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房地产泡沫是指由于房地产投机引起的房地产价格与使用价值严重背离,市场价格脱离了实际使用者支撑的情况。最早可考证的房地产泡沫是发生于1923年～1926年的美国佛罗里达房地产泡沫,这次房地产投机狂潮曾引发了华尔街股市大崩溃,并最终导致了以美国为首的20世纪30年代的全球经济大危机。从20世纪70年代开始积累,到90年代初期破裂的日本地价泡沫,是历史上影响时间最长的房地产泡沫,从1991年地价泡沫破灭到现在,日本经济始终没有走出萧条的阴影,甚至被比喻为二战后日本的又一次“战败”。
The real estate bubble refers to the real estate speculation caused by real estate prices and the value of the use of a serious departure from the market price from the actual user support situation. The earliest verifiable real estate bubble was the real estate bubble in Florida, United States, which took place between 1923 and 1926. The frenzied real estate speculation triggered a major collapse of the Wall Street stock market and eventually led to the global economic crisis of the 1930s headed by the United States . From the beginning of the 1970s to the rupture of the Japanese land price bubble in the early 90s, it was the most influential real estate bubble in history. From the land price bubble burst in 1991 to the present, the Japanese economy has never been out of the shadow of depression, Japan’s another “defeat” after World War II.