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High Quality Content by WIKIPEDIA articles! A real estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets. It is characterized by rapid increases in valuations of real property such as housing until they reach unsustainable levels relative to incomes and other economic elements, followed by a reduction in price levels. Whether real estate bubbles can or should be identified or prevented, and whether they have broader macroeconomic importance or not are debated within and between different schools of economic thought, as detailed below. Some argue that the financial crisis of 2007 2010 was at least partially due to real estate bubbles, notably in the United States.