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国际货币基金组织(IMF)的研究显示,住房市场热潮比股市热潮更可能以泡沫破灭而告终,并且其危害比股市泡沫大得多。研究发现,住房和股票热潮在几个关键方面存在差异。住房市场热潮每20年出现一次,而股市是每13年出现一次,但40％的住房市场热潮最终以泡沫破灭而告终,而股市热潮有约25％以泡沫破灭作为结束。在泡沫破灭时,住房价格的跌幅不及股市,原因是住房的交易不如股票容易、其价格波动性较小。平均而言,住房价格在热潮中约60％的涨幅会在热潮退去时被抹去。
Research by the International Monetary Fund shows that the housing boom is more likely to end in a bubble than the stock market boom and that it is far more detrimental than the stock market bubble. The study found that there are several key aspects of housing and stock craze. The housing boom appears every 20 years, with the stock market appearing every 13 years, but 40% of the housing boom finally ends in a bubble burst, with about 25% of the stock market boom ending with a bubble burst. When the bubble burst, housing prices fell less than the stock market, because housing transactions as easy as stocks, the price volatility smaller. On average, about 60% of the rise in housing prices will be wiped off as the boom recedes.