Global house prices
全球房价
HOUSING markets are prone to boom-and-bust cycles, with prices overshooting thenundershooting sustainable levels. To work out whether they are over- or undervalued, TheEconomist uses two gauges. One assesses affordability by comparing prices with disposableincome. The other considers the case for investing in housing by comparing prices with rents.If these ratios are higher than their historical averages property isovervalued; if they are lower it is undervalued. On this basis, Canadas house prices arebubbly whereas Japans are undeservedly flat .
房地产市场容易在可持续水平上下波动从而形成涨跌周期。为了衡量房价被高估还是低估,经济学人采用了两种测量方法。第一种是比较可支配收入与房价水平,第二种是考虑租金与房价的关系。如果这些比率高于自70年代中期以来的历史平均值,那么房地产市场就被高估了。如果低于历史水平,那么房地产市场被低估了。基于此,加拿大的房价有泡沫,而日本的房价则出奇的稳定。
Americas formerly stricken market has rebounded: house prices have risen by 12.1% overthe past year. But the recovery still appears to be sound, since prices remain undervaluedagainst income. A sharp rise in mortgage rates since May, on signs that the Federal Reservewill shortly slow the pace of asset purchases, may in any case temper the boom.
美国曾经低迷的市场有所起色:过去一年房价上涨了12.1%。但是恢复似乎有点过于平静,因为与收入挂钩的话,房价明显过低。自从五月以来的抵押贷款利率激增,这标志着美联储短期内将会放缓房地产购买节奏,这可能放缓经济繁荣的步伐。
Britains recovery is built on shakier foundations. House-price growth has picked up in recentmonths to 3.9% and is likely to accelerate further, even though valuations are stilloverstretched. The market is being buoyed through a subsidy scheme that lowers fundingcosts for mortgage lenders and through special help for low-deposit borrowers.
英国的复苏建立在极不稳定的基础上。近几个月房价已增长了3.9%,尽管估价仍就过高,但是未来还有加速增长的趋势。房地产市场的好转由补贴政策支撑。补贴政策降低抵押贷款者的花费,对低收入者有特殊帮助方法。
Despite favourable valuations, Japanese house prices continue to fall, though at a modest2.2%. The worst-performing markets are in the euro area, notably in southern Europe but also in some northern countries. The French market is also depressed. Valuations remainstretched in Spain even though house prices have fallen by 30% since early 2008. But therecent pick-up in the Irish market looks sustainable following a 49% price crash.
尽管估价较好,但是日本的房价持续下落,最新数据显示下降了2.2%。表现最差的市场在欧洲,最差的在南欧。但是在北欧也有表现很差的国家。法国的房地产市场也很低迷。尽管自2008年以来西班牙的房价已经下降了30%,但是其估价仍就过高。然而最近数据显示,爱尔兰房地产市场在房价暴跌49%以后看起来稳定了不少。
Brighter signs gleam elsewhere, especially in Germany, which avoided the pre-crisis frenzy.Prices there have risen in the past year by 5.1%, which should bolster domestic demandand help support the economic recovery in the euro zone.
其他地方则有好消息,尤其是在德国,德国避开了危机前的房产狂热。在过去的一年里,德国房价上涨了5.1%,扩大了国内需求并有利于欧元区的经济复苏。
六大诀窍让你的简历被HR看到
人死后,假肢都去哪了?
跳槽是时候了:8种迹象说明你该辞职了
生命而非数字:记马航MH370航班乘客的生活
大学生愿望清单:毕业前必做的10件事
压力让男性更自我 却让女性更爱社交
路透社:中国赴马来西亚游客人数大幅下滑
爱情如此简单 爱上某人只需三个原因
如何在工作时快速进入巅峰状态
沃尔玛关闭中国门店引发抗议
《分歧者》登顶周末北美票房榜
研究:父亲年龄大 孩子长得丑
5个好习惯拥有人人羡慕的好皮肤
河北聘请海外专家治霾
爆笑:每天起床我们都要经历的18个阶段
金钱比健康更让人满足
10位“最佳雇主”招聘官解读招聘内幕
搞笑又温馨:素颜自拍筹善款,汉子们化妆来助阵
警惕!6大坏习惯毁掉你一整晚睡眠
博文言过其实的危害
奥巴马三保镖因酒醉事件被提前遣返回国
最美北京--京城四日游
印度寡妇、离婚和单身女性的生活
更低价更温和的试管婴儿方案
米歇尔·奥巴马在北京大学演讲稿
中国家长送子女入读英国名校
习主席在荷兰海牙核安全峰会上的讲话全文(双语)
美前总统吉米·卡特认为自己受到监控
多睡一小时能有多大用?
为报复骗子 英国男子用短信发莎士比亚全集
不限 |
英语教案 |
英语课件 |
英语试题 |
不限 |
不限 |
上册 |
下册 |
不限 |