But then the housing market stalled, as fears of a property bubble spurred a government clampdown on credit, leaving the stock market the place for middle-class savers to put their money. The ensuing boom was a mirror image of the pattern between 1998 and 2001, when the housing market was liberalized and the stock market fell.
但随后对房地产泡沫的担忧促使政府收紧了信用，住房市场随之停滞，而股市成为中产阶级储户的资金流向。随后的上涨时1998—2001年走势的镜像，当时住房市场实现了自由化，而股市则处于熊市。