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原文
(1). Mixed messages
混乱的信息
(2). America surges, much of Europe sinks
美国房价上涨，欧洲房价下跌
(3). 1:Aug 31st 2013 |From the print editionHOUSING markets are prone to boom-and-bust cycles, with prices overshooting then undershooting sustainable levels.
2:To work out whether they are over- or undervalued, The Economist uses two gauges.
3:One assesses affordability by comparing prices with disposable income.
4:The other considers the case for investing in housing by comparing prices with rents.
5:If these ratios are higher than their historical averages (since the mid-1970s) property is overvalued; if they are lower it is undervalued.
6:On this basis, Canada’s house prices are bubbly whereas Japan’s are undeservedly flat (see table).
2:To work out whether they are over- or undervalued, The Economist uses two gauges.
3:One assesses affordability by comparing prices with disposable income.
4:The other considers the case for investing in housing by comparing prices with rents.
5:If these ratios are higher than their historical averages (since the mid-1970s) property is overvalued; if they are lower it is undervalued.
6:On this basis, Canada’s house prices are bubbly whereas Japan’s are undeservedly flat (see table).
1: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。
2: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。
3: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。
4: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。
5:如果低于历史水平，那么房地产市场被低估了。
6:基于此，加拿大的房价有泡沫，而日本的房价则出奇的稳定。
2: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。
3: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。
4: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。
5:如果低于历史水平，那么房地产市场被低估了。
6:基于此，加拿大的房价有泡沫，而日本的房价则出奇的稳定。
(4). America’s formerly stricken market has rebounded: house prices have risen by 12.1% over the past year. But the recovery still appears to be sound, since prices remain undervalued against income. A sharp rise in mortgage rates since May, on signs that the Federal Reserve will 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。
(5). Britain’s recovery is built on shakier foundations. House-price growth has picked up in recent months to 3.9% and is likely to accelerate further, even though valuations are still overstretched. The market is being buoyed through a subsidy scheme that lowers funding costs 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。
(6). 1: Despite favourable valuations, Japanese house prices continue to fall, though at a modest 2.2%.
2: The worst-performing markets are in the euro area, notably in southern Europe (Spanish prices are down by 8.2% in the past year) but also in some northern countries (Dutch prices have fallen by 8.5%).
3: The French market is also depressed.
4: Valuations remain stretched in Spain even though house prices have fallen by 30% since early 2008.
5: But the recent pick-up in the Irish market looks sustainable following a 49% price crash.
2: The worst-performing markets are in the euro area, notably in southern Europe (Spanish prices are down by 8.2% in the past year) but also in some northern countries (Dutch prices have fallen by 8.5%).
3: The French market is also depressed.
4: Valuations remain stretched in Spain even though house prices have fallen by 30% since early 2008.
5: But the recent pick-up in the Irish market looks sustainable following a 49% price crash.
1: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%。
2:表现最差的市场在欧洲，最差的在南欧（西班牙房价在过去一年中下降了8.2%）。但是在北欧也有表现很差的国家（荷兰的房价下降了8.5%）。
3:法国的房地产市场也很低迷。
4: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。
5: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。
2:表现最差的市场在欧洲，最差的在南欧（西班牙房价在过去一年中下降了8.2%）。但是在北欧也有表现很差的国家（荷兰的房价下降了8.5%）。
3:法国的房地产市场也很低迷。
4: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。
5: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。
(7). 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 demand and 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。
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