别只盯着房价了！一个更大的雷正在逼近，普通人更危险……

Core Viewpoint - The real estate market is experiencing significant declines in both new and second-hand housing prices, with major cities not being immune to this trend, leading to a broader economic impact [3][4][10]. Group 1: Housing Market Trends - Recent data from 70 cities indicates that both new and second-hand housing prices have reached record declines this year, with first-tier cities also experiencing downturns [3][4]. - The decline in housing prices has created a domino effect, where one area's price drop forces neighboring areas to adjust their prices downward, resulting in a vicious cycle [4]. Group 2: Policy Effectiveness - The effectiveness of government policies aimed at stabilizing the housing market is being tested, as multiple measures have not yielded the expected market responses [4][6]. - The tools available for policy intervention are diminishing, with market reactions to new policies becoming shorter and less effective over time [6]. Group 3: Economic Ripple Effects - The decline in housing prices is causing a ripple effect throughout the economy, with significant drops in retail sales growth and negative growth in fixed asset investment [7]. - Industries related to real estate, such as renovation, furniture, and building materials, are facing severe downturns, leading to reduced orders and income for workers [7]. Group 4: Employment Concerns - The job market is under pressure, with a record number of college graduates expected next year and a decrease in manufacturing job demand [9]. - The real estate sector, which employs millions, is cooling down, threatening the income stability of many workers in related fields [9]. Group 5: Financial Risks - The banking sector is facing rising bad debt rates, which could worsen if housing prices continue to decline, creating a negative feedback loop affecting credit availability and economic stability [10]. - Concerns are growing about the potential for a downward spiral where falling property values lead to reduced credit, further exacerbating economic downturns [10]. Group 6: Future Outlook - The real estate market is undergoing a deep adjustment that may take longer than anticipated, necessitating precise policy measures to stabilize the economy and protect employment [13][14]. - The focus should be on meeting housing demands effectively while fostering new economic growth points to navigate through this challenging period [13].