2015考研英语阅全球房价
<p> <span word="Global">Global</span> <span word="house">house</span> <span word="prices">prices</span></p><p> 全球房价</p><p> <span word="HOUSING">HOUSING</span> <span word="markets">markets</span> <span word="are">are</span> <span word="prone">prone</span> <span word="to">to</span> <span word="boom">boom</span>-<span word="and">and</span>-<span word="bust">bust</span> <span word="cycles">cycles</span>, <span word="with">with</span> <span word="prices">prices</span> <span word="overshooting">overshooting</span> <span word="thenundershooting">thenundershooting</span> <span word="sustainable">sustainable</span> <span word="levels">levels</span>. <span word="To">To</span> <span word="work">work</span> <span word="out">out</span> <span word="whether">whether</span> <span word="they">they</span> <span word="are">are</span> <span word="over">over</span>- <span word="or">or</span> <span word="undervalued">undervalued</span>, <span word="TheEconomist">TheEconomist</span> <span word="uses">uses</span> <span word="two">two</span> <span word="gauges">gauges</span>. <span word="One">One</span> <span word="assesses">assesses</span> <span word="affordability">affordability</span> <span word="by">by</span> <span word="comparing">comparing</span> <span word="prices">prices</span> <span word="with">with</span> <span word="disposableincome">disposableincome</span>. <span word="The">The</span> <span word="other">other</span> <span word="considers">considers</span> <span word="the">the</span> <span word="case">case</span> <span word="for">for</span> <span word="investing">investing</span> <span word="in">in</span> <span word="housing">housing</span> <span word="by">by</span> <span word="comparing">comparing</span> <span word="prices">prices</span> <span word="with">with</span> <span word="rents">rents</span>.<span word="If">If</span> <span word="these">these</span> <span word="ratios">ratios</span> <span word="are">are</span> <span word="higher">higher</span> <span word="than">than</span> <span word="their">their</span> <span word="historical">historical</span> <span word="averages">averages</span> <span word="property">property</span> <span word="isovervalued">isovervalued</span>; <span word="if">if</span> <span word="they">they</span> <span word="are">are</span> <span word="lower">lower</span> <span word="it">it</span> <span word="is">is</span> <span word="undervalued">undervalued</span>. <span word="On">On</span> <span word="this">this</span> <span word="basis">basis</span>, <span word="Canadas">Canadas</span> <span word="house">house</span> <span word="prices">prices</span> <span word="arebubbly">arebubbly</span> <span word="whereas">whereas</span> <span word="Japans">Japans</span> <span word="are">are</span> <span word="undeservedly">undeservedly</span> <span word="flat">flat</span> .</p><p> 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。</p><p> <span word="Americas">Americas</span> <span word="formerly">formerly</span> <span word="stricken">stricken</span> <span word="market">market</span> <span word="has">has</span> <span word="rebounded">rebounded</span>: <span word="house">house</span> <span word="prices">prices</span> <span word="have">have</span> <span word="risen">risen</span> <span word="by">by</span> 12.1% <span word="overthe">overthe</span> <span word="past">past</span> <span word="year">year</span>. <span word="But">But</span> <span word="the">the</span> <span word="recovery">recovery</span> <span word="still">still</span> <span word="appears">appears</span> <span word="to">to</span> <span word="be">be</span> <span word="sound">sound</span>, <span word="since">since</span> <span word="prices">prices</span> <span word="remain">remain</span> <span word="undervaluedagainst">undervaluedagainst</span> <span word="income">income</span>. <span word="A">A</span> <span word="sharp">sharp</span> <span word="rise">rise</span> <span word="in">in</span> <span word="mortgage">mortgage</span> <span word="rates">rates</span> <span word="since">since</span> <span word="May">May</span>, <span word="on">on</span> <span word="signs">signs</span> <span word="that">that</span> <span word="the">the</span> <span word="Federal">Federal</span> <span word="Reservewill">Reservewill</span> <span word="shortly">shortly</span> <span word="slow">slow</span> <span word="the">the</span> <span word="pace">pace</span> <span word="of">of</span> <span word="asset">asset</span> <span word="purchases">purchases</span>, <span word="may">may</span> <span word="in">in</span> <span word="any">any</span> <span word="case">case</span> <span word="temper">temper</span> <span word="the">the</span> <span word="boom">boom</span>.</p>
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