Housing represents a unique dual identity—as both essential shelter and a pivotal financial asset—that places it at the heart of economic stability and cyclical fluctuation. This chapter examines the structural drivers of housing markets, including demographic shifts, interest rates, land supply, and regulatory frameworks, while analyzing their profound interaction with financial systems and macroeconomic performance. Through case studies of major real estate crises—from the U.S. subprime collapse to Japan’s lost decade—it reveals how housing bubbles form, amplify, and ultimately rupture, often triggering broader financial turmoil. The discussion further establishes empirical patterns of boom-bust cycles and underscores housing’s role as 'the mother of all cycles.'