2015考研英语阅读房屋市场春寒料峭

　　THE reanimation of Americas housing market hasbeen a long time coming. Residential building lastcontributed positively to growth in 2005. Housing-construction employment has dropped 43% sincethen. Government efforts to resuscitate themarket have flopped. Yet tantalising signs of adurable recovery are emerging at last. TheNational Association of Home Builders index ofbuilder confidence rose for a fifth consecutivemonth in February, to its highest level since May2007 . Sales of previously-ownedhomes rose 4.3% from December to January. The housing overhang is receding. The numberof homes for sale dropped 21% in the year to January, to just over six months of supplyanormal level.

　　美国翘首以盼房屋市场复苏等得脖子都长了。房屋市场把最后的一点力量贡献给了2005年的经济增长，随后，房屋建造业的就业率就下降了43%。政府在拯救房屋市场的努力也懈怠了，好在耐用品市场最终显示出好转迹象。2月份房屋建造业协会的建设者信心指数迎来连续第5个月增长，达到了2007年5月份以来的最高水平。1月份二手房销售比去年12月份上涨了4.3%，未售房产库存量也有所下降。今年1月份，待售房屋数量下降21%稍稍多于半年的房屋供应量 一个正常水平。

　　The recovery is an odd one by American standards, centred on the rental market. Thoughhouse prices sank 4% in 2011, rents posted a 2.4% increase, thanks to tumbling vacancyrates. Tight conditions are a side-effect of the housing bust. Construction hit a record low in2011, surpassing a 2010 performance which itself displaced 2009s. The pressure fromAmericas growing population is now showing. Builders are responding. The number of newbuilding permits jumped 19% in the year to January. Approvals for buildings with five or moreunits, which are favoured by renters, soared by 61%.

　　这一主要在房屋租赁市场的复苏现象以美国标准来看是比较奇怪的。虽然房价在2011年减少了4%，房屋租金却因为缩水的房屋闲置率涨了2.4%。房市泡沫的一个副作用就是用地紧张。房屋建造业自2009年成绩一路下滑，最后在2011年跌入谷底。美国人口增长的压力现在开始显现出来，施工人员回应道。今年1月份新房建造许可证的数量上升 19%。深受承租人青睐的有5个或更多单间的房屋建造许可证数量一下蹿了61%。

　　Meanwhile, adults who sheltered with friends or family during the recession are striking outon their own. A Goldman Sachs analysis reckons that growth in new households has beensome 50% short of trend since the recession began, with over half of the shortfall comingfrom those aged 18-34. Goldman reckons the worst is over, and that the young should soonadd to new housing demand.

　　与此同时，在大萧条时期和家人或朋友一起住的人也开始搬出去自己住。高盛投资的一位分析师称，在大萧条时期开始后新家庭的增长速度下降了有一半，这50%中有超过一半是18-34岁之间的年轻人造成的。高盛称低潮已经过去，那些年轻人马上就有购买新房的需求了。

　　Those rising rents make buying a bargain: as attractive as it has been for three decades,according to the National Association of Realtors index of housing affordability. Stocks ofhomes for sale are falling as investors snap up and convert vacant homes for renting out.Were it practical, mused Warren Buffett recently, he would buy up a couple of hundredthousand homes.

　　据国家房产经纪人协会的住房购买力指数显示，租金的上涨让购买新房相对便宜：可以说是30年来魅力不减。由于投资商抢购空房并转手出租，待售房库存量下降。最近沃伦?巴菲特思考道，这样做是否有效，因为他要把数十万的空房都买下来。

　　Yet despite this good news, housing finance is frail as ever. Lending rose in the fourth quarterof 2011, but stuck at the lowest level since 2000 for the year as a whole. The market is stillworking off sickly loans. New delinquencies are down sharply from 2008, yet more than $150billion in home loans became delinquent in the fourth quarter of last year. More trouble liesahead. Over 10m borrowers owe more than the value of their home. Banks are wary of newmortgagesand losseswhile prices are falling. The Federal Reserves Senior Loan OfficerSurvey suggests that lending standards remain higher than at the height of the recession.

　　不过，撇开这个好消息，住房信贷依旧虚弱如前。虽说房屋贷款在2011年第四季度上涨，但以全年整体水平来看，却是自2000年以来的最低水平。更多的麻烦还在前面等着呢。超过1千万名贷款买房者欠下银行的债比他们的房子的资产还要多。在房价走低的时候，银行对新按揭和损失处理得小心翼翼。美联储高级信贷人员调查显示，借贷标准比大萧条时期达到的高点还要高。

　　Washington remains behind the curve. Fearing for its finances, the Federal HousingAdministration is increasing fees on mortgages it insures, which account for roughly a third ofall new bank loans. A typical borrowers loan costs may rise by just $5 a month, yetAmerican Banker, a financial-services daily, suggests the rise could cut lending by billions ofdollars. The Federal Housing Finance Agency is moving only slowly to pack foreclosed-onhomes into bunches to be sold to investors for renting out. Thanks to those renters, the worstmay be over. But it will be years before the mortgage market fully recovers.

　　美国政府还没有跟上形势。因为担心现在的财政状况，联邦住房管理局抬高了担保按揭贷款的费用，大约占新的银行贷款的三分之一。一个典型的贷款者每月需要还的房贷可能会上涨5美元，不过，金融类日报《美国银行家》称，还贷量增加可缩减数十亿美元的借贷。联邦住房金融署磨磨蹭蹭地把止赎房屋收回并卖给投资商，让他们转租出去。多亏那些租房者，最困难的坎儿似乎度过去了，但是想让按揭市场完全好转过来还需要很长时间。