This study focuses on the real estate bubble burst in the US housing market during 2007–2008. We analyze the dynamics of the housing market crash and the after-crash sequence during the Great Recession. When a complex system deviates away from its typical path by the occurrence of an extreme event, its behavior is strongly characterized as nonstationary with higher volatility. With the utilization of a robust method, we present the characteristics of the aftershock period and provide useful information about the spatial distribution and the decay process of the aftershock sequence in terms of time. The returns of the housing price indices are well approximated by the empirics of a power law. Although we deal with low-frequency data, a time power-law relaxation pattern is identified. Our findings align with those in geophysics, indicating that the value of the relaxation parameter typically hovers around one and varies across different thresholds.

中文翻译：

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大衰退期间美国房地产市场的经验分布：重大崩溃后的非线性缩放行为

本研究重点关注 2007 年至 2008 年美国房地产市场的房地产泡沫破裂。我们分析了大衰退期间房地产市场崩溃的动态以及崩溃后的顺序。当复杂系统因极端事件的发生而偏离其典型路径时，其行为具有强烈的非平稳特征，具有较高的波动性。利用稳健的方法，我们呈现了余震周期的特征，并提供了余震序列在时间上的空间分布和衰减过程的有用信息。房价指数的回报可以通过幂律的经验得到很好的近似。尽管我们处理低频数据，但仍识别出时间幂律松弛模式。我们的研究结果与地球物理学的研究结果一致，表明松弛参数的值通常徘徊在 1 左右，并且在不同的阈值之间变化。