房地产调整，进入深水区了！

Core Viewpoint - The real estate sector in China has entered a deep adjustment phase, with significant declines in investment and sales, indicating a prolonged downturn in the market [1][36][60]. Group 1: Investment and Sales Data - From January to July, national real estate development investment reached 53,580 billion yuan, a year-on-year decrease of 12.0%, with residential investment at 41,208 billion yuan, down 10.9% [2][24]. - New commercial housing sales area totaled 51,560 million square meters, down 4.0% year-on-year, with sales revenue at 49,566 billion yuan, a decline of 6.5% [7][24]. - The downward trend in real estate investment began in April, marking a return to double-digit declines [5][10]. Group 2: Regional Performance - All major regions, including the East, Central, West, and Northeast, experienced declines in real estate investment, sales area, and sales revenue [10][12]. - The East region saw the largest drop in both investment and sales, with investment down 14.0% and sales area down 6.2% [12][14]. Group 3: Mortgage and Loan Trends - In the first seven months, personal mortgage loans amounted to 7,918 billion yuan, a year-on-year decrease of 9.3% [22][24]. - The central bank reported a significant reduction in household loans in July, with a decrease of 4,893 billion yuan, indicating a trend of negative growth in mortgage lending since April [15][21]. Group 4: Market Sentiment and Consumer Behavior - The market has shifted to a state of observation, with consumers reluctant to commit to purchases due to high prices and economic uncertainty [36][38]. - The concept of "demand gap" has emerged, where high property prices prevent many potential buyers from entering the market [36][49]. Group 5: Long-term Trends and Economic Factors - The real estate market has been in a downward spiral for over four years, influenced by macroeconomic conditions, income stagnation, and demographic shifts [36][44][60]. - The population has been declining, which directly impacts the real estate market, as population growth is a key determinant of housing demand [44][46].