In this paper starting with characteristics of real estate industy,the mechanism of fonmation of the real estate economy bubble is explained with real cases,and the regional characteristics are interpreted through analyzing the average sale price of commodity house in cities as Beijing,Tianjin,Shanghai and Hainan province and the whole country from 1987 to 2001.In the end of the paper,the author concluded that the regional characteristics of real estate economy bubble are decided by such characteristics as non-fluidity of the product,diversity,venture capital and market region.So the government should not only inspect and manage macroscopically the economy bubble but also control the regional economy bubble,which will ensure the steady development of the whole industry and prevent the systematic influence on the macro economy resulting from bursting of the regional economy bubble.