In order to uncover the appearance of the bubble economy in the real estate market and promote the rational allocation of resources, this paper studies the potential risks of excessive financialization of the real estate market on the macroeconomic crisis. Based on the constructed model of the relationship between excessive financialization of the real estate market and macroeconomic crisis, the excessive financialization of the real estate market is refined into four factors, namely, the increase in the total amount of selected finance, the expansion of the balance sheet, the increase in land and property mortgages, and the intensification of the degree of financial expansion, and the hypothesis that all of these factors may exacerbate the macroeconomic crisis is put forward. The experimental results show that the correlation coefficient values of these four factors on macroeconomic crises are 0.447, 0.441, 0.446, and 0.443, respectively, suggesting that an increase in financial aggregates, balance sheet expansion, an increase in land and property mortgages, and an increase in the degree of financial inflation, can all significantly elevate the occurrence of macroeconomic crises.
