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A real estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets, typically following a land boom. A land boom is the rapid increase in valuations of real property such as housing until they reach unsustainable levels and then decline in a bubble. The questions of whether real estate bubbles can be identified and prevented, and whether they have broader macroeconomic significance are answered differently by schools of economic thought, as detailed below. The financial crisis of 2007–08 was related to the bursting of real estate bubbles which had begun during the 2000s around the world.〔Michael Simkovic, ("Competition and Crisis in Mortgage Securitization" )〕 Bubbles in housing markets are more critical than stock market bubbles. Historically, equity price busts occur on average every 13 years, lasts for 2.5 years, and result in about 4 percent loss in GDP. Housing price busts are less frequent, but last nearly twice as long and lead to output losses that are twice as large (IMF World Economic Outlook, 2003). A recent laboratory experimental study〔Ikromov, Nuridding and Abdullah Yavas, 2012a, Asset Characteristics and Boom and Bust Periods: An Experimental Study, Real Estate Economics, 40, 508–535.〕 also shows that, compared to financial markets, real estate markets involve longer boom and bust periods. ==Identification and prevention== As with all types of economic bubbles, whether or not a real estate bubble may be identified or predicted, then perhaps subsequently prevented, is contentious. Speculative bubbles may be defined as persistent, systematic and increasing deviations of actual prices from their fundamental values. Bubbles can often be hard to identify, even after the event due to the difficulty in accurately estimating these fundamental or intrinsic values. In the real estate context, fundamentals can be estimated from rental yields (where real estate is then considered in a similar vein to stocks and other financial assets) or based on a regression of actual prices on a set of demand and/or supply variables. Within mainstream economics, it can be posed that real estate bubbles cannot be identified as they occur and cannot or should not be prevented, with government and central bank policy rather cleaning up after the bubble bursts. American economist Robert Shiller of the Case-Shiller Home Price Index of home prices in 20 metro cities across the United States indicated on May 31, 2011 that a "Home Price Double Dip () Confirmed" and British magazine ''The Economist,'' argue that housing market indicators can be used to identify real estate bubbles. Some argue further that governments and central banks can and should take action to prevent bubbles from forming, or to deflate existing bubbles. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Real estate bubble」の詳細全文を読む スポンサード リンク
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