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(1). Finance and Economics；Global house prices;Downdraft;
财经；全球房价; 全球房价日渐衰落;
(2). European house prices are finding it harder to defy gravity;
欧洲房价难以扭转乾坤;
(3). 1: From the late 1990s home prices across the rich world soared relentlessly upward, borne aloft on a gale of cheap capital.
2: In 2006 some overvalued markets began crashing to earth.
3: Until recently, however, the correction seemed remarkably contained.
4: American and Irish home prices plunged, giving up all the gains of the previous decade, but others have fallen far less steeply.
5: Some markets faltered and then stabilised.
6: The latest update of The Economist’s global house-price indicators hints that this period of post-crisis calm may be coming to an end.
2: In 2006 some overvalued markets began crashing to earth.
3: Until recently, however, the correction seemed remarkably contained.
4: American and Irish home prices plunged, giving up all the gains of the previous decade, but others have fallen far less steeply.
5: Some markets faltered and then stabilised.
6: The latest update of The Economist’s global house-price indicators hints that this period of post-crisis calm may be coming to an end.
1:上世纪90年代起，发达国家的房价借廉价资本之风冲上云霄，高居不下。
2:2006年部分被高估的楼市开始回落。
3:然而直至近日，回落势头似乎才得以控制。
4:美国、爱尔兰的住房房价急遽下滑，前十年积攒的楼市盈余全部打了水漂。较前两国而言，其他国家的房价下滑则较为平缓。
5:一些楼市虽起伏不定，随后却能趋于稳定。
6:本刊最新更新的全球房价指数暗示，暴风雨前的宁静期或将告终。
2:2006年部分被高估的楼市开始回落。
3:然而直至近日，回落势头似乎才得以控制。
4:美国、爱尔兰的住房房价急遽下滑，前十年积攒的楼市盈余全部打了水漂。较前两国而言，其他国家的房价下滑则较为平缓。
5:一些楼市虽起伏不定，随后却能趋于稳定。
6:本刊最新更新的全球房价指数暗示，暴风雨前的宁静期或将告终。
(4). 1: Europe’s gravity-defying act has been the most striking.
2: Most of its largest housing markets—Germany is the big exception—boomed in the early 2000s and stumbled during the crisis.
3: But fortunes have diverged since then.
4: Irish prices plunged and continue to sink.
5: House prices in most other markets are still well above “fair value”, which we define as the long-run average of two measures: the price-to-income ratio, a gauge of affordability, and the price-to-rents ratio, an analogue of the price-to-earnings ratio used to judge the equity value of listed firms.
6: Spanish markets are still overvalued by a quarter on these measures, although prices are falling.
7: In Belgium and France, prices are well above fair value and they continue to rise.
2: Most of its largest housing markets—Germany is the big exception—boomed in the early 2000s and stumbled during the crisis.
3: But fortunes have diverged since then.
4: Irish prices plunged and continue to sink.
5: House prices in most other markets are still well above “fair value”, which we define as the long-run average of two measures: the price-to-income ratio, a gauge of affordability, and the price-to-rents ratio, an analogue of the price-to-earnings ratio used to judge the equity value of listed firms.
6: Spanish markets are still overvalued by a quarter on these measures, although prices are falling.
7: In Belgium and France, prices are well above fair value and they continue to rise.
1:欧洲房价跌幅格外惹人注目。
2:除德国之外，多数欧洲大型住房市场无一例外的在21世纪初繁荣，而后受金融危机拖累。
3:各国命运自此分岔。
4:爱尔兰房价急转直下，至今未能刹车。
5:而其余楼市的住房价格却依旧维持在“公平价格”之上。所谓公平价格，即房价对收比和租售比两项指标的长期平均值。其中，房价对收比用于评估评估支付能力，而租售比则模拟市盈率以鉴定上市公司股权价值。
6:西班牙房价虽呈下滑趋势，但楼市仍被高估25%。
7:比利时和法国的房价则远超公平价格，并继续高飞猛涨。
2:除德国之外，多数欧洲大型住房市场无一例外的在21世纪初繁荣，而后受金融危机拖累。
3:各国命运自此分岔。
4:爱尔兰房价急转直下，至今未能刹车。
5:而其余楼市的住房价格却依旧维持在“公平价格”之上。所谓公平价格，即房价对收比和租售比两项指标的长期平均值。其中，房价对收比用于评估评估支付能力，而租售比则模拟市盈率以鉴定上市公司股权价值。
6:西班牙房价虽呈下滑趋势，但楼市仍被高估25%。
7:比利时和法国的房价则远超公平价格，并继续高飞猛涨。
(5). 1: Such buoyancy can largely be attributed to a combination of low interest rates and a preponderance of variable-rate mortgages.
2: But from the third quarter of 2011 to the fourth, as recession bit and bond markets wobbled, European house prices came under downward pressure.
3: The pace of depreciation quickened around the periphery of the euro zone. Appreciation slowed in Germany and France.
4: The euro area’s downturn probably continued into the first quarter of 2012 and may persist beyond that.
5: Unemployment is rising across the continent and banks are under pressure to shore up balance-sheets (see article).
6: Prices will struggle to rise in such conditions, in over- and undervalued markets alike.
2: But from the third quarter of 2011 to the fourth, as recession bit and bond markets wobbled, European house prices came under downward pressure.
3: The pace of depreciation quickened around the periphery of the euro zone. Appreciation slowed in Germany and France.
4: The euro area’s downturn probably continued into the first quarter of 2012 and may persist beyond that.
5: Unemployment is rising across the continent and banks are under pressure to shore up balance-sheets (see article).
6: Prices will struggle to rise in such conditions, in over- and undervalued markets alike.
1:楼市呈现如此繁荣景象，很大程度上应归功于低利率和浮息按揭的优势。
2:而在2011年第三季度至第四季度间，经济衰退来袭，债券市场暴跌，欧洲房价不负重压开始跌落。
3:欧元区边缘国家跌幅加速，德法两国涨幅放缓。
4:预计2012年第一季度欧元区将持续萎靡，低迷之势抑或加剧。
5:欧洲大陆失业之风蔓延，银行肩负平衡资产负债表之压。
6:此般情形之下，无论在楼市被高估与否，房价势必难以反弹。
2:而在2011年第三季度至第四季度间，经济衰退来袭，债券市场暴跌，欧洲房价不负重压开始跌落。
3:欧元区边缘国家跌幅加速，德法两国涨幅放缓。
4:预计2012年第一季度欧元区将持续萎靡，低迷之势抑或加剧。
5:欧洲大陆失业之风蔓延，银行肩负平衡资产负债表之压。
6:此般情形之下，无论在楼市被高估与否，房价势必难以反弹。
(6). 1:Housing markets have also cooled in far healthier economies.
2:China’s government spent much of 2011 reining in its scorching housing sector by limiting multiple home purchases, raising interest rates and hiking banks’ reserve requirements.
3:Soaring prices now look a thing of the past: values were essentially flat in the year to the fourth quarter of 2011.
4:A fragile Europe and a cooling China have taken the wind out of other Asian housing markets.
5:Values continue to rise in Singapore but more slowly than in the third quarter of last year.
6:Australian home values fell faster in the fourth quarter than in the third.
2:China’s government spent much of 2011 reining in its scorching housing sector by limiting multiple home purchases, raising interest rates and hiking banks’ reserve requirements.
3:Soaring prices now look a thing of the past: values were essentially flat in the year to the fourth quarter of 2011.
4:A fragile Europe and a cooling China have taken the wind out of other Asian housing markets.
5:Values continue to rise in Singapore but more slowly than in the third quarter of last year.
6:Australian home values fell faster in the fourth quarter than in the third.
1:一些健康经济体的楼市热浪也已消退。
2:2011年中国政府耗费大量精力通过限制个人购房数，提高利率以及提高银行准备金标准来压制过热的房价。
3: 如今看来，飙升的房价已呈回落之势：2011年第三季度房价走势基本平缓。
4: 萎靡脆弱的欧洲和日益冷静的中国也削弱了其他亚洲楼市的锐气。
5:新加坡房价持续走高，但涨幅较去年第三季度相比明显放缓。
6:澳大利亚住房价格第四季度的跌幅则大于第三季度。
2:2011年中国政府耗费大量精力通过限制个人购房数，提高利率以及提高银行准备金标准来压制过热的房价。
3: 如今看来，飙升的房价已呈回落之势：2011年第三季度房价走势基本平缓。
4: 萎靡脆弱的欧洲和日益冷静的中国也削弱了其他亚洲楼市的锐气。
5:新加坡房价持续走高，但涨幅较去年第三季度相比明显放缓。
6:澳大利亚住房价格第四季度的跌幅则大于第三季度。
(7). 1: America’s housing-market correction has gone further than most.
2: On our gauge, prices nationally are 19% below fair value.
3: Economic conditions are improving, and the unemployment rate is down sharply from a year ago.
4: Home sales and construction are depressed relative to normal levels but rose substantially in early 2012 from the prior year.
5: Prices keep falling, however.
6: According to the latest release of the S&P/Case-Shiller index of home prices, home values in large markets were down by 3.8% in the year to January.
7: That was better than a 4.1% drop in December but still horribly disappointing.
2: On our gauge, prices nationally are 19% below fair value.
3: Economic conditions are improving, and the unemployment rate is down sharply from a year ago.
4: Home sales and construction are depressed relative to normal levels but rose substantially in early 2012 from the prior year.
5: Prices keep falling, however.
6: According to the latest release of the S&P/Case-Shiller index of home prices, home values in large markets were down by 3.8% in the year to January.
7: That was better than a 4.1% drop in December but still horribly disappointing.
1:美国楼市回落之势最大。
2:本刊指数表显示，全美房价低于公平价格19%。
3:而美国的经济状况日渐转好，失业率也较去年急剧锐减。
4:去年至今年年初住房销量和建筑量虽大幅上升，但与正常水平相对略显萧条。
5:然而房价持续下滑。
6:最新公布的标普住房价格指数显示，今年一月大型楼市房价下降了3.8%。
7:虽比12月下跌4.1%要好，但依旧令人极其失望。
2:本刊指数表显示，全美房价低于公平价格19%。
3:而美国的经济状况日渐转好，失业率也较去年急剧锐减。
4:去年至今年年初住房销量和建筑量虽大幅上升，但与正常水平相对略显萧条。
5:然而房价持续下滑。
6:最新公布的标普住房价格指数显示，今年一月大型楼市房价下降了3.8%。
7:虽比12月下跌4.1%要好，但依旧令人极其失望。
(8). Better times are in sight. Buying a house looks like an increasingly good bet compared with renting, according to The Economist’s calculations. Indeed, rising rents are helping to cut into a backlog of unsold homes; in February, 23% of home sales were to investors, many of whom will switch the properties into rentals.
好日子指日可待。本刊预计，买房看上去越来越比租房划算。飙升的租金确实有助于抛售积压房产。今年二月住房销售量中，23%由投资者购买，而其中大部分房产将转用于出租。
(9). 1:Canadians have reason to quake at the wrenching correction going on south of the border.
2:House prices in Canada are above their 2007 mark, and appreciation accelerated from the third quarter of 2011 to the fourth.
3:The price-to-rent ratio now indicates that Canadian properties are 76% overvalued, though things look less bubbly on the income measure and Canadian lenders are a far more disciplined bunch than pre-crisis American lenders were.
4:The government hopes to prod markets into a slowdown by toughening financing rules.
2:House prices in Canada are above their 2007 mark, and appreciation accelerated from the third quarter of 2011 to the fourth.
3:The price-to-rent ratio now indicates that Canadian properties are 76% overvalued, though things look less bubbly on the income measure and Canadian lenders are a far more disciplined bunch than pre-crisis American lenders were.
4:The government hopes to prod markets into a slowdown by toughening financing rules.
1:加拿大人绝对有理由为美国骤然回落的房价担忧。
2:加拿大房价远超2007年水平，2011年第三季度到第四季度间增幅加速。
3: 尽管单用收入衡量，加拿大楼市看似则不那么泡沫，而且加拿大的贷方远比金融危机前的美国贷方有教养，但目前租售比显示加拿大房产被高估了76%。
4:加拿大政府则希望通过强化融资规来刺激楼市放缓。
2:加拿大房价远超2007年水平，2011年第三季度到第四季度间增幅加速。
3: 尽管单用收入衡量，加拿大楼市看似则不那么泡沫，而且加拿大的贷方远比金融危机前的美国贷方有教养，但目前租售比显示加拿大房产被高估了76%。
4:加拿大政府则希望通过强化融资规来刺激楼市放缓。
(10). 1: In large, global cities there is another dimension to house-price movements.
2: Where foreign demand is an important part of the local property market, exchange rates matter for affordability, as our analysis of prices adjusted for trade-weighted exchange rates indicates (see chart).
3: Consider London. Homes there may feel as expensive as ever to Britons, but a large sterling depreciation means houses look some 15% cheaper to foreigners now than they did five years ago.
4: Dollar weakness has left New York homes some 30% cheaper for international buyers than in 2006.
5: By contrast, a dearer loonie has driven up Toronto home values by nearly 90% since 2006, compared with a rise of 32% in local-currency terms.
6: The yuan’s slow but steady rise has magnified appreciation in Shanghai. Small wonder Chinese buyers are so visible in London and Manhattan.
2: Where foreign demand is an important part of the local property market, exchange rates matter for affordability, as our analysis of prices adjusted for trade-weighted exchange rates indicates (see chart).
3: Consider London. Homes there may feel as expensive as ever to Britons, but a large sterling depreciation means houses look some 15% cheaper to foreigners now than they did five years ago.
4: Dollar weakness has left New York homes some 30% cheaper for international buyers than in 2006.
5: By contrast, a dearer loonie has driven up Toronto home values by nearly 90% since 2006, compared with a rise of 32% in local-currency terms.
6: The yuan’s slow but steady rise has magnified appreciation in Shanghai. Small wonder Chinese buyers are so visible in London and Manhattan.
1:国际大都市的房价波动还有一个特点。
2:本刊对房价随贸易加权汇率的变动的分析显示（见上图），若当地房地产市场以国外需求为主，购买力必受外汇汇率的影响。
3:举伦敦为例，在英国人眼中的房价也许与....(please sign in for more)
2:本刊对房价随贸易加权汇率的变动的分析显示（见上图），若当地房地产市场以国外需求为主，购买力必受外汇汇率的影响。
3:举伦敦为例，在英国人眼中的房价也许与....(please sign in for more)
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