Real Estate Bubble Formation Causes and Measurement of its Speculation Degree

摘要

The real estate industry has become the stanchion industry in the economic development of our country. In the recent years, with the increasing flourish in the real estate market, more and more attention have not only been paid to the prices of land and housing, but also been paid to the term bubble. The real estate bubble is a complicated economic phenomenon. This article anatomizes the formation mechanism from certain aspects such as excessive Speculation, the limitation of customer expectation, the development of real estate market, the perfection of the financial system, on the base of parsing the connotation of real estate bubble. The causes which lead to the real estate bubble have been analyzed expressly. The investigation indicates that the primary growing up of real estate prices, which spur a good expectation to the future prices of the real estate, make the prices escape from the internal value of the real estate far away and increase inadequately, and ultimately result in the perdition of real estate bubble. Therefore, it is important to study the Speculation Degree in the real estate trade, according to which the real estate bubble may be controlled. An measurement model for the real estate bubble have also been established in this article and several advices concerning the risk have been given.