Haibin Zhu haibin.zhu@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Securitized Product Research John Sim AC john.sim@jpmorgan.com J.P. Morgan Securities LLC US Equity Research Strategic Research 23 June 2025 J P M O R G A N J.P. Morgan Perspectives Defying Expectations: Housing Bubble Has Yet to Burst Emerging Markets Asia, Economic and Policy Research Securitized Product Research Nick Maciunas AC nicholas.m.maciunas@jpmorgan.com J.P. Morgan Securities LLC Ayako Fujita ayako.fujita@jpmorgan.com ...