从广义概念上讲，房地产融资是指在房地产开发，流通及消费过程中，通过货币流通和信用渠道所进行的筹资，融资及相关服务的一系列金融活动的总称，包括资金的筹集，运用和清算。 从狭义概念上讲，房地产融资是房地产企业及房地产项目的直接和间接融资的总和，包括房地产信贷及资本市场融资等。
不过，尽管有着大规模的冲减，大部分商业房地产贷款人都有足够的资金流来维持还贷，或是进行再融资来争取更多的时间。
But despite big write-downs, most commercial-real-estate borrowers have had the cash flow to keep loan payments current or refinance to buy more time.
然而，一旦利率开始回升，房地产价格于2006 - 2007年在美国许多地区开始适度下降，再融资变得更加困难。
However, once interest rates began to rise and housing prices started to drop moderately in 2006-2007 in many parts of the U.S., refinancing became more difficult.
一类模型是，对于风险的误读导致人们人们对于风险资产过度需求，尤其对诸如房地产以及某些金融资产的需求。
In one class of models, misperception of risk generates excessive demand for risky assets, housing and financial assets in particular.
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