House prices soared because housing is the product preeminently bought with debt , and the savings rate plummeted because home equity value was rising , while consumption soared as people took out second mortgages or home equity loans on their appreciating homes and spent the proceeds on personal consumption .

房价飙升因为住房很显然是贷款买的产品，储蓄率直线下降因为家庭资产价值正在上升，而人们拿出第二抵押贷款或房屋净值贷款购买他们欣赏的房子和把收益用于个人消费导致消费飙升。