As Korean industrial production has been steeply declining amidst the world economic crisis, soft landing of the real estate market has become an important policy issue. The house price which had sparked a real estate bubble debate since 2001 started to decline from late last year. Currently, there arises a new concern that the rapid drop in house price may further accelerate the ongoing economic recession. In the long run, stabilization policy for the real estate market needs to be maintained, but speed of the drop in house price needs to be adjusted properly so that it could be harmonized with the current stimulation policy. Considering the local variation in house price gains, the stimulation policy needs to target the provinces with little gains in house price so far. Besides, Debt-to-Income ratio as well as Payment-to-Income ratio shows high burden of interest on household loans, which means extension of grace period or loan deferment plan for low income households may be necessary.