日本银行开始卖房后，房价又跌了45%！

Core Insights - The large-scale sale of properties by banks signals a deeper market crisis rather than a recovery, indicating a significant downturn in the real estate market [1][4][8] Group 1: Market Conditions - The number of properties being sold by banks is staggering, with Sichuan Agricultural Credit selling 24,800 properties, Guangdong Agricultural Credit 12,300, and Liaoning Agricultural Credit 11,300, alongside large banks holding significant amounts of foreclosed properties [2] - In the first half of 2025, the national volume of foreclosed residential transactions reached 51,000 units, with average transaction prices dropping by 7.83% year-on-year, leading to a trend of "price for volume" in many cities [2] Group 2: Impact on Property Prices - The aggressive selling by banks creates a panic in the market, as properties in the same neighborhood are listed at significantly lower prices, leading to a downward spiral in property values [4] - In a specific case, a property that was originally valued at 1.8 million is now being auctioned starting at 1.2 million, reflecting a drastic decline in perceived value [8] Group 3: Historical Context - Historical parallels are drawn with Japan's real estate market collapse in the 1990s, where a similar pattern of rapid price increases followed by a crash led to significant financial distress for homeowners [6][8] - The lesson from Japan's experience highlights the potential for a similar fate in China, especially in cities experiencing population decline and economic stagnation [8]