2025年底的数据，我国城镇家庭里拥有两套及以上住房的比例已经达到41.5%左右，这个数字说明不少家庭手里房源不算少。 第二个麻烦是断供风险越来越大。很多家庭当初买多套房时算的是房价只会涨、收入年年增加，结果现在行业调整、公司裁员，收入下滑而月供一分不少。 2025年全国法拍市场挂拍各类房源71.9万套，住宅占比高，成交16.9万套，背后不少就是多套房家庭现金流断裂。 银行拍卖价通常只有市场价七到八折，剩的欠款还得继续还，征信留下记录，五年内贷款信用卡都受影响。 过去几年大家觉得多套房就是底气，现在楼市进入存量调整阶段，从2026年到2029年这三年，市场还会继续分化，政策虽然在稳，但实际压力会逐步显现出 来。 多套房家庭日子不会像以前那么好过，四个实打实的麻烦已经开始冒头，很多人已经在经历。 第一个麻烦是房子想卖却卖不掉。2025年百城二手住宅价格累计下跌8.36%，全国二手房挂牌量一直维持高位，有的报告提到超过850万套。 买家现在挑得很细，户型、配套、房龄都要看，成交周期动辄拉长到半年以上。不少业主挂出去几个月只有几次带看，最后还得降价10%到20%才能成交。 现金就这样被锁在钢筋水泥里，急用钱的时候转 ...

Core Viewpoint - The real estate market in China is experiencing a significant downturn, with housing prices declining since 2022 and expected to continue until 2025, indicating a long-term adjustment trend in the market [1] Group 1: Market Trends - As of September, the average price of second-hand residential properties in 100 cities nationwide is 13,381 yuan per square meter, reflecting a year-on-year decrease of 7.38%, with a cumulative decline of 5.79% in the first three quarters of this year [1] - The prices of second-hand homes have been in a continuous month-on-month decline for 41 months, suggesting a persistent downward trend in the housing market [1] Group 2: Challenges for Multi-Property Owners - Asset depreciation is significant, with families owning multiple properties facing substantial losses; for instance, a property purchased for 4 million yuan in 2019 is now valued at only 2.56 million yuan, a drop of over 30% [2] - The liquidity of the second-hand housing market is rapidly decreasing, with over 7.3 million second-hand homes listed for sale as of September 2025, leading to increased sales pressure due to a supply-demand imbalance [3] - The holding costs for families with multiple properties are rising, as income levels decline while mortgage pressures remain unchanged, compounded by increasing costs for property management and maintenance [3] - The "rent-to-pay mortgage" model is becoming increasingly unfeasible, especially in smaller cities with a surplus of rental properties, and even in major cities, declining rental demand is making it difficult to achieve stable rental income [4]

Core Viewpoint - The domestic housing market has entered a long-term adjustment phase since 2022, with prices expected to continue declining until at least 2025, as evidenced by a 7.38% year-on-year drop in the average price of second-hand residential properties in September, reaching 13,381 yuan per square meter, and a cumulative decline of 5.79% in the first three quarters [1]. Group 1: Impact on Households - For families with only one property, the long-term price decline has minimal impact as their primary concern is comfortable living [3]. - In contrast, 45% of families owning multiple properties face significant challenges, including a decline in property value, as illustrated by a case where a property purchased for 4 million yuan in 2019 is now valued at only 2.56 million yuan, reflecting a drop of over 30% [3][5]. - The difficulty of liquidating properties is increasing due to a surge in listings, with over 7.3 million second-hand homes available nationwide as of September 2025, while demand from potential buyers is shrinking [5]. Group 2: Financial Pressures - Families with multiple properties are experiencing rising costs associated with property ownership, including maintenance fees and utilities, which are increasing annually due to inflation [6][9]. - The aspiration of "renting to pay off loans" is becoming increasingly unattainable, especially in smaller cities where rental demand is low, and in larger cities where high living costs are driving workers to return to their hometowns, leading to a downward trend in rental prices [8][10]. - The financial burden on families with multiple properties is exacerbated by a decline in income, while their mortgage obligations remain largely unchanged [9].

Core Viewpoint - The Chinese real estate market has entered a prolonged adjustment period since 2022, with average national housing prices declining by over 30%, significantly impacting families with multiple properties [1][3]. Group 1: Real Estate Market Dynamics - The decline in housing prices has been felt across various cities, with second and third-tier cities experiencing sharper declines, particularly in the Beijing-Tianjin-Hebei region where prices have dropped by more than 50% [1]. - The proportion of families owning two or more properties has exceeded 45%, facing unprecedented challenges in liquidating their assets [1][3]. - The supply-demand imbalance is evident, with cities like Chongqing seeing nearly 340,000 second-hand homes listed for sale, while buyer demand continues to shrink [3]. Group 2: Financial Burdens on Homeowners - Families with multiple properties are struggling with heavy mortgage payments, which have become burdensome as incomes decline [3][6]. - The average monthly mortgage payment has surpassed 12,000 yuan, with first-tier city families often paying over 20,000 yuan, consuming more than 70% of their income [6]. - The cost of maintaining properties is rising, with monthly property fees for larger homes reaching 200 to 300 yuan, and additional costs for heating and maintenance increasing annually by 5% to 10% [7]. Group 3: Rental Market Challenges - The expectation of using rental income to cover mortgage payments is becoming increasingly difficult, especially in third and fourth-tier cities where rental demand is low [8][10]. - In major cities like Shanghai, rental prices have decreased, making it harder for homeowners to rely on rental income to alleviate financial pressure [10]. Group 4: Psychological and Social Impacts - The financial strain from high mortgage debts is leading to significant psychological stress, with individuals facing anxiety and depression at rates three times higher than the general population [14]. - Many families are forced to cut back on essential expenses, including education and healthcare, due to the financial burden of their mortgages [14]. Group 5: Risks of Default - The risk of default is a growing concern, with some homeowners considering extreme measures like "defaulting" on their loans, which can lead to severe financial and legal repercussions [15]. - A case study illustrates the potential losses and long-term damage to credit scores that can result from defaulting on mortgage payments, highlighting the precarious situation many homeowners find themselves in [15].

Core Viewpoint - The real estate market in China has experienced a significant downturn since 2022, leading to financial distress for families holding multiple properties as property values continue to decline and the market shows no signs of recovery [1][3][8] Market Trends - Starting in 2022, cities like Tianjin, Zhengzhou, and Shijiazhuang saw initial declines in property prices, which extended to first-tier cities such as Shanghai and Shenzhen by 2023 [3] - As of January 2025, the average price of second-hand residential properties in 100 cities in China was 14,130 yuan per square meter, marking a 0.51% month-on-month decline and a continuous drop for 30 months [3] - In certain third and fourth-tier cities around Beijing, property prices have plummeted by as much as 50% [3] Market Supply and Demand - The second-hand housing market is currently oversaturated, with a surge in listings since 2024; for instance, Chongqing has nearly 340,000 listings, while cities like Wuhan, Hefei, and Xi'an have close to 200,000 each [4] - The oversupply has made it difficult for homeowners to sell their properties, even at reduced prices, leading to a situation where properties are seen as burdens rather than assets [4] Financial Pressures - Many families with multiple properties are facing increased financial strain due to rising costs associated with property maintenance, such as property fees and utilities, alongside potential mortgage obligations [6] - The impending implementation of property taxes in 60 cities, starting from 2024, is expected to further escalate the holding costs for families with multiple properties [6] Changing Rental Market Dynamics - The "rent-to-pay mortgage" strategy has become increasingly unviable, especially in third and fourth-tier cities where demand has plummeted, leading to high vacancy rates and low rental income [6] - In first and second-tier cities, despite relatively higher demand, economic conditions have led to reduced job opportunities and increased living costs, causing a decline in rental prices; for example, rental prices in Shanghai have dropped from 4,500 yuan to 3,800 yuan for a 40 square meter apartment [6] Asset Management Challenges - Approximately 45% of households in China own two or more properties, and these families are now facing significant challenges including asset depreciation, difficulties in liquidating properties, and increased holding pressures [8] - In light of the current market conditions, families are advised to reassess their asset allocations and consider selling excess properties to optimize their financial positions [8]