What's happening is the housing market is dropping, home prices are falling, people are defaulting in record numbers, and there are foreclosures.

房地产市场在衰退,房价在下跌,违约人数破历史纪录,很多贷款买房者取消了赎回权

耶鲁公开课 - 金融市场课程节选

People saw the rising home prices; they thought they would rise forever; they were flocking in, trying to get into the housing market before it outpriced them.

人们见证了房价的飚升,人们预期房价将永远上涨,人们争先恐后抢购,生怕以后会更无力购买

耶鲁公开课 - 金融市场课程节选