{"id":373,"date":"2025-08-16T06:42:00","date_gmt":"2025-08-15T21:42:00","guid":{"rendered":"https:\/\/pmgineer.com\/?p=373"},"modified":"2025-08-14T22:50:58","modified_gmt":"2025-08-14T13:50:58","slug":"2026%eb%85%84-%ea%b2%bd%ec%a0%9c%ec%9c%84%ea%b8%b0-part4-2025%eb%85%84-%eb%af%b8%ea%b5%ad-%ec%a3%bc%ed%83%9d%ec%8b%9c%ec%9e%a5-%ec%a3%bc%ec%9a%94-%ec%a7%80%ed%91%9c","status":"publish","type":"post","link":"https:\/\/pmgineer.com\/?p=373","title":{"rendered":"2026\ub144 \uacbd\uc81c\uc704\uae30 [PART4 2025\ub144 \ubbf8\uad6d \uc8fc\ud0dd\uc2dc\uc7a5 \uc8fc\uc694 \uc9c0\ud45c]"},"content":{"rendered":"\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-1f26014c wp-block-group-is-layout-flex\" style=\"letter-spacing:0.8px;line-height:2\">\n<h4 class=\"wp-block-heading\">\uc8fc\ud0dd \ud310\ub9e4\ub7c9 \ubc0f \uc7ac\uace0 \uc218\uc900 \ub3d9\ud5a5<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><em>2025\ub144 6\uc6d4 \ubbf8\uad6d \uae30\uc874\uc8fc\ud0dd \ud310\ub9e4\u00b7\uac00\uaca9 \ud604\ud669 \uc2a4\ub0c5\uc0f7. \ud310\ub9e4\ub7c9\uc740 \uc5f0\uc728 393\ub9cc \ud638\ub85c \uc800\uc810 \uc218\uc900\uc774\uba70, \uc7ac\uace0\ub294 4.7\uac1c\uc6d4\uce58\ub85c \uc804\ub144\ubcf4\ub2e4 \ub298\uc5c8\uc73c\ub098 \uc5ec\uc804\ud788 \ubd80\uc871\ud55c \ud3b8\uc774\ub2e4 (\uc804\ubbf8\ubd80\ub3d9\uc0b0\uc911\uac1c\uc778\ud611\ud68c \uc790\ub8cc).<\/em><br>\ubbf8\uad6d \uc8fc\ud0dd\uc2dc\uc7a5\uc740 \uac70\ub798\ub7c9 \uac10\uc18c\uc640 \ub0ae\uc740 \uc7ac\uace0 \uc218\uc900\uc774 \uc9c0\uc18d\ub418\ub294 <strong>\uac70\ub798 \uce68\uccb4 \uad6d\uba74<\/strong>\uc785\ub2c8\ub2e4. \uae30\uc874\uc8fc\ud0dd \ud310\ub9e4\ub294 \uae08\ub9ac \uc0c1\uc2b9 \ub4f1\uc758 \uc601\ud5a5\uc73c\ub85c \uae09\uac10\ud558\uc5ec 2025\ub144 6\uc6d4 \uc5f0\uc728 393\ub9cc \ud638\uc5d0 \uadf8\ucce4\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.nar.realtor\/infographics\/existing-home-sales-housing-snapshot#:~:text=June%202025%20brought%203,7%20months%20from%20June%202024\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uc774\ub294 <em>\uc804\ub144 \ub3d9\uc6d4 \ub300\ube44 \ud310\ub9e4\ub7c9 \ubcc0\ud654\uac00 \uac70\uc758 \uc5c6\ub294(0%)<\/em> \ub9e4\uc6b0 \ub0ae\uc740 \uc218\uc900\uc73c\ub85c, 2021\ub144 \ud638\ud669\uae30(\uc5f0 600\ub9cc \ud638 \uc774\uc0c1) \ub300\ube44 \ud06c\uac8c \uc704\ucd95\ub41c \uc218\uce58\uc785\ub2c8\ub2e4. \uc2e0\uaddc\uc8fc\ud0dd \ud310\ub9e4\ub3c4 \ub9c8\ucc2c\uac00\uc9c0\ub85c \ubd80\uc9c4\ud558\uc5ec 2025\ub144 6\uc6d4 \uc5f0\uc728 62.7\ub9cc \ud638\ub85c \uc804\uc6d4\ubcf4\ub2e4 0.6% \uc99d\uac00\uc5d0 \uadf8\ucce4\uace0, \uc804\ub144 \ub3d9\uc6d4\ubcf4\ub2e4\ub294 \uc57d 6.6% \uac10\uc18c\ud558\uc600\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \uc2e0\uaddc\uc8fc\ud0dd \uc2dc\uc7a5\uc5d0\uc11c\ub294 <strong>\ud310\ub9e4 \ubd80\uc9c4\uc73c\ub85c \ubbf8\ubd84\uc591 \uc7ac\uace0\uac00 \ub204\uc801<\/strong>\ub418\uc5b4, 6\uc6d4 \ub9d0 \uae30\uc900 51.1\ub9cc \ucc44\uc758 \uc2e0\uaddc\uc8fc\ud0dd\uc774 \uc2dc\uc7a5\uc5d0 \ub098\uc640 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ud604\uc7ac \ud310\ub9e4 \uc18d\ub3c4\ub97c \uac10\uc548\ud560 \ub54c <strong>9.8\uac1c\uc6d4\uce58 \uacf5\uae09<\/strong>\ub85c, 1\ub144 \uc804\uc758 8.4\uac1c\uc6d4\uce58\ubcf4\ub2e4 \uc7ac\uace0 \ubd80\ub2f4\uc774 \ucee4\uc9c4 \uc218\uc900\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uc8fc\ud0dd <strong>\ub9e4\ubb3c \uc7ac\uace0<\/strong>\ub294 \uc2dc\uc7a5 \uc804\ubc18\uc5d0\uc11c \uc5ed\uc0ac\uc801\uc73c\ub85c \ub0ae\uc9c0\ub9cc, \uc9c0\uc5ed\ubcc4\u00b7\uc2e0\uaddc\/\uae30\uc874\uc8fc\ud0dd\ubcc4 \uc591\uadf9\ud654\uac00 \ub098\ud0c0\ub0a9\ub2c8\ub2e4. \uae30\uc874\uc8fc\ud0dd\uc758 \ucd1d \ub9e4\ubb3c\uc740 2025\ub144 6\uc6d4 \uae30\uc900 \uc57d 153\ub9cc \ucc44\ub85c \uc804\ub144 \ub300\ube44 15.9% \ub298\uc5c8\uc73c\ub098 \uc808\ub300\uc801 \uc218\uc900\uc740 \uc5ec\uc804\ud788 \ub0ae\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-existing-home-sales-report-shows-2-7-decrease-in-june#:~:text=Inventory%20in%20June\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uae30\uc874\uc8fc\ud0dd\uc758 \ud310\ub9e4 \uc18d\ub3c4\uac00 \ub290\ub824\uc9c0\uba74\uc11c \uc7ac\uace0\uac00 \ub2e4\uc18c \uc313\uc600\uc9c0\ub9cc, \uacfc\uac70 \uc8fc\ud0dd\uc2dc\uc7a5 \uade0\ud615\uc73c\ub85c \uc5ec\uaca8\uc9c0\ub294 <em>6\uac1c\uc6d4\uce58 \uc7ac\uace0<\/em>\uc5d0 \ube44\ud558\uba74 \uc5ec\uc804\ud788 \ubd80\uc871\ud55c <strong>\uacf5\uae09\uc790 \uc6b0\uc704 \uc2dc\uc7a5<\/strong>\uc785\ub2c8\ub2e4. \uc2e4\uc81c \uae30\uc874\uc8fc\ud0dd \uc7ac\uace0\ub294 4.7\uac1c\uc6d4\uce58 \ubd84\ub7c9\uc73c\ub85c 1\ub144 \uc804 4.0\uac1c\uc6d4\uce58\ubcf4\ub2e4 \ub2e4\uc18c \uc99d\uac00\ud588\uc744 \ubfd0\uc785\ub2c8\ub2e4. \uc774\uc5d0 \ubc18\ud574 <strong>\uc2e0\uaddc\uc8fc\ud0dd \uc2dc\uc7a5\uc740 \uc7ac\uace0 \ub204\uc801<\/strong>\uc774 \ub69c\ub837\ud569\ub2c8\ub2e4. \uc8fc\ud0dd\uac74\uc124\uc5c5\uccb4\ub4e4\uc740 \uae30\uc874\uc8fc\ud0dd \ub9e4\ubb3c\uc774 \uc801\uc740 \ud2c8\uc744 \ud0c0 \uacf5\uae09\uc744 \ub298\ub838\uc9c0\ub9cc \uad6c\ub9e4 \uc218\uc694\uac00 \ubc1b\uccd0\uc8fc\uc9c0 \ubabb\ud558\uba74\uc11c, \uc7ac\uace0\uc18c\uc9c4 \uae30\uac04\uc774 10\uac1c\uc6d4\uc5d0 \uc721\ubc15\ud558\uba70 \uac00\uaca9 \uc778\ud558\uc640 \uc778\uc13c\ud2f0\ube0c \uc81c\uacf5\uc73c\ub85c \uc7ac\uace0\ub97c \uc18c\ud654\ud558\ub294 \ucd94\uc138\uc785\ub2c8\ub2e4<a href=\"https:\/\/www.zillow.com\/research\/june-2025-new-home-sales-35385\/#:~:text=,4%20months%20in%20June%202024\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uc758 \ubd84\uc11d\uc5d0 \ub530\ub974\uba74 \ud310\ub9e4 \ubd80\uc9c4\uc73c\ub85c 2025\ub144 \ub4e4\uc5b4 \ub9e4\ubb3c \uacf5\uae09\uc774 \ud68c\ubcf5\ub418\uc5b4, 6\uc6d4 \uc804\uad6d \ub9e4\ubb3c(stock) \uc218\ub294 2019\ub144 \uc774\ud6c4 \ucd5c\uace0\uce58\uc778 136\ub9cc \ucc44\uae4c\uc9c0 \ub298\uc5c8\uace0, \ub9e4\ubb3c \uc911 \uac00\uaca9 \uc778\ud558\ub97c \ub2e8\ud589\ud55c \ube44\uc728\ub3c4 6\uc6d4\uc5d0 26.6%\ub85c \uc0ac\uc0c1 \ucd5c\uace0 \uc218\uc900\uc5d0 \ub2ec\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ub9ce\uc740 \uc9c0\uc5ed\uc5d0\uc11c <strong>\uc8fc\ud0dd\uc2dc\uc7a5 \uade0\ud615\uc774 \uc11c\uc11c\ud788 \ud68c\ubcf5<\/strong>\ub418\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud558\uc9c0\ub9cc, \ub3d9\uc2dc\uc5d0 \ub192\uc740 \uac00\uaca9 \ubd80\ub2f4\uc73c\ub85c \uac70\ub798\uac00 \uc815\uccb4\ub418\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\ubaa8\uae30\uc9c0 \uae08\ub9ac \uc0c1\uc2b9\uacfc \uad6c\ub9e4\uc790 \uc218\uc694 \ub3d9\ud5a5<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ubaa8\uae30\uc9c0 \uae08\ub9ac \uae09\ub4f1<\/strong>\uc73c\ub85c \uc778\ud55c \uad6c\ub9e4 \uc5ec\ub825 \uac10\uc18c\uac00 \ucd5c\uadfc \uc8fc\ud0dd\uc2dc\uc7a5 \ub454\ud654\uc758 \ud575\uc2ec \uc694\uc778\uc785\ub2c8\ub2e4. 30\ub144 \uace0\uc815 \ubaa8\uae30\uc9c0\uae08\ub9ac\ub294 2021\ub144 \ucd08 \uc5ed\uc0ac\uc801 \uc800\uc810\uc778 \uc57d 3%\uc5d0\uc11c 2022\ub144\ubd80\ud130 \uae09\ub4f1\ud558\uc5ec 2022\ub144 10\uc6d4 \uc57d 7.1%\ub85c \uc815\uc810\uc744 \ucc0d\uc5c8\uace0, 20232025\ub144\uc5d0\ub3c4 <strong>6~7%\ub300\uc758 \ub192\uc740 \uc218\uc900<\/strong>\uc744 \uc720\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. 2025\ub144 7\uc6d4 \ub9d0 \ud604\uc7ac \uae08\ub9ac\ub294 \uc57d 6.7%\ub85c, 20\uc5ec \ub144 \ub9cc\uc758 \ucd5c\uace0 \uc218\uc900\uc5d0 \uadfc\uc811\ud574 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \ubd88\uacfc 23\ub144 \uc804\uacfc \uacac\uc918 <strong>\uae08\ub9ac\uac00 \ub450 \ubc30 \uc774\uc0c1<\/strong> \ub6f0\uc5b4\uc624\ub978 \uac83\uc73c\ub85c, \uac19\uc740 \uc8fc\ud0dd\uc774\ub77c\ub3c4 \ub300\ucd9c \uc0c1\ud658 \ubd80\ub2f4\uc774 \ud06c\uac8c \ub298\uc5b4\ub098 \uad6c\ub9e4\uc790\ub4e4\uc758 <strong>\uc8fc\ud0dd\uad6c\ub9e4 \ub2a5\ub825\uc744 \uc800\ud558\uc2dc\ud0a8 \uc694\uc778<\/strong>\uc785\ub2c8\ub2e4. \ubaa8\uae30\uc9c0 \uae08\ub9ac\uac00 \uc774\ucc98\ub7fc \uc0c1\uc2b9\ud568\uc5d0 \ub530\ub77c \uc6d4\uac04 \uc8fc\ud0dd\uad6c\uc785\ubaa8\uae30\uc9c0 \uc2e0\uccad\uac74\uc218 \ub4f1 <strong>\uad6c\ub9e4 \uc218\uc694 \uc9c0\ud45c\uac00 \ub454\ud654<\/strong>\ub418\uc5c8\uace0, \uc8fc\ud0dd \uac70\ub798\ub7c9\uc740 \ud06c\uac8c \uc704\ucd95\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ub192\uc740 \uae08\ub9ac\uc5d0 \ub530\ub978 <strong>\uad6c\ub9e4 \uc2ec\ub9ac \uc704\ucd95<\/strong>\uc740 \ub370\uc774\ud130\ub85c\ub3c4 \ud655\uc778\ub429\ub2c8\ub2e4. NAR(\uc804\ubbf8\ubd80\ub3d9\uc0b0\uc911\uac1c\uc778\ud611\ud68c)\uc740 \u201c\ub192\uc740 \ub300\ucd9c\uae08\ub9ac\ub85c \uc778\ud574 \uc8fc\ud0dd \ud310\ub9e4\uac00 \uacbd\uae30 \uc21c\ud658 \uc800\uc810(cyclical low)\uc5d0 \uba38\ubb3c\ub7ec \uc788\ub2e4\u201d\uace0 \uc9c4\ub2e8\ud588\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-existing-home-sales-report-shows-2-7-decrease-in-june#:~:text=,Dr.%20Yun%20continued\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uc2e4\uc81c \uc7a0\uc7ac \uad6c\ub9e4\uc790\ub4e4\uc774 \ub300\ucd9c\uc774\uc790 \ubd80\ub2f4 \ub54c\ubb38\uc5d0 \uc2dc\uc7a5\uc5d0 \ub098\uc11c\uc9c0 \ubabb\ud558\uba74\uc11c \uac70\ub798\uac00 \uc815\uccb4\ub418\uace0, <strong>\uc8fc\ud0dd \ub9e4\ubb3c\uc758 \uc2dc\uc7a5 \uccb4\ub958\uae30\uac04<\/strong>\ub3c4 \ub298\uc5b4\ub0ac\uc2b5\ub2c8\ub2e4. 2024\ub144\uc5d0\ub294 \ub9e4\ubb3c\uc774 \ud314\ub9ac\ub294 \ub370 \uac78\ub9ac\ub294 <strong>\uc911\uc704\uae30\uac04\uc774 22\uc77c<\/strong>\uc774\uc5c8\uc73c\ub098, 2025\ub144 6\uc6d4\uc5d0\ub294 <strong>27\uc77c\ub85c \uc99d\uac00<\/strong>\ud558\uc5ec \uc2dc\uc7a5\uc5d0\uc11c \ud314\ub9ac\uae30\uae4c\uc9c0 \uc2dc\uac04\uc774 \ub354 \uac78\ub9ac\uace0 \uc788\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-existing-home-sales-report-shows-2-7-decrease-in-june#:~:text=REALTORS%C2%AE%20Confidence%20Index%20for%20June\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uad6c\ub9e4\uc790\uce35\ubcc4\ub85c \ubcf4\uba74 <strong>\uc0dd\uc560\ucd5c\ucd08 \uc8fc\ud0dd\uad6c\uc785\uc790 \ube44\uc911<\/strong>\uc774 2025\ub144 6\uc6d4 \ud604\uc7ac \uac70\ub798\uc758 30%\ub85c 1\ub144 \uc804(29%)\ubcf4\ub2e4 \uc57d\uac04 \ub192\uc544\uc84c\uc73c\ub098<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-existing-home-sales-report-shows-2-7-decrease-in-june#:~:text=,investors%20retreating%20from%20the%20market\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uc774\ub294 \uc804\uccb4 \uac70\ub798\ub7c9 \uac10\uc18c \uc18d\uc5d0\uc11c <em>\uae30\uc874\uc8fc\ud0dd \ubcf4\uc720\uc790\uc758 \uc774\ub3d9 \ub454\ud654<\/em>\uc640 <em>\ud22c\uc790\uc218\uc694 \uac10\uc18c<\/em>\uc5d0 \ub530\ub978 \uc0c1\ub300\uc801 \ube44\uc911 \ubcc0\ud654\ub85c \ud574\uc11d\ub429\ub2c8\ub2e4. \uc2e4\uc81c <strong>\ud22c\uc790\uc790 \ubc0f \uc138\ucee8\ub4dc\ud648 \uad6c\ub9e4\uc790 \ube44\uc911<\/strong>\uc740 14%\ub85c \uc804\ub144 \ub3d9\uc6d4 \ub300\ube44 \uac10\uc18c\ud558\uc5ec 2022\ub144 \uc774\ud6c4 \ucd5c\uc800\uce58\ub97c \uae30\ub85d\ud558\uc600\uace0, <strong>\ud604\uae08 \uad6c\ub9e4 \ube44\uc911<\/strong>\uc740 29%\ub85c \uc624\ud788\ub824 \ub192\uc544\uc838 \uae08\ub9ac \uc601\ud5a5\uc73c\ub85c \ub300\ucd9c \uc5c6\uc774 \uc9d1\uc744 \uc0b4 \uc218 \uc788\ub294 \uad6c\ub9e4\uc790\ub4e4\ub9cc \uc77c\ubd80 \uc2dc\uc7a5\uc5d0 \ub0a8\uc558\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uc804\ubc18\uc801\uc73c\ub85c <strong>\ub192\uc740 \ub300\ucd9c\uae08\ub9ac\uc640 \uc9d1\uac12<\/strong> \ub54c\ubb38\uc5d0 \uc2e4\uc81c \uc8fc\ud0dd \uad6c\ub9e4 \uc5ec\ub825\uc774 \ub5a8\uc5b4\uc9c4 \uac00\uad6c\uac00 \ub9ce\uc544\uc9c0\uba74\uc11c, \uc8fc\ud0dd \uc218\uc694\ub294 \uc0c1\ub2f9\ud788 <strong>\uc704\ucd95\ub41c \uc0c1\ud0dc<\/strong>\uc785\ub2c8\ub2e4. \ub2e4\ub9cc <strong>\uace0\uc6a9\uacfc \uc18c\ub4dd\uc774 \ube44\uad50\uc801 \uacac\uc870<\/strong>\ud55c \ub355\ubd84\uc5d0 \uc7a0\uc7ac \uc218\uc694\uac00 \uc644\uc804\ud788 \uc0ac\ub77c\uc9c4 \uac83\uc740 \uc544\ub2c8\uba70, \uc804\ubb38\uac00\ub4e4\uc740 \u201c\ub9cc\uc57d \ubaa8\uae30\uc9c0 \uae08\ub9ac\uac00 6% \uc218\uc900\uc73c\ub85c\ub9cc \ub0b4\ub824\uc640\ub3c4 \ucd94\uac00\uc801\uc778 \uac70\ub798 \uc218\uc694\uac00 \uc0b4\uc544\ub0a0 \uac83\u201d\uc73c\ub85c \ub0b4\ub2e4\ubcf4\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\uc8fc\uc694 \uc8fc\ud0dd\uac00\uaca9\uc9c0\uc218\ub4e4\uc758 \ucd5c\uadfc \uc6c0\uc9c1\uc784<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\uac70\ub798 \uc704\ucd95 \uc18d\uc5d0\uc11c\ub3c4 <strong>\ubbf8\uad6d \uc8fc\ud0dd \uac00\uaca9\uc9c0\uc218\ub4e4\uc740 \ud604\uc7ac\uae4c\uc9c0 \uc644\ub9cc\ud55c \uc0c1\uc2b9\uc138\ub97c \uc720\uc9c0<\/strong>\ud558\uace0 \uc788\uc73c\ub098, \uc0c1\uc2b9\ud3ed\uc740 \ud06c\uac8c \uc904\uc5b4\ub4e4\uace0 \uc77c\ubd80 \uc9c0\ud45c\ub294 \ud558\ub77d \uc804\ud658 \uc870\uc9d0\uc744 \ubcf4\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4. **S&amp;P \ucf54\uc5b4\ub85c\uc9c1 \ucf00\uc774\uc2a4-\uc2e4\ub7ec \uc8fc\ud0dd\uac00\uaca9\uc9c0\uc218(S&amp;P Case-Shiller)**\uc758 2025\ub144 5\uc6d4 \uc804\uad6d\uc9c0\uc218\ub294 \uacc4\uc808\uc870\uc815 \uae30\uc900 \uc804\uc6d4 \ub300\ube44 0.3% \ud558\ub77d\ud558\uc5ec, \uc5f0\uc774\uc740 \ubbf8\uc57d\ud55c \uc6d4\uac04 \ud558\ub77d\uc138\ub97c \uae30\ub85d\ud588\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.zillow.com\/research\/may-2025-case-shiller-price-index-35396\/#:~:text=,city%20index\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uadf8 \uacb0\uacfc \ucf00\uc774\uc2a4-\uc2e4\ub7ec \uc9c0\uc218\uc758 \uc804\ub144 \ub300\ube44 \uc0c1\uc2b9\ub960\uc740 2025\ub144 5\uc6d4 \uae30\uc900 +2.3%\ub85c, 4\uc6d4\uc758 +2.7%\uc5d0\uc11c \ub454\ud654\ub418\uba70 <strong>\uc0c1\uc2b9\ud3ed\uc774 \ucd95\uc18c<\/strong>\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.zillow.com\/research\/may-2025-case-shiller-price-index-35396\/#:~:text=,city%20index\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> 10\ub300 \ub3c4\uc2dc \ubc0f 20\ub300 \ub3c4\uc2dc \uc8fc\ud0dd\uac00\uaca9\uc9c0\uc218\ub3c4 5\uc6d4\uc5d0 \ubaa8\ub450 \uc804\uc6d4 \ub300\ube44 \ud558\ub77d\ud558\uc600\uace0, 20\ub300 \ub3c4\uc2dc \uc885\ud569\uc9c0\uc218\ub294 \uc804\ub144 \ub300\ube44 +2.8% \uc0c1\uc2b9\uc5d0 \uadf8\uccd0 \uc804\ub2ec\ubcf4\ub2e4 \uc0c1\uc2b9\ub960\uc774 \ub0ae\uc544\uc84c\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.zillow.com\/research\/may-2025-case-shiller-price-index-35396\/#:~:text=,city%20index\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> <strong>\uc5f0\ubc29\uc8fc\ud0dd\uae08\uc735\uccad(FHFA) \uc8fc\ud0dd\uac00\uaca9\uc9c0\uc218<\/strong> \ub610\ud55c \ube44\uc2b7\ud55c \ucd94\uc138\ub85c, 2025\ub144 5\uc6d4\uae4c\uc9c0 \uc8fc\ud0dd\uac00\uaca9\uc774 \uc218\uac1c\uc6d4\uac04 \uc815\uccb4 \ub610\ub294 \uc18c\ud3ed \ud558\ub77d\ud558\uba74\uc11c <em>\uc804\ub144 \ub300\ube44 \uc57d +2.8% \uc0c1\uc2b9<\/em> \uc218\uc900\uc744 \ub098\ud0c0\ub0c8\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/realestateinvestingtoday.com\/fhfa-says-home-prices-up-2-8-year-over-year\/#:~:text=Image%3A%20FHFA%20logoAccording%20to%20the,values%20based%20on%20data%20from\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> FHFA\uc5d0 \ub530\ub974\uba74 2025\ub144 5\uc6d4 \uc8fc\ud0dd\uac00\uaca9\uc740 \uc804\ub2ec \ub300\ube44 0.2% \ud558\ub77d\ud558\uc600\uc73c\uba70, \uc791\ub144 3\uc6d4 \uc774\ud6c4 \uc77c\ubd80 \uc6d4\uac04 \uc870\uc815 \ud558\ub77d\uc774 \uad00\uce21\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/realestateinvestingtoday.com\/fhfa-says-home-prices-up-2-8-year-over-year\/#:~:text=Image%3A%20FHFA%20logoAccording%20to%20the,values%20based%20on%20data%20from\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uc774\ucc98\ub7fc <strong>\uc8fc\ud0dd \uac00\uaca9\uc9c0\uc218\uc758 \uc5f0\uac04 \uc0c1\uc2b9\ub960\uc740 2~3%\ub300\ub85c \ud06c\uac8c \ub0ae\uc544\uc838<\/strong> \uc788\uc73c\uba70, \uc5ec\ub7ec \uc9c0\ud45c\ub4e4\uc774 <strong>\uc0c1\uc2b9 \uc815\uccb4 \ubc0f \ub2e8\uae30 \ud558\ub77d \uc804\ud658<\/strong> \uad6d\uba74\uc5d0 \uc9c4\uc785\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uc9c0\uc5ed\uc801\uc73c\ub85c\ub294 <strong>\uc77c\ubd80 \uace0\ud3c9\uac00 \uc9c0\uc5ed\uc758 \uac00\uaca9 \uc870\uc815<\/strong>\uc774 \ub450\ub4dc\ub7ec\uc9d1\ub2c8\ub2e4. Zillow\uc5d0 \ub530\ub974\uba74 2025\ub144 5\uc6d4 \uae30\uc900 \ubbf8\uad6d 50\ub300 \ub300\ub3c4\uc2dc \uc911 22\uacf3\uc5d0\uc11c \uc8fc\ud0dd \uac00\uce58\uac00 1\ub144 \uc804\uc5d0 \ube44\ud574 \ud558\ub77d\ud558\uc5ec, \uc9c0\uc5ed\ubcc4\ub85c \uac00\uaca9 \uc870\uc815 \uc591\uc0c1\uc774 \uc0c1\uc774\ud558\uac8c \ub098\ud0c0\ub0ac\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.zillow.com\/research\/may-2025-case-shiller-price-index-35396\/#:~:text=What%20Zillow%20Senior%20Economist%20Orphe,the%2050%20largest%20metro%20areas\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> Zillow\uc758 *\uc8fc\ud0dd \uac00\uce58 \uc9c0\uc218(ZHVI)*\ub294 \uacc4\uc808\uc870\uc815 \uae30\uc900 2025\ub144 5\uc6d4\uc5d0 2011\ub144 \uc774\ud6c4 \ucc98\uc74c\uc73c\ub85c 5\uc6d4 \uae30\uc900 \ud558\ub77d\uc744 \uae30\ub85d\ud588\uace0, 6\uc6d4\uc5d0\ub3c4 \ud558\ub77d\uc138\uac00 \uc774\uc5b4\uc84c\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.zillow.com\/research\/may-2025-case-shiller-price-index-35396\/#:~:text=What%20happened%3A%20The%20seasonally%20adjusted,in%202025\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> Zillow\ub294 <strong>2025\ub144 \uc5f0\uac04<\/strong>\uc73c\ub85c \ubbf8 \uc804\uad6d \uc8fc\ud0dd\uac00\uaca9(ZHVI)\uc774 \uc57d <em>2% \ud558\ub77d<\/em>\ud560 \uac83\uc774\ub77c\uace0 \uc804\ub9dd\ud558\uba70, \uac70\ub798 \ubd80\uc9c4\uc73c\ub85c \ub9e4\ubb3c\uc774 \ub204\uc801\ub418\uc790 \ub9ce\uc740 \uc9c0\uc5ed\uc5d0\uc11c \ud638\uac00 \uc778\ud558\uac00 \ub298\uc5b4\ub098\ub294 \ucd94\uc138\ub97c \uc9c0\uc801\ud588\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.zillow.com\/research\/may-2025-case-shiller-price-index-35396\/#:~:text=What%20happened%3A%20The%20seasonally%20adjusted,in%202025\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uadf8\ub7ec\ub098 <strong>\uacf5\uae09 \ubd80\uc871 \ud604\uc0c1\uc774 \uc5ec\uc804\ud55c \uc9c0\uc5ed<\/strong>\uacfc \uc911\uc800\uac00 \uc8fc\ud0dd \uc218\uc694\ub294 \uc5ec\uc804\ud788 \ubc84\ud300\ubaa9\uc774 \ub418\uace0 \uc788\uc5b4, \uc804\uad6d\uc801 \uae09\ub77d \uc5c6\uc774 \uc804\ubc18\uc801 \uac00\uaca9\uc740 <strong>\ubcf4\ud569\uc5d0 \uac00\uae4c\uc6b4 \uc644\ub9cc\ud55c \uc870\uc815 \uad6d\uba74<\/strong>\uc744 \ubcf4\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc2e4\uc81c NAR \uc9d1\uacc4 \uc804\uad6d <strong>\uae30\uc874\uc8fc\ud0dd \uc911\uc704\uac00\uaca9<\/strong>\uc740 2025\ub144 6\uc6d4 $43\ub9cc5,300\ub85c <em>\uc0ac\uc0c1 \ucd5c\uace0 \uc218\uc900<\/em>\uae4c\uc9c0 \uc0c1\uc2b9\ud588\uc73c\uba70, \uc804\ub144 \ub300\ube44 2.0% \uc62c\ub77c 2\ub144 \uc5f0\uc18d \uc644\ub9cc\ud55c \uc624\ub984\uc138\ub97c \uc720\uc9c0\ud588\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-existing-home-sales-report-shows-2-7-decrease-in-june#:~:text=Median%20Sales%20Price%20in%20June\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uc774\ub294 \uc218\ub144\uac04 \uc2e0\ucd95 \ubd80\uc871\uc73c\ub85c \uacf5\uae09\uc801\uccb4\uac00 \ud574\uc18c\ub418\uc9c0 \uc54a\uc740 \uac00\uc6b4\ub370, <em>\uac70\ub798 \uae09\uac10\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0<\/em> \uc81c\ud55c\ub41c \ub9e4\ubb3c\uc774 \ub192\uc740 \uac00\uaca9\ub300\ub97c \ud615\uc131\ud558\uace0 \uc788\uc74c\uc744 \uc758\ubbf8\ud569\ub2c8\ub2e4<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-existing-home-sales-report-shows-2-7-decrease-in-june#:~:text=,temporary%20oversupply%20at%20the%20moment\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a>. \uc694\uc57d\ud558\uba74, <strong>\ubbf8\uad6d \uc8fc\ud0dd\uac00\uaca9 \uc9c0\ud45c\ub4e4\uc740 \ud32c\ub370\ubbf9 \uae30\uac04 \ud3ed\ub4f1 \uc774\ud6c4 2023~2025\ub144\uc5d0 \uac78\uccd0 \uc0c1\uc2b9\uc138\uac00 \ud06c\uac8c \ub454\ud654<\/strong>\ub418\uc5c8\uc73c\uba70 \uc77c\ubd80 \uc9c0\uc218\ub294 \ud558\ub77d \uc804\ud658 \uc2dc\uc0ac\uc810\uc774 \ub098\ud0c0\ub098\uc9c0\ub9cc, <em>\uc804\uad6d \ub2e8\uc704\uc758 \uae09\uaca9\ud55c \uac00\uaca9 \ubd95\uad34\ub294 \uc544\uc9c1 \ubc1c\uc0dd\ud558\uc9c0 \uc54a\uc740<\/em> \uc0c1\ud0dc\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\uacfc\uac70 \uc8fc\ud0dd\uc2dc\uc7a5 \ub454\ud654\uc640 \uacbd\uae30\uce68\uccb4: 2007-08\ub144 \ubc0f 1990\ub144\ub300 \uc0ac\ub840<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\uc8fc\ud0dd\uc2dc\uc7a5\uc740 \uacfc\uac70 <strong>\uac70\uc2dc\uacbd\uc81c \ubcc0\ub3d9\uc758 \uc804\uc870 \ud604\uc0c1<\/strong>\uc744 \uc5ec\ub7ec \ucc28\ub840 \ubcf4\uc5ec\uc8fc\uc5c8\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 <strong>2000\ub144\ub300 \uc8fc\ud0dd \ubc84\ube14 \ubd95\uad34<\/strong>\uc640 \uadf8 \uc5ec\ud30c\ub294 2007-2008\ub144 \uae08\uc735\uc704\uae30\uc758 \uc9c1\uc811\uc801 \ub3c4\ud654\uc120\uc774 \ub418\uc5c8\uc2b5\ub2c8\ub2e4. 2000\ub144\ub300 \uc911\ubc18 \uc8fc\ud0dd\uac00\uaca9 \uae09\ub4f1\uacfc \uc11c\ube0c\ud504\ub77c\uc784 \ubd80\uc2e4\ub300\ucd9c \ub204\uc801\uc73c\ub85c \ubbf8\uad6d \uc8fc\ud0dd\uc2dc\uc7a5\uc5d0 \uac70\ud488\uc774 \ud615\uc131\ub418\uc5c8\uace0, 2006\ub144 \ud558\ubc18\uae30\ubd80\ud130 <strong>\uc8fc\ud0dd \ud310\ub9e4 \uae09\uac10<\/strong>\uacfc <strong>\uac00\uaca9 \uae09\ub77d<\/strong>\uc774 \uc2dc\uc791\ub418\uc5b4 2007\ub144\uc5d0\ub294 \ub300\uaddc\ubaa8 \ucc28\uc555(\uc555\ub958) \uc0ac\ud0dc\ub85c \ubc88\uc84c\uc2b5\ub2c8\ub2e4. \uacb0\uad6d <strong>\uc8fc\ud0dd\uc2dc\uc7a5 \ubd95\uad34\uac00 \uae08\uc735\uad8c \ubd80\uc2e4<\/strong>\ub85c \uc5f0\uacb0\ub418\uba70 2007-09\ub144 \ubbf8\uad6d *\u201cGreat Recession\u201d*\uc774 \ucd09\ubc1c\ub418\uc5c8\uace0, \uc8fc\ud0dd\uad00\ub828 \uae08\uc735\uc0c1\ud488 \ud3ed\ub77d\uc740 \uae00\ub85c\ubc8c \uae08\uc735\uc704\uae30\ub85c \ud655\uc0b0\ub418\uc5c8\uc2b5\ub2c8\ub2e4. \uc774\ucc98\ub7fc \uc8fc\ud0dd\uacbd\uae30\uc758 \uae09\uaca9\ud55c \ud6c4\ud1f4\ub294 \uc2e4\ubb3c\uacbd\uc81c \uce68\uccb4\uc640 \uae08\uc735\uc704\uae30\uc758 <strong>\uc9c1\uc811\uc801\uc778 \uc804\uc870<\/strong>\uc774\uc790 <strong>\uc8fc\uc694 \uc6d0\uc778<\/strong>\uc73c\ub85c \uc791\uc6a9\ud55c \ubc14 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ub354 \uac70\uc2ac\ub7ec \uc62c\ub77c\uac00\uba74 <strong>1990\ub144\ub300 \ucd08\ubc18 \uacbd\uae30\uce68\uccb4<\/strong> \uc774\uc804\uc5d0\ub3c4 \uc8fc\ud0dd\uc2dc\uc7a5 \ub454\ud654\uac00 \uc120\ud589\ud588\uc2b5\ub2c8\ub2e4. 1980\ub144\ub300 \ub9d0 \uacfc\uc5f4\ub418\uc5c8\ub358 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5\uc740 \uc5f0\uc900\uc758 \uae08\ub9ac\uc778\uc0c1\uacfc \uc800\ucd95\ub300\ubd80\uc870\ud569(S&amp;L) \uc0ac\ud0dc \uc5ec\ud30c\ub85c \uc77c\ubd80 \uc9c0\uc5ed\uc5d0\uc11c <strong>\uac00\uaca9 \uc870\uc815\uacfc \uac70\ub798 \uac10\uc18c<\/strong>\ub97c \uacaa\uc5c8\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 1989~1990\ub144\uc5d0 \uac78\uccd0 \ub3d9\ubd80 \ub274\uc789\uae00\ub79c\ub4dc\uc640 \uce98\ub9ac\ud3ec\ub2c8\uc544 \ub4f1\uc9c0\uc758 \ubd80\ub3d9\uc0b0 \uac00\uaca9\uc774 \ud558\ub77d\ud558\uace0 \uc0c1\uc5c5\ubd80\ub3d9\uc0b0 \uacfc\uc789\uacf5\uae09\uc774 \ud574\uc18c\ub418\uba70, 1990-91\ub144\uc758 <strong>\uacbd\uae30\ud6c4\ud1f4\uac00 \ubcf8\uaca9\ud654<\/strong>\ub41c \uc0ac\ub840\uac00 \uc788\uc2b5\ub2c8\ub2e4. \ub2f9\uc2dc \uce68\uccb4\ub294 \ube44\uad50\uc801 \ub2e8\uae30\uac04\uc5d0 \ub05d\ub0ac\uace0 \uc8fc\ud0dd\uac00\uaca9 \uc870\uc815\ub3c4 \uad6d\uc9c0\uc801\uc774\uc5c8\uc9c0\ub9cc, <strong>\uc8fc\ud0dd\uac74\uc124 \ud22c\uc790\uc640 \uac70\ub798\uc758 \uac10\uc18c\uac00 \uacbd\uae30 \ub454\ud654\ub97c \ubbf8\ub9ac \ubcf4\uc5ec\uc900 \uc9c0\ud45c<\/strong> \uc911 \ud558\ub098\uc600\uc2b5\ub2c8\ub2e4. \uc774\ucc98\ub7fc <strong>\uc8fc\ud0dd\uc2dc\uc7a5 \uc704\ucd95\uc774 \uacbd\uae30\uce68\uccb4\uc5d0 \uc55e\uc11c \ub098\ud0c0\ub09c \uc0ac\ub840<\/strong>\ub294 \ub2e4\uc218 \uc874\uc7ac\ud558\uba70, \ubbf8\uad6d \uacbd\uc81c\uc0ac\uc5d0\uc11c \uc8fc\ud0dd\uacbd\uae30\ub294 \uacbd\uae30\uc21c\ud658\uacfc \ubc00\uc811\ud558\uac8c \uc5f0\ub3d9\ub418\uc5b4 \uc654\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.nber.org\/papers\/w13428#:~:text=Of%20the%20components%20of%20GDP%2C,place%20of%20Taylor%27s%20output%20gap\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \ud559\uacc4 \uc5f0\uad6c\uc5d0 \ub530\ub974\uba74 <strong>2\ucc28 \uc138\uacc4\ub300\uc804 \uc774\ud6c4 \ubbf8\uad6d\uc758 8\ucc28\ub840 \uacbd\uae30\uce68\uccb4\ub294 \uac70\uc758 \ubaa8\ub450 \uc8fc\ud0dd\uc2dc\uc7a5\uacfc \ub0b4\uad6c\uc7ac \uc18c\ube44 \ubd80\uc9c4\uc774 \uc120\ud589<\/strong>\ud588\uace0, \uc8fc\ud0dd\uc2dc\uc7a5 \uc774\uc0c1\uc9d5\ud6c4\uac00 \uc5c6\uc774 \ucc3e\uc544\uc628 \ubd88\ud669\uc740 \ud2b9\uc218\ud55c \uc0ac\ub840(1953\ub144 \uad70\ube44\ucd95\uc18c, 2001\ub144 \ub2f7\ucef4\ubc84\ube14 \ubd95\uad34)\ubfd0\uc774\uc5c8\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.nber.org\/papers\/w13428#:~:text=Of%20the%20components%20of%20GDP%2C,place%20of%20Taylor%27s%20output%20gap\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uadf8\ub9cc\ud07c \uc8fc\ud0dd\uc2dc\uc7a5\uc758 \ud65c\ud669\/\ubd88\ud669 \uc804\ud658\uc740 <em>\uac70\uc2dc\uacbd\uc81c\uc758 \ubcc0\uace1\uc810<\/em>\uacfc \ub9de\ubb3c\ub824 \uc788\ub294 \uacbd\ud5a5\uc774 \uac15\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\uc8fc\ud0dd\uc2dc\uc7a5\uc758 \uc120\ud589\uc9c0\ud45c\uc801 \uc131\uaca9: \uc5f0\uad6c \ubc0f \uc804\ubb38\uac00 \uacac\ud574<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\uacbd\uc81c\ubd84\uc11d\uac00\ub4e4\uc740 <strong>\uc8fc\ud0dd\uc2dc\uc7a5 \uc9c0\ud45c\ub97c \uc911\uc694\ud55c \uacbd\uae30 \uc120\ud589\uc2e0\ud638<\/strong>\ub85c \ud574\uc11d\ud569\ub2c8\ub2e4. UCLA\uc758 \uc5d0\ub4dc\uc6cc\ub4dc \ub9ac\uba38 \uad50\uc218\ub294 \uc800\uba85\ud55c \uc5f0\uad6c\uc5d0\uc11c \u201c\uc8fc\ud0dd\uc774 \ubc14\ub85c \uacbd\uae30\uc21c\ud658 \uadf8 \uc790\uccb4(Housing <em>IS<\/em> the Business Cycle)\u201d\ub77c\uace0\uae4c\uc9c0 \uc9c0\uc801\ud558\uba70, GDP \uad6c\uc131\uc694\uc18c \uc911 <em>\uc8fc\ud0dd\uac74\uc124 \ud22c\uc790<\/em>\uac00 \ud5a5\ud6c4 \uacbd\uae30\ud6c4\ud1f4\ub97c \uac00\uc7a5 \uba3c\uc800 \uacbd\uace0\ud574\uc8fc\ub294 \uc9c0\ud45c\ub77c\uace0 \uac15\uc870\ud588\uc2b5\ub2c8\ub2e4. \uc2e4\uc81c\ub85c \uc8fc\ud0dd\uac74\uc124 \ud22c\uc790\uc758 \uc131\uc7a5\ub960\uc774\ub098 \uc8fc\ud0dd\ud310\ub9e4 \uac10\uc18c \ud3ed\uc740 \uacfc\uac70 \uc5ec\ub7ec \uacbd\uae30\uce68\uccb4 \uad6d\uba74\uc5d0\uc11c \ucd08\uae30\uc5d0 \ub098\ud0c0\ub098\ub294 \uacf5\ud1b5\ub41c \ud328\ud134\uc774\uc5c8\uc2b5\ub2c8\ub2e4. \uc5f0\uc900(Fed)\ub3c4 \uc774\ub7f0 \uad00\uc810\uc5d0\uc11c \uc8fc\ud0dd \uc9c0\ud45c\ub97c \uba74\ubc00\ud788 \ubaa8\ub2c8\ud130\ub9c1\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc138\uc778\ud2b8\ub8e8\uc774\uc2a4 \uc5f0\uc900\uc758 \uc5f0\uad6c\uc5d0 \ub530\ub974\uba74 <em>\ubaa8\uae30\uc9c0 \uae08\ub9ac, \uae30\uc874\uc8fc\ud0dd \ud310\ub9e4, \uc2e4\uc9c8 \uc8fc\ud0dd\uac00\uaca9, \uc8fc\ud0dd\ud22c\uc790 \uc99d\uac00\uc728<\/em> \ub124 \uac00\uc9c0 \uc8fc\ud0dd \uad00\ub828 \uc9c0\ud45c\ub4e4\uc774 <strong>1990-91\ub144, 2001\ub144, 2007-09\ub144 \ub4f1 \uacfc\uac70 \uc8fc\uc694 \uce68\uccb4\ub4e4\uc758 \uc804\ub2e8\uacc4\uc5d0\uc11c \uc77c\uad00\ub41c \uc6c0\uc9c1\uc784<\/strong>\uc744 \ubcf4\uc600\ub2e4\uace0 \ud569\ub2c8\ub2e4. \uc608\ub97c \ub4e4\uc5b4 \uce68\uccb4\uac00 \uc784\ubc15\ud560 \ub54c 30\ub144 \uace0\uc815 \ubaa8\uae30\uc9c0\uae08\ub9ac\ub294 \uacbd\uae30 \uc815\uc810\uc744 \uc9c0\ub098 \ud558\ub77d \ubc18\uc804\ud558\uace0(\uc5f0\uc900\uc758 \uae08\ub9ac\uc778\ud558 \uae30\ub300 \ubc18\uc601), \uc8fc\ud0dd\ud310\ub9e4\ub294 \uac10\uc18c\uc138\ub85c \ub3cc\uc544\uc11c\uba70, \uc2e4\uc9c8(\uc778\ud50c\ub808\uc774\uc158 \uc870\uc815) \uc8fc\ud0dd\uac00\uaca9 \uc0c1\uc2b9\ub960\uc774 \ub454\ud654 \ub610\ub294 \ud558\ub77d \uc804\ud658\ud558\uace0, \uc8fc\ud0dd\uac74\uc124\ud22c\uc790\ub294 \ubaa8\uba58\ud140\uc774 \uae09\uaca9\ud788 \uc57d\ud654\ub418\ub294 \uacbd\ud5a5\uc774 \uc788\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.stlouisfed.org\/on-the-economy\/2019\/december\/recession-signals-housing-indicators-remain-consistent-broader-slowdown-2020#:~:text=rates%2C%20existing%20home%20sales%2C%20real,term%20recession\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uc774\ub7ec\ud55c <strong>\uc8fc\ud0dd\uc2dc\uc7a5 \u201c4\ub300 \uc9c0\ud45c\u201d\uc758 \ubcc0\ud654<\/strong>\ub294 \ub2e4\ub978 \uac70\uc2dc\uc9c0\ud45c\uc5d0 \uc55e\uc11c \ub098\ud0c0\ub098\uae30 \ub54c\ubb38\uc5d0 \uacbd\uae30\uad6d\uba74 \uc804\ud658\uc744 \uc608\uace0\ud558\ub294 <em>\uc120\ud589\uc2e0\ud638<\/em> \uc5ed\ud560\uc744 \ud55c\ub2e4\ub294 \uac83\uc774 \uc5f0\uc900 \uc5f0\uad6c\uc9c4\uc758 \uc124\uba85\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uc2dc\uc7a5 \uc804\ubb38\uac00\ub4e4\ub3c4 <strong>\uc8fc\ud0dd\uc2dc\uc7a5 \ub3d9\ud5a5\uc744 \uacbd\uae30\ud310\ub2e8\uc758 \ub098\uce68\ubc18<\/strong>\uc73c\ub85c \ubcf4\uace0 \uc788\uc2b5\ub2c8\ub2e4. Moody\u2019s Analytics\uc758 \uc218\uc11d\uc774\ucf54\ub178\ubbf8\uc2a4\ud2b8 **\ub9c8\ud06c \uc794\ub514(Mark Zandi)**\ub294 \ucd5c\uadfc \u201c\uc8fc\ud0dd\ubd80\ubb38\uc758 \uce68\uccb4\uac00 **\ubcf8\uaca9\uc801 \uc5ed\ud48d(full-blown headwind)**\uc73c\ub85c \uc791\uc6a9\ud560 \uacbd\uc6b0 \uacbd\uae30\uce68\uccb4 \uac00\ub2a5\uc131\uc774 \ub192\uc544\uc9c4\ub2e4\u201d\uace0 \uacbd\uace0\ud588\uc2b5\ub2c8\ub2e4. \uadf8\ub294 \ud604\uc7ac 7%\uc5d0 \uc721\ubc15\ud558\ub294 \ubaa8\uae30\uc9c0 \uae08\ub9ac\uac00 \ub0b4\ub824\uc624\uc9c0 \uc54a\ub294\ub2e4\uba74 \uc8fc\ud0dd <strong>\ud310\ub9e4, \uac74\uc124, \uac00\uaca9\uc774 \ucd94\uac00 \ud558\ub77d<\/strong>\ud558\uba70 \uc774\ubbf8 \ucde8\uc57d\ud574\uc9c4 \uacbd\uc81c\uc5d0 \ub354 \ud070 \ubd80\ub2f4\uc744 \uc904 \uc218 \uc788\ub2e4\uace0 \uc9c0\uc801\ud588\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.globest.com\/2025\/08\/06\/goldman-sachs-warns-weak-housing-sector-could-tip-us-toward-recession\/#:~:text=According%20to%20Zandi%2C%20unless%20mortgage,related%20sectors%20of%20the%20economy\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uace8\ub4dc\ub9cc\uc0ad\uc2a4\uc758 \uc774\ucf54\ub178\ubbf8\uc2a4\ud2b8\ub4e4 \uc5ed\uc2dc \uc8fc\ud0dd\uc2dc\uc7a5\uc758 \uc57d\uc138\ub97c <em>\uacbd\uae30\ud558\ubc29 \uc704\ud5d8 \uc694\uc778<\/em>\uc73c\ub85c \uc8fc\ubaa9\ud558\uba70, 2025\ub144 \ud558\ubc18\uae30 \uc8fc\ud0dd\ud22c\uc790(residential investment)\uac00 \uc804\ub144 \ub300\ube44 8% \uc774\uc0c1 \uac10\uc18c\ud560 \uac83\uc73c\ub85c \uc804\ub9dd\ud588\uc2b5\ub2c8\ub2e4. \uc2e4\uc81c \uace8\ub4dc\ub9cc\uc0ad\uc2a4\ub294 \uc774\ub7ec\ud55c \uc8fc\ud0dd \ubd80\uc9c4\uc744 \uadfc\uac70\ub85c <em>\ud5a5\ud6c4 1\ub144 \ub0b4 \ubbf8\uad6d \uacbd\uae30\uce68\uccb4 \ud655\ub960<\/em>\uc744 \ud55c\ub54c 45%\uae4c\uc9c0 \uc0c1\ud5a5 \uc870\uc815\ud558\uae30\ub3c4 \ud588\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.globest.com\/2025\/08\/06\/goldman-sachs-warns-weak-housing-sector-could-tip-us-toward-recession\/#:~:text=According%20to%20Zandi%2C%20unless%20mortgage,related%20sectors%20of%20the%20economy\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uc774\ucc98\ub7fc **\uc8fc\ud0dd\uc2dc\uc7a5 \uc704\ucd95\uc744 \uacbd\uae30\uce68\uccb4\uc758 \u201c\uc804\ud615\uc801 \uc120\ud589 \uc9c0\ud45c\u201d**\ub85c \ubcf4\ub294 \uac83\uc740 \uacbd\uc81c\ud559\uacc4\uc640 \ud22c\uc790\uae30\uad00\uc5d0 \ud3ed\ub113\uac8c \uacf5\uc720\ub41c \uc2dc\uac01\uc785\ub2c8\ub2e4. \uc8fc\ud0dd \ubd80\uc9c4\uc774 \uc18c\ube44 \uc2ec\ub9ac \uc704\ucd95\uacfc \uac74\uc124\uc5c5 \uace0\uc6a9 \uac10\uc18c, \uac00\uad6c\uc758 \ub0b4\uad6c\uc7ac \uc18c\ube44 \ub454\ud654\ub85c \uc5f0\uacb0\ub418\uba74\uc11c <strong>\uc2e4\ubb3c\uacbd\uc81c \uc804\ubc18\uc5d0 \ud30c\uae09<\/strong>\ub418\uae30 \ub54c\ubb38\uc785\ub2c8\ub2e4. \uc608\ucee8\ub300 Citi\uc640 Pantheon Macro\uc758 \uc5f0\uad6c\ub294 <em>\uc8fc\ud0dd\uac00\uaca9\uc774 \uc9c0\uc18d\uc801\uc73c\ub85c \ub5a8\uc5b4\uc9c8 \uacbd\uc6b0 \uac00\uacc4 \uc18c\ube44\uc5d0 \ub300\ud55c \ubd80\uc815\uc801 \ud6a8\uacfc<\/em>\uac00 \ucee4\uc838 \uacbd\uae30\uce68\uccb4 \uc704\ud5d8\uc774 \ud604\uc2e4\ud654\ub420 \uc218 \uc788\ub2e4\uace0 \uacbd\uace0\ud558\uba70, \uc8fc\ud0dd\uc2dc\uc7a5 \ud558\ub77d\uc774 <strong>\uac00\uad6c\uc758 \uc8fc\ud0dd \uad00\ub828 \uc9c0\ucd9c(\uac00\uad6c, \uac00\uc804 \ub4f1)\uae4c\uc9c0 \uc5f0\uc1c4\uc801\uc73c\ub85c \uac10\uc18c<\/strong>\uc2dc\ud0a4\ub294 \uc2b9\uc218\ud6a8\uacfc\ub97c \uac15\uc870\ud569\ub2c8\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\ud604\uc7ac \uc8fc\ud0dd\uc2dc\uc7a5 \ub454\ud654\uc640 \uacbd\uae30 \uc804\ub9dd (2025~2026\ub144)<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">\uadf8\ub807\ub2e4\uba74 <strong>2025\ub144 \ud604 \uc2dc\uc810\uc758 \uc8fc\ud0dd\uc2dc\uc7a5 \ub454\ud654 \uc870\uc9d0\uc774 \ud5a5\ud6c4 \uacbd\uae30\uc804\ud658\uc774\ub098 \uc704\uae30\ub97c \uc2dc\uc0ac<\/strong>\ud558\ub294\uc9c0 \uc0b4\ud3b4\ubcf4\uaca0\uc2b5\ub2c8\ub2e4. \uc55e\uc11c \uc5b8\uae09\ud55c \ubc14\uc640 \uac19\uc774, \uac70\ub798\ub7c9 \uae09\uac10\uacfc \uac74\uc124\ud22c\uc790 \uc704\ucd95, \uac00\uaca9\uc0c1\uc2b9 \ub454\ud654 \ub4f1\uc740 \uc804\ud615\uc801\uc73c\ub85c <strong>\uacbd\uae30 \ud558\uac15 \uad6d\uba74\uc5d0\uc11c \uad00\ucc30\ub418\ub294 \ud328\ud134<\/strong>\uc785\ub2c8\ub2e4. \uc2e4\uc81c \ubbf8\uad6d \uacbd\uc81c\ub294 2022\ub144\ubd80\ud130\uc758 \uc5f0\uc900 \uae34\ucd95 \uc774\ud6c4 \uc131\uc7a5 \ubaa8\uba58\ud140\uc774 \uc57d\ud654\ub41c \uac00\uc6b4\ub370, \uc8fc\ud0dd\uacbd\uae30\ub294 \uac00\uc7a5 \uba3c\uc800 \ub0c9\uac01\ub418\uc5b4 \uc0ac\uc2e4\uc0c1 \u201c\ubbf8\ub2c8 \uce68\uccb4\u201d\uc5d0 \ub4e4\uc5b4\uac04 \uc0c1\ud669\uc785\ub2c8\ub2e4. \ub9ce\uc740 \uacbd\uc81c\ubd84\uc11d\uac00\ub4e4\uc740 <strong>\ud604\uc7ac\uc758 \uc8fc\ud0dd\uc2dc\uc7a5 \uce68\uccb4\uac00 2025~2026\ub144\uc5d0 \uacbd\uae30\ud6c4\ud1f4 \uac00\ub2a5\uc131\uc744 \ub192\uc774\ub294 \uc694\uc778<\/strong>\uc774\ub77c\uace0 \ud3c9\uac00\ud569\ub2c8\ub2e4. Moody\u2019s\uc758 \uc794\ub514\ub294 \uace0\uae08\ub9ac\uac00 \uc720\uc9c0\ub418\uba74 \uc8fc\ud0dd\uc2dc\uc7a5 \uce68\uccb4\uac00 \uc2ec\ud654\ub418\uc5b4 <em>\ud5a5\ud6c4 1\ub144 \ub0b4 \uacbd\uae30\uce68\uccb4 \ud655\ub960<\/em>\uc744 \ub192\uc77c \uac83\uc774\ub77c\uace0 \uacbd\uace0\ud588\uace0, \uace8\ub4dc\ub9cc\uc0ad\uc2a4 \uc5ed\uc2dc \uc8fc\ud0dd\ubd80\uc9c4\uc774 \ud558\ubc18\uae30 \uacbd\uc81c\uc131\uc7a5\uc5d0 \ubc1c\ubaa9\uc744 \uc7a1\uc544 \uacbd\uae30\ub454\ud654 \uc555\ub825\uc774 \uac00\uc911\ub420 \uac83\uc73c\ub85c \ub0b4\ub2e4\ubcf4\uc558\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \uc8fc\ud0dd \ubd80\ubb38\uc740 <strong>\uc18c\ube44\uc640 \uc5f0\uacc4\ub41c \uad11\ubc94\uc704\ud55c \uc0b0\uc5c5\uc5d0 \uc601\ud5a5<\/strong>\uc744 \ubbf8\uce58\ub294 \ub9cc\ud07c, \uc8fc\ud0dd\uc2dc\uc7a5\uc758 \uc704\ucd95\uc138\uac00 \uba87 \ubd84\uae30 \ub354 \uc9c0\uc18d\ub41c\ub2e4\uba74 2025~26\ub144\uacbd \uc804\ubc18\uc801 \uacbd\uae30\uc804\ud658(\uce68\uccb4 \uad6d\uba74 \uc9c4\uc785)\uc744 \ubc30\uc81c\ud560 \uc218 \uc5c6\ub2e4\ub294 \uacac\ud574\uac00 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\ub2e4\ub9cc <strong>\ud604\uc7ac\uc758 \uc8fc\ud0dd\uc2dc\uc7a5 \ub454\ud654\uac00 2008\ub144 \uac19\uc740 \uae08\uc735\uc704\uae30\ub85c \uc9c1\uacb0\ub420 \uac00\ub2a5\uc131\uc740 \ub0ae\ub2e4<\/strong>\ub294 \uc810\uc5d0\ub3c4 \uc804\ubb38\uac00\ub4e4\uc774 \uc758\uacac\uc744 \uac19\uc774\ud569\ub2c8\ub2e4<a href=\"https:\/\/www.housecanary.com\/blog\/is-the-housing-market-going-to-crash#:~:text=market%20correction%20rather%20than%20a,reversing%3A%20After%20years%20of%20rapid\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a><a href=\"https:\/\/www.housecanary.com\/blog\/is-the-housing-market-going-to-crash#:~:text=Is%20the%20Housing%20Market%20Going,to%20Crash%20in%202025\" target=\"_blank\" rel=\"noreferrer noopener\"> <\/a>\uc6b0\uc120 <strong>\uc8fc\ud0dd\uae08\uc735 \uccb4\uc9c8<\/strong>\uc774 \ub2f9\uc2dc\ubcf4\ub2e4 \uac74\uc804\ud569\ub2c8\ub2e4. 2000\ub144\ub300\uc758 \uc8fc\ud0dd \uac70\ud488\uae30\uc5d0\ub294 <em>(1)<\/em> \ub300\ucd9c\uc2ec\uc0ac \uc644\ud654\ub85c \uc800\uc2e0\uc6a9\uc790 \ub300\ucd9c\uc774 \ub0a8\ubc1c\ub418\uace0 <em>(2)<\/em> \uc8fc\ud0dd\ub2f4\ubcf4\ubd80 \uc99d\uad8c\ud654\uac00 \uacfc\ub3c4\ud588\uc73c\uba70 <em>(3)<\/em> \ucc28\uc555 \ub9e4\ubb3c\uc774 \ud3ed\uc99d\ud558\ub294 \ub4f1 <strong>\uc704\ud5d8\uc778\uc790\ub4e4\uc774 \ub204\uc801<\/strong>\ub418\uc5c8\uc9c0\ub9cc, \ud604\uc7ac\ub294 \uae08\uc735\uae30\uad00\uc758 \ub300\ucd9c\uc2ec\uc0ac\uac00 \uc5ec\uc804\ud788 \uc5c4\uaca9\ud558\uace0 \uac00\uacc4 \ubd80\ucc44\uc9c8\ub3c4 \uc0c1\ub300\uc801\uc73c\ub85c \uc591\ud638\ud558\uba70 \uc5f0\uccb4\uc728\ub3c4 \ub0ae\uc740 \uc218\uc900\uc785\ub2c8\ub2e4. \ub610\ud55c <strong>\uacf5\uae09 \uce21\uba74\uc758 \uad6c\uc870\uc801 \ubd80\uc871<\/strong>\uc73c\ub85c \uc778\ud574 \uac00\uaca9\uc774 \uae09\ub77d\ud560 \ub9cc\ud55c \uacfc\uc789\uc7ac\uace0\uac00 \uc5c6\ub294 \uc810\ub3c4 \uacfc\uac70\uc640 \ub2e4\ub985\ub2c8\ub2e4. \uc608\ucee8\ub300 2008\ub144 \uc804\uc5d0\ub294 \uc804\uad6d \uc8fc\ud0dd \uc7ac\uace0\uac00 9~10\uac1c\uc6d4\uce58\ub97c \ud6cc\uca4d \ub118\uc5b4 <em>\uacf5\uae09\uacfc\uc789<\/em>\uc774 \uc2ec\uac01\ud588\uc9c0\ub9cc, 2025\ub144 \ud604\uc7ac \uc7ac\uace0\ub294 \uc77c\ubd80 \uc2e0\uaddc\uc8fc\ud0dd \ubd84\uc57c\ub97c \uc81c\uc678\ud558\uba74 \uc5ec\uc804\ud788 \uc218\uc694 \ub300\ube44 \ubd80\uc871\ud55c \ud3b8\uc785\ub2c8\ub2e4. HouseCanary \ub4f1\uc758 \uc2dc\uc7a5\ubd84\uc11d\uc740 \u201c<strong>2008\ub144\uc2dd \uc8fc\ud0dd\uc2dc\uc7a5 \ubd95\uad34\ub294 \ud604\uc7ac \uac00\ub2a5\uc131\uc774 \ub0ae\ub2e4<\/strong>: \uae08\uc735\uc2dc\uc2a4\ud15c\uc774 \uac74\uc804\ud558\uace0 \ucc28\uc785\uc790 \uc9c8\uc774 \uc591\ud638\ud558\uba70 \ucc28\uc555 \ub9e4\ubb3c\ub3c4 \ud1b5\uc81c\ub418\uace0 \uc788\ub2e4\u201d\uace0 \ud3c9\uac00\ud569\ub2c8\ub2e4<a href=\"https:\/\/www.housecanary.com\/blog\/is-the-housing-market-going-to-crash#:~:text=market%20correction%20rather%20than%20a,reversing%3A%20After%20years%20of%20rapid\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \ub300\uc2e0 \ud604\uc7ac \uc9c1\uba74\ud55c \ubb38\uc81c\ub294 \uae30\ub85d\uc801 \uc8fc\ud0dd\uac00\uaca9\uacfc \uace0\uae08\ub9ac\uc5d0 \ub530\ub978 \uc2dc\uc7a5 \u201c\uac70\ub798 \uacbd\uc0c9\u201d\uacfc*\u201caffordability(\uad6c\ub9e4\ub2a5\ub825) \uc704\uae30\u201d\ub85c, \uc774\ub294 \uac00\uaca9 \ud3ed\ub77d\ubcf4\ub2e4\ub294 \uc77c\uc815 \uae30\uac04 \uac70\ub798 \ubd80\uc9c4\uacfc \uac00\uaca9 \uc815\uccb4(\ub610\ub294 \uc644\ub9cc\ud55c \ud558\ud5a5 \uc870\uc815)\ub97c \uc57c\uae30\ud558\ub294 \uc2dc\ub098\ub9ac\uc624\uc5d0 \uac00\uae5d\uc2b5\ub2c8\ub2e4. \uc2e4\uc81c \ud558\ubc84\ub4dc\ub300 JCHS \ubcf4\uace0\uc11c\uc5d0 \ub530\ub974\uba74 2024\ub144 \ubbf8\uad6d \uc8fc\ud0dd\uad6c\ub9e4 affordability \uc9c0\uc218\uac00 \ucd5c\uc545 \uc218\uc900\uc744 \uae30\ub85d\ud558\uba70 \uae30\uc874\uc8fc\ud0dd \ud310\ub9e4\uac00 \uc5f0\uac04 400\ub9cc \ud638\ub85c 30\ub144 \ub9cc\uc758 \ucd5c\uc800\uce58\ub97c \ub098\ud0c0\ub0c8\ub294\ub370<a href=\"https:\/\/www.smartcitiesdive.com\/news\/5-takeaways-from-harvards-2025-state-of-housing-report\/756923\/#:~:text=1,highs\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \uc774\ub7ec\ud55c \uadf9\uc2ec\ud55c \ube44\uc2f8\uc9c4 \uc8fc\ud0dd\uac00\uaca9\uacfc \ub300\ucd9c\uc774\uc790 \ud658\uacbd\uc774 <strong>\uc218\uc694 \uc5b5\uc81c \uc694\uc778<\/strong>\uc73c\ub85c \uc791\uc6a9\ud558\ub294 \ud55c\ud3b8, \uae30\uc874 \uc8fc\ud0dd \uc18c\uc720\uc790\ub4e4\uc774 \ub0ae\uc740 \uae30\uc874 \uae08\ub9ac \ub355\ubd84\uc5d0 \ub9e4\ubb3c\uc744 \ub0b4\ub193\uc9c0 \uc54a\uc544 <strong>\uacf5\uae09\uc704\ucd95<\/strong>\uc774 \ubcd1\ud589\ub418\uba74\uc11c \uc2dc\uc7a5\uc774 \ub0ae\uc740 \uac70\ub798\ub7c9 \uc18d\uc5d0 <strong>\uad50\ucc29 \uc0c1\ud0dc<\/strong>\uc5d0 \ube60\uc838 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\uacb0\ub860\uc801\uc73c\ub85c, <strong>2025\ub144 \ubbf8\uad6d \uc8fc\ud0dd\uc2dc\uc7a5\uc740 \ub69c\ub837\ud55c \ub454\ud654 \uc870\uc9d0\uc744 \ubcf4\uc774\uba70<\/strong> \uc774\ub294 \ud5a5\ud6c4 \uacbd\uae30\uc804\ud658\uc744 \uacbd\uace0\ud558\ub294 \uc2e0\ud638\ub85c \ud574\uc11d\ub429\ub2c8\ub2e4. \ub192\uc740 \uae08\ub9ac\uc640 \uc8fc\ud0dd\uad6c\ub9e4 \ubd80\ub2f4\uc73c\ub85c \uac70\ub798\uc640 \uac74\uc124\uc774 \uc704\ucd95\ub41c \ubaa8\uc2b5\uc740 \uacfc\uac70 \uc5ec\ub7ec \uacbd\uae30\uce68\uccb4 \uc774\uc804\uc5d0\ub3c4 \ub098\ud0c0\ub0ac\ub358 \ud604\uc0c1\uc73c\ub85c, \u201c\uc8fc\ud0dd\uc740 \uc8fc\uc694 \uc120\ud589\uc9c0\ud45c\u201d\ub77c\ub294 \uacbd\uc81c \uaca9\uc5b8\uc744 \uc7ac\ud655\uc778\uc2dc\ucf1c\uc8fc\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \ud604\uc7ac\ub85c\uc11c\ub294 <strong>\uae08\uc735 \uc2dc\uc2a4\ud15c \uc704\ud5d8\uc774\ub098 \uac70\ud488 \ubd95\uad34 \uc870\uc9d0\uc740 \ud06c\uc9c0 \uc54a\uc544<\/strong> 2008\ub144\uacfc \uac19\uc740 \uadf9\ub2e8\uc801 \uc704\uae30 \uac00\ub2a5\uc131\uc740 \uc81c\ud55c\uc801\uc774\uba70, \ub300\uc2e0 <strong>\uacbd\uc81c\uc758 \uc628\ub3c4 \uc870\uc808 \uc5ed\ud560<\/strong>\uc744 \ud558\uba74\uc11c \ud5a5\ud6c4 \uc778\ud50c\ub808\uc774\uc158 \ub454\ud654\uc640 \uae08\ub9ac\uc778\ud558 \uc5ec\uac74\uc744 \ub9c8\ub828\ud574\uc904 \uc218\ub3c4 \uc788\ub2e4\ub294 \ubd84\uc11d\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. \ud5a5\ud6c4 \uc5f0\uc900\uc758 \ud1b5\ud654\uc815\ucc45 \ubc29\ud5a5\uc5d0 \ub530\ub77c \ubaa8\uae30\uc9c0 \uae08\ub9ac\uac00 \ub0b4\ub824\uac04\ub2e4\uba74 \uc8fc\ud0dd\uc2dc\uc7a5\uc774 \uc5f0\ucc29\ub959\ud558\uba70 <strong>\uacbd\uae30 \uc804\ubc18\uc5d0 \ud070 \ucda9\uaca9 \uc5c6\uc774 \uc548\uc815<\/strong>\uc744 \ub418\ucc3e\uc744 \uac00\ub2a5\uc131\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. \uc2e4\uc81c NAR \ub4f1\uc740 \ud558\ubc18\uae30 \uae08\ub9ac\uac00 \uc644\ub9cc\ud788\ub77c\ub3c4 \ub0ae\uc544\uc9c8 \uacbd\uc6b0 \uc8fc\ud0dd \ud310\ub9e4\uac00 \ub2e4\uc2dc \ub298 \uc218 \uc788\ub2e4\uace0 \uc804\ub9dd\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-existing-home-sales-report-shows-2-7-decrease-in-june#:~:text=,Dr.%20Yun%20continued\" target=\"_blank\" rel=\"noreferrer noopener\">.<\/a> \ubc18\ub300\ub85c \uae08\ub9ac\uac00 \uc624\ub798 \ub192\uac8c \uc720\uc9c0\ub418\uac70\ub098 \uace0\uc6a9\uc5ec\uac74\uae4c\uc9c0 \uc545\ud654\ub41c\ub2e4\uba74 \uc8fc\ud0dd\uacbd\uae30 \uce68\uccb4\uac00 \uc7a5\uae30\ud654\ub418\uc5b4 <em>2025~26\ub144\uacbd \uc2e4\ubb3c\uacbd\uc81c\ub97c \ud6c4\ud1f4<\/em>\uc2dc\ud0ac \uc704\ud5d8\uc774 \uc874\uc7ac\ud569\ub2c8\ub2e4. \uacb0\uad6d <strong>\ud604\uc7ac \uc8fc\ud0dd\uc2dc\uc7a5\uc758 \ub454\ud654 \uc9d5\ud6c4\ub294 \uacbd\uae30 \uc0ac\uc774\ud074 \uc0c1\uc758 \ud6c4\ud1f4 \uc704\ud5d8\uc744 \ubd84\uba85\ud788 \uc2dc\uc0ac<\/strong>\ud558\uace0 \uc788\uc73c\uba70, \uc55e\uc73c\ub85c \uba87 \ubd84\uae30 \ub0b4 \uae08\ub9ac\uc640 \uc218\uc694 \uc5ec\uac74 \ubcc0\ud654\uc5d0 \ub530\ub77c \ubbf8\uad6d \uacbd\uc81c\uc758 \uc9c4\ub85c\uac00 \uacb0\uc815\ub420 \uac83\uc73c\ub85c \ubcf4\uc785\ub2c8\ub2e4.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><strong>\ucd9c\ucc98:<\/strong> \uc5f0\uc900(Fed) \ubc0f \uc5f0\ubc29\uae30\uad00 \ud1b5\uacc4, S&amp;P CoreLogic Case-Shiller, FHFA, Zillow \uacbd\uc81c\uc5f0\uad6c, NAR\u00b7\uc804\ubbf8\ubd80\ub3d9\uc0b0\uc911\uac1c\uc778\ud611\ud68c \uc790\ub8cc, Mortgage Bankers Association, Moody\u2019s Analytics, Goldman Sachs \ud22c\uc790\ubd84\uc11d, Harvard JCHS \ub4f1 \ucd5c\uc2e0 \ubcf4\uace0\uc11c \uc885\ud569<a href=\"https:\/\/www.nar.realtor\/newsroom\/nar-existing-home-sales-report-shows-2-7-decrease-in-june#:~:text=%2A%206.75%25%3A%20Average%2030,one%20year%20ago\" target=\"_blank\" rel=\"noreferrer noopener\">nar.realtor<\/a><a href=\"https:\/\/www.globest.com\/2025\/08\/06\/goldman-sachs-warns-weak-housing-sector-could-tip-us-toward-recession\/#:~:text=Academic%20and%20historical%20analyses%20also,goods%20tied%20to%20home%20purchases\" target=\"_blank\" rel=\"noreferrer noopener\">globest.com<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\uc8fc\ud0dd \ud310\ub9e4\ub7c9 \ubc0f \uc7ac\uace0 \uc218\uc900 \ub3d9\ud5a5 2025\ub144 6\uc6d4 \ubbf8\uad6d \uae30\uc874\uc8fc\ud0dd \ud310\ub9e4\u00b7\uac00\uaca9 \ud604\ud669 \uc2a4\ub0c5\uc0f7. \ud310\ub9e4\ub7c9\uc740 \uc5f0\uc728 393\ub9cc \ud638\ub85c \uc800\uc810 \uc218\uc900\uc774\uba70, \uc7ac\uace0\ub294 4.7\uac1c\uc6d4\uce58\ub85c \uc804\ub144\ubcf4\ub2e4 \ub298\uc5c8\uc73c\ub098 \uc5ec\uc804\ud788 \ubd80\uc871\ud55c \ud3b8\uc774\ub2e4 (\uc804\ubbf8\ubd80\ub3d9\uc0b0\uc911\uac1c\uc778\ud611\ud68c \uc790\ub8cc).\ubbf8\uad6d \uc8fc\ud0dd\uc2dc\uc7a5\uc740 \uac70\ub798\ub7c9 \uac10\uc18c\uc640 \ub0ae\uc740 \uc7ac\uace0 \uc218\uc900\uc774 \uc9c0\uc18d\ub418\ub294 \uac70\ub798 \uce68\uccb4 \uad6d\uba74\uc785\ub2c8\ub2e4. \uae30\uc874\uc8fc\ud0dd \ud310\ub9e4\ub294 \uae08\ub9ac \uc0c1\uc2b9 \ub4f1\uc758 \uc601\ud5a5\uc73c\ub85c \uae09\uac10\ud558\uc5ec 2025\ub144 6\uc6d4 \uc5f0\uc728 393\ub9cc \ud638\uc5d0 \uadf8\ucce4\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc804\ub144 \ub3d9\uc6d4 \ub300\ube44 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":371,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kadence_starter_templates_imported_post":false,"footnotes":""},"categories":[1],"tags":[475,482,413,477,486,485,479,483,476,487,481,478,365,484,480],"class_list":["post-373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1","tag-475","tag-482","tag-413","tag-477","tag-486","tag-485","tag-479","tag-483","tag-476","tag-487","tag-481","tag-478","tag-365","tag-484","tag-480"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2026\ub144 \uacbd\uc81c\uc704\uae30 [PART4 2025\ub144 \ubbf8\uad6d \uc8fc\ud0dd\uc2dc\uc7a5 \uc8fc\uc694 \uc9c0\ud45c] - Text Revier<\/title>\n<meta name=\"description\" content=\"2025\ub144 \ubbf8\uad6d \uc8fc\ud0dd\uc2dc\uc7a5\uc740 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