Global housing braced for a storm

Related words:

1. loom = emerge = appear 浮現(xiàn) e.g. The prospect of war loomed large.
2. set someone back = cost?someone a?large?amount?of?money 花費(fèi)某人一大筆錢 e.g. Our?vacation?set us back over $3000.
3. benchmark rate 基準(zhǔn)利率
4. net household wealth 家庭凈財(cái)富
5. get out of hand 失控 e.g. Values have got so out of hand that they may be sensitive to even modest rises in interest rates.
6. housing juggernaut 房地產(chǎn)巨頭
7. variable-rate mortgages 浮動(dòng)利率
8. fixed mortagages 固定利率
9. tax break 減免稅收
10. sublet 轉(zhuǎn)租
11. outright owner 只覺(jué)得房屋擁有者
12. home and dry 安然無(wú)恙
13. nearing home-buying years 接近買房年齡
14. hotspots 熱點(diǎn)地區(qū)
15. buy houses with taking on debt 貸款買房
16. indebtedness 債務(wù)
17. loan-to-income 貸款收入比例
18. subprime-lending crisis 次貸危機(jī)

Vocabulary:

1. Brace for sth 為…做準(zhǔn)備 e.g. New England is?bracing for?a winter storm. 另一個(gè)常見(jiàn)的用法：Brace oneself for sth? e.g. They?brace?themselves?for?the worst.
2. be in full swing 全面展開(kāi)，全力進(jìn)行
3. brew v 將要形成，一般用于bad situation, e.g. A?storm?was brewing in the?distance.
4. outright 直接地
5. prevalence n 流行，盛行，普遍 e.g.the prevalence of?smoking?among?teenagers
6. the bulk of 主體，大部分 e.g. make up the bulk of existing loans.
7. towering 高聳的 towering mortatge repayments
8. ravenous 貪婪的 Growing?boys?have ravenous?appetites.
9. fare 表現(xiàn)
10. one way or another 無(wú)論如何
11. tight 嚴(yán)格 lending standard is tighter.
12. came into sharp focus 更加突出

Nice sentence:

1. 一些數(shù)字表述的用法：

• House prices in Canada have soared by 26% since the start of the pandemic.
• The average property in New Zealand could set you back more than $640,000, an increase of nearly 46% since 2009.
• Inflation in Britain could exceed 10% later this year, raised its policy rate for the fourth time, to 1%.
• The federal funds rate to rise above 3% by early 2023, more than triple its current level.
• In Australia, homeowners' average debt as a share of income has swollen to 150%.

1. A 2008-style global property cash is unlikely. Property in America, which bore the brunt of the fallout from the subprime-lending crisis, appears better insulated than other economic bodies. Becasue borrowers and lenders there have become more cautious, and lending standards are tighter. On the other hand, one floor for house prices is that demand still vastly outstrips supply. Strong job markets, hordes of millenials nearing home-buying years and a shift to remote working have all increased the demand for more living space. And new properties remain scarce, which will sustain competition for homes and help keep prices high.
2. (為什么加息會(huì)使得房產(chǎn)價(jià)格下落）The rising cost of money could make homeowners' existing debt burdens difficult to manage by increasing their repayments while putting off some prospective buyers. If that hit to demand is big enough, prices could start to fall.
3. (貨幣收緊的影響）As the era of ultra-cheap money comes to an end, then demand for housing is not about to collapse. Yet one way or anther, renters and homeoweners will face an intensifying squeeze.
4. Three factors will help determine whether the housing juggernaut simply slow, or comes crashing to a halt: the extent to which homeowners have mortgages, (家庭房屋房貸占比）; the prevalence of variable-rate mortgages（浮動(dòng)利率占比）; and the amount of debt taken on by households（家庭債務(wù)占比）.

• (房屋資產(chǎn)占銀行債務(wù)比例越高，影響就越大）Consider first the share of mortage-holders in an economy. The fewer homeowners who own their properties outright, the greater the impact of a rate rise is likely to be. In particular, a relaxation of lending standards in response to the Covid-19 pandemic turbocharged borrowing. In Sweden, tax breaks(免稅） for homeowners have further fuelled the rush to secure mortgages, while a dysfunctional rental market characterised overpriced and illegal subletting（以高價(jià)格和非法轉(zhuǎn)租為標(biāo)志的失靈的租賃市場(chǎng)）, has pushed more tenants into home ownership. All this puts banks in a tricky position where housing loans make up more than a third of banks' total assets. Sharp falls in house prices could trigger losses.
• The structure of mortgage debt-the second factor-matters. Rising interest rates will be felt almost instantly by borrowers on variable rates-which fluctuate with changes in policy rates-for those on fixed rates, the pain will be delayed. In New Zealand fixed rate mortgages make up the bulk of existing loans, but nearly three fifths are fixed for less than a year. In such countries, mortages rates may often be fixed, but for a period that is too short to protect borrowers from the interest-rate storm.
• Resilience to rising rates will also depend on the amount of debt taken on by households-our third factor. High indebtedness came into sharp focus during the global financial crisis. As property prices fell, households with towering mortage repayments relative to their mortage repayments relative to their incomes found themselves squeezed. In Australia, homeowners' average debt as a share of income has swollen to 150%. Households will face heftier monthly repayments just as soaring food and energy costs eat into their incomes.