Recently, the South Korean government frequently issued new housing policies. Under the high pressure of policy, house prices skyrocketed, causing panic buying tide among the public, and the real estate transaction volume in July reached a record high. According to data released by the Ministry of land and transportation of South Korea on July 20, the number of real estate transactions in South Korea reached 141000 units in July, a sharp increase of 110% over the same period last year. From January to July this year, the cumulative trading volume was as high as 762000 sets, nearly double that of the same period last year. Both monthly and cumulative trading volume reached their highest level since the data were available. < p > < p > in the past three years, South Korea has issued 23 new housing policies. However, under the high pressure of policies, the prices of apartment buildings in Seoul have risen by 52%. Many South Korean people are worried that house prices will continue to rise, and they are anxious to buy houses, which has triggered a wave of panic buying. Recently, more than 37400 people came to buy a high-rise apartment building in Seoul, South Korea. The competition ratio was as high as 340:1, setting a new record in the pre-sale history of Seoul. In addition, the housing boom in South Korea’s capital circle has also spread to non capital areas. In the second quarter of this year, small apartments in the five municipalities directly under the central government, including Busan, Datian, Daegu, Yushan and Guangzhou, were also in hot trade, with an increase of about 40% over the same period last year. < / P > < p > with the rise of the housing boom in South Korea, the scale of household debt in South Korea has reached a new high. According to the data released by the Central Bank of Korea on the 19th, the total debt of Korean households in the second quarter was 1637.3 trillion won (about 9.5 trillion yuan), which is the highest value since data were available in South Korea. According to experts’ analysis, under the condition of long-term low interest rates and rising house prices, a large amount of hot money has poured into the Korean property market at an alarming speed. However, once the house prices fall or the government raises interest rates, these assets are likely to become non-performing assets, and even become potential factors that will bring down the real economy of South Korea. Therefore, it is urgent for regulators and the public to treat them rationally.