprecedented debt load. As