Measurement of House Prices Speculation Degree in Tianjin City

In real estate market, speculation plays a key role in the formation of real estate bubble. We decompose house prices in Tianjin into fundamental and non -fundamental components. A speculation measurement model for the real estate bubble is established in this paper. The housing demolition quantity as a variable is introduced to modify the model. Combining with actual date, we test the speculative degree of house prices in Tianjin.