房地產(chǎn)英文翻譯

1、Housing Is Still Underpriced被低估的房價(jià)After rising at a quick pace for the last five years, housing prices are now at a plateauaccording to some. Housing bubble believers frequently point to the fact that housing priceshave run up while rents have remained relatively flat, and claim that the disparity m

2、ust becorrected by a decline in housing prices. Analyzing the purchase price of a given home againstthe price it fetches in rent though shows that housing still remains a great investment withmuch room to the upside . In fact, the P/E ratio of housing is currently below most stockswhen it should be

3、higher due toa decreased risk factor. Even in the mostoverpriced markets,the price of housing is backed up by solid fundamentals.過去五年，房價(jià)持續(xù)快速增長，而如今，房價(jià)處于穩(wěn)定期。那些堅(jiān)信會(huì)出現(xiàn)房地 產(chǎn)泡沫人往往會(huì)指出這樣一個(gè)事實(shí)：即使房租保持相對(duì)平穩(wěn)，房價(jià)依舊會(huì)高漲。同時(shí)，他們堅(jiān)信，房價(jià)下跌可以阻止這一矛盾。通過分析對(duì)比給定的房屋售價(jià)與 其全部租金，購房仁是最好的投資，因?yàn)榉績r(jià)有很大的上升空間。實(shí)際上，購房 的市盈率本應(yīng)隨著投資風(fēng)險(xiǎn)降低而增高，而如今的市盈率卻低于

4、許多股票價(jià)。盡 管高估了樓市，但房價(jià)有堅(jiān)固的基礎(chǔ)作為后盾。Price / Earnings Ratio市盈率Stocks are traditionally valued based upon their earnings. The most common metric forevaluating stocks is the Price / Earnings ratio (P/E). P/E takes the current market price of astock and divides it by the share of yearly earnings that single sh

5、are represents. For example,MSFT (Microsoft) currently trades at 27with earnings per share of $1.18. This computes to aP/E ratio of about 22.9. P/E ratios of established DOW companies are typically in the mid 20s.我們往往根據(jù)股票贏利估算股票價(jià)格。 估算股票價(jià)格最常見的度量標(biāo)準(zhǔn)就是市盈率。市盈率是一只股票現(xiàn)在的市場(chǎng)價(jià)格，除以按照一個(gè)季度（年度）這算的年收 益。比如微軟公司，股價(jià)27,每

6、股收益1.18美元。這樣推算出的市盈率為22.9。 二十世紀(jì)二十年代中期陶式化工公司的市盈率非常具有代表性。Apples to Apples“一對(duì)一”的可比性We can use a similar metric for evaluating housing prices. A typical house in the Bay Areasells for $700,000 and can be rented for about $2,800 per month. Yearly, this sums to$33,600 collected in rent and a P/E of 20.8. T

7、he P/E ratio of houses in even the mostexpensive of markets is currently very close to 20. Many mid-priced markets have P/E ratioscloser to 15.我們可以用相似的衡量標(biāo)準(zhǔn)來估算房價(jià)。一幢在海灣地區(qū)的標(biāo)準(zhǔn)房屋，售價(jià)700,000 美元，每月租金為2,800美元。這撞房屋一年的租金累計(jì)算起來為33,600 美元，市盈率為20.8。即使房屋在價(jià)格最高的時(shí)候，它的市盈率也接近20。許多中低價(jià)位的樓市，市盈率接近15。Using P/E, it is clear t

8、hat housing is not overvalued compared with stocks. A dollar investedin the housing market today returns more each year than a dollar invested in MSFT.Clearlyif a bubble exists in the housing market then there must also exist a bubble in the stockmarket. Do those that advocate the existence of the h

9、ousing bubble also claim that a stockmarket bubble currently exists?通過市盈率，我們可以清楚的看到，和股票相比，房市并沒被高估。與投資到微 軟公司的一美元相比，如今每年投資到房市的一美元獲得的回報(bào)會(huì)更多。顯而易見的是，如果房地產(chǎn)市場(chǎng)存在泡沫，那么，股市肯定也存在泡沫。是否那些堅(jiān)信 房地產(chǎn)泡沫的人也相信股市中存在泡沫呢？Higher P/E for Housing更高的房市市盈率Housing trading at a discount to stocks represents a great opportunity for h

10、omebuyers because based on fundamentals, housing prices should command a higher P/E than stocks. Traditionally, solid established companies have commandeda higher P/E ratio because thereis less earnings risk with those companies. Microsoft is much less likely to go bankrupt tomorrow or drop in price

11、 than the latest .com startup, so investors are willing to pay more for MSFT.對(duì)于購房者來說，股市中折價(jià)銷售的房屋是一個(gè)很大的商機(jī)，因?yàn)榘凑栈久嬗?jì)算，房價(jià)比股價(jià)的市盈率更高。傳統(tǒng)意義上說，可靠的已成立公司需要更高的市 盈率，這樣，這些公司的收益風(fēng)險(xiǎn)就會(huì)減少。微軟公司近期幾乎不可能破產(chǎn)或降價(jià)。因此，投資者十分愿意投資微軟。Housing is a more solid and less risky investment than even the least risky of stocks. Rentprices (

12、earnings) fluctuate very little when compared with corporate earnings. In addition,housing prices fluctuate much less than stock prices.This remains true even in the wildesthousing bubble dreams of bubbleheads. In the stock market, equity can drop 20% overnight when a company issues a poor earnings

13、report or the market crashes. Housingwill never drop20%, not even in a single year, bubble or not. All of these facts mean that investors should value housing at a greater earnings multiple than stocks, meaning housing currently represents a great investment value.與股市中風(fēng)險(xiǎn)最小的股票投資相比，房價(jià)更加穩(wěn)固，更少風(fēng)險(xiǎn)。與公司收益相比

14、，租金(收益)波動(dòng)更小。 此外，房價(jià)的波動(dòng)比股票價(jià)格波動(dòng)小得多。盡管房地產(chǎn)泡沫幻想如此狂熱，如此愚蠢，房價(jià)波動(dòng)也很小。在股市中，當(dāng)某家公司發(fā)布了糟糕的收益消息，或者市場(chǎng)倒閉，股票價(jià)格會(huì)一夜間驟降20%。而在房產(chǎn)業(yè),無論是否出現(xiàn)了房地產(chǎn)泡沫，房價(jià)都不會(huì)下降20%。這一切都說明了，投資者通常認(rèn)為，投資房地產(chǎn)比投資股票的收益多幾倍。這意味著，房產(chǎn)業(yè)如今具有很大的投資價(jià)值。Now let seg back to the earnings side of housing- rent prices. Rents have been relativelyflat in recent years, and d

15、oomsayers claim that this indicates housing prices must fall. I seeit as just the opposite - rent prices will be forced upward, which will lead housing prices to rise even more.現(xiàn)在，讓我們回到房地產(chǎn)收益方面的話題-租金。近幾年來，租金相對(duì)穩(wěn)定，一些預(yù)言家便推測(cè)，房價(jià)一定會(huì)下降。我個(gè)人卻持相反觀點(diǎn)，我認(rèn)為房租會(huì)上漲，這也會(huì)推動(dòng)房價(jià)的進(jìn)一步提高。In conclusion, housing is under priced

16、and has much room to the upside when compared tostocks. Five years ago housing was ridiculously under priced, and today housing is stillmoderately under priced. Sittingaround waiting for housing prices to return tobargain levelsas they were in 2000 is like waiting for GOOG to drop back down to 20: I

17、t s not going tohappen, you will be waiting and renting forever.總之，與股票相比，房價(jià)被低估了，并且它有很大的上升空間。五年前，房價(jià)實(shí)在是被低估了，如今，房價(jià)任有些被低估。坐等房價(jià)下降到很廉價(jià)完全就像人們?cè)?000年的時(shí)候等待谷歌公司股票降到20 ;這是完全不可能發(fā)生的，你將會(huì)等已輩子，租一輩子的房子。The Housing Bubble Mentality房產(chǎn)泡沫思想A fit of media-induced hysteria has struck many normally rational Americans. Accor

18、ding tothose who believe in the housing bubble, the sky is falling, the seas are melting away,and theworld is about to end yesterday. Bubbleheads claim to have analyzed the housing marketwith a sharp eye and reached an apparently logical conclusion that growth is unsustainable.How can two sets of pe

19、ople look at the same facts and reach conclusions that are at a directopposite?一些以媒體為導(dǎo)向的廣告使許多理性的美國人變得不理智了。按照那些相信房地產(chǎn)泡沫的人的想法，天會(huì)塌下來，藍(lán)天會(huì)消失，將會(huì)出現(xiàn)世界末日。一些蠢人說， 他們已經(jīng)用最敏銳的眼光研究了房地產(chǎn)市場(chǎng)，并且得出了一個(gè)很合理的結(jié)論，那就是，房價(jià)上漲理論是不成立的。面對(duì)同樣的事實(shí)，兩撥人看問題所得出的結(jié)論 怎么會(huì)如此不同呢？The answer lies in the human condition of gullibility. Why did people

20、 buy Nasdaq dogs at theheight of the dotcom bubble? Why did those same people sell at the bottom in a panic rightafter 9/11? Bubbleheads would have you believe that they are the smart crowd this timearound. In fact, the exact opposite is true. The people negative on housing today are the oneswho bou

21、ght CMGI, CSCO, INSP, and hundreds of other speculative junk stocks right beforethe market crash in early 2000.這就是因?yàn)槿藗冇H信。為什么人們?cè)诨ヂ?lián)網(wǎng)產(chǎn)業(yè)出現(xiàn)極度泡沫的時(shí)候購買那斯達(dá) 康？為什么9.11事件之后，人們做出相同的事，那就是瘋狂的賣出股票？那些 愚蠢的人肯定認(rèn)為在此時(shí)此刻，自己是最聰明的。事實(shí)上，與他們相反的觀點(diǎn)才 是真正正確的。如今那些否定房地產(chǎn)的人，早在 2000年股市崩盤前，購買了 CMGI, CSCO, INSP，還有其他投機(jī)的垃圾股。What was the pr

22、evailing attitude ofspeculators buying dotcom stocks before the crash?“ Lookat how much the market went up in the past, I better buy because stocks are going up!Likewise, people sold after 9/11 for no other reason than the fact that stocks had declined inrecent past. Now we have the media trying to

23、tell us that housing is going to decline in the future because it went up in the past.“讓我們回顧一投機(jī)者在股市崩盤前購買互聯(lián)網(wǎng)股票時(shí)的普遍心態(tài)是怎樣的呢？下在過去股市的上升了多少。我最好買股票因?yàn)樗隙〞?huì)上漲?！蓖砜傻茫?們?cè)?.11之后賣出股票是沒有任何原因的，只是因?yàn)樽罱鼛啄?，股市都在下跌?如今，媒體不斷吹噓，報(bào)道說，因?yàn)檫^去的房價(jià)是上漲的，所以，在未來，房價(jià) 將會(huì)下跌。On the surface, you might think the bubblehead argument is a log

24、ical conclusion given theabove recent events. What comes up must come down, and what goes down must come up,right? WRONG. Investments that crash may never recover, and investments that rise in valuerapidly may never come back down to earth.表面上看，根據(jù)最近的一些事件，那些蠢人的結(jié)論似乎很合理。價(jià)格上升過后一定會(huì)下降，價(jià)格下跌之后 一定會(huì)提高？大錯(cuò)特錯(cuò)。那些

25、已崩盤的投資可能再也不會(huì)恢復(fù)，那些價(jià)格已快速上漲的投資可能再也不會(huì) 跌到低谷。If you transported a bubblehead back in time to the year 1988, he might decide that shortingMSFT (Microsoft) stock would be a genius maneuver. After all, MSFT had doubled severaltimes in the years prior to 1988, so it was due for collapse. Fast forward to 2006

26、though andthat bubblehead is something like 3000% in the hole due to his stupidity. So what went wrong?如果你讓那些蠢人穿越到1988年，他們也許會(huì)認(rèn)為把微軟的股票全部賣空才是 明智的決定。畢竟，在1988年前，微軟的股票已經(jīng)幾次都翻了兩番，因此，它 肯定會(huì)下跌。時(shí)間很快到了 2006年，幾乎3000%勺人因?yàn)橛薮蓝?fù)債。又是哪 里出問題了呢？The Rule of Bubbles泡沫規(guī)則based upon its past returns, you will likely forfeit

27、a large portion of your wealth. This ruleholds true in both directions: Saying that an investment must go down because it went upyesterday is just as fallacious as saying that it must continue going up because it went up yesterday.投資者精英的泡沫規(guī)則：當(dāng)你根據(jù)過去的投資回暖判斷未來的投資復(fù)蘇時(shí)，你將有可能喪失一大筆財(cái)富。這個(gè)規(guī)則無論在哪個(gè)方面都講得通：有人說昨天投資

28、的 股票下跌了，所以今天也同樣會(huì)下跌；這樣的話荒謬的就像有人說，昨天投資的 股票上升了，因?yàn)榻裉煲矔?huì)上升。Investors judge the value of an investment by its intrinsic value.This articleconvincingly lays out the case for the non-existenee of the housing bubble.Falling interest rates in the near future coupled with high demand for limited resources andin

29、creased access to borrowing all point to a housing market that has not yet peaked.In mostregions, housing is currently undervalued despite the fact that prices have risen in recentyears, just as MSFT was undervalued in 1988.投資者根據(jù)故有的價(jià)值判斷所投資股票的價(jià)值。這篇文章很有說服力，并給出了不存在房地產(chǎn)泡沫的案例。在未來利率下降，對(duì)于有限資源要求更高。在大部分 地區(qū)，盡管

30、今年來的房價(jià)有所上漲，如今的房價(jià)都被低估了，這就像 1988年的 時(shí)候，微軟的股票被低估了。As with any investm ent, it is important to look closely at the fundamentals and draw aconclusion based upon facts. In this case, facts are on the side of those who remain upbeaton the housing market. There is a direct correlation between the bubbleheads

31、 of today andthe dotcom pumpers of 1998-2000. Selling your home today is akin to buying CSCO at $140per share.There Is No Hous ing BubbleYou cannot read a newspaper or turn on a television these days without being confronted by the media discussing a bubble in the housing market. According to the ma

32、n on the TV, there is zero doubt as to the existence of a housing bubble. In fact, the media has told us thathousing will crash, if not today then probably this afternoon or next week. Before you throw your hands up in panic though let s take a rational look at the situation. Facts and logic seemto

33、indicate that the housing bubble is nothing more than a media myth.For the past several years, returns on housing in the USA have been far above historical averages, approaching 20% YOY returns inquite a few hot markets. This is by far the numberone reason that aptly named“ bubbleheads ” givefexiste

34、nce of a housing bubble. Anyt necessarilyrational investor will tell you though that big returns in the recent past don indicate steep declines in the future. MSFT common stock showed a400% return over severaltwo-year windows, but I doubt it will be returning to 1991 valuations anytime soon. What co

35、mes up doesn t necessarily come down.Intrinsic Value of HousingA wise investor will forget the past because it is irrelevant. The only meaningful question athand in valuing an investment is“ what is the intrinsic value-constraihEkartixdisymetropolitan areas like Boston, New York, and San Francisco,

36、the intrinsic valueof housing isnot defined by normal economic principles. The value of a car asa means of transportation isbounded on the high end by the cost of a bus fare plus a price given to the inconvenience of taking longer to reach your destination. The value of a computer on the high end is

37、 constrained by the cost of inconvenience given to visiting thepublic library for Internet access.On the other hand, there is only one bound on the rise in the price of housing: the ability ofthe consumer to pay.The fact is that a large number of Americans are willing to pay any price to own their o

38、wnhome. Many people will gladly pay whatever they can manage to set aside, as much as 80%of their income, just so they can become a homeowner. No, I do not think this behavior iswise. No, I do not think this behavior is rational. Nevertheless, this is the reality of thesituation. Do not ask“ why ” ,

39、 instead ask“ how will this irrational behavior influence themarket ”？Loosening Lending PracticesHousing will continue to rise as long as buyers can pay more, which in this situation iscompletely determined by how much money the average person can borrow. Contrary to thebeliefs of housing bubble afi

40、cionados, the ability of the buyer to pay has not even begun to betapped out. Lending practices have gotten looserover the past decade, and they will continueto get looser still. ARMs have replaced 30-year mortgages in great numbers in recent years,creating more buying power. Look for even looser lo

41、ans to replace ARMs. Negativeamortization loans, 45 year fixed loans, or to go tothe extreme, interest only loanswhere theprincipal never comes due.The lend ing market will continue to move to these newa innovative ” loans that increase theborrowers ability to borrow. Lenders do not want to see the

42、system collapse; they will do whatever they can to maintain the status quo.Interest Rate HikesThe one ace card that the housing bubble crowd had going for them was the interest rateincreases. This card has already been played though and there is nothing more to fear. Themoved. Note that if the bond

43、market weakened as a result of the reserve rate hikes andlenders in turn were forced to raise their rates, thatwould have defiantly spelled adisaster forhousing. This has failed to materialize though and the worst is already over.Want to know how bad the housing bubble is going to get? Look around y

44、ou right now, todayDecember 30th 2005 is as bad as its going to get. We have rampant consumer pessimismfueled by the doom and gloom housing bubble media, many people are trying to sell theirs the middle of winter,homes, the fed has tightened about as far as it can go, and ittraditionally a slow seas

45、on for buyers. In spite of all these negatives the housing market is not collapsing.Intelligent contrarian investors are buying housing right now. Homebuilder stocks trading inthe mid single digit P/Es are very attractive buys, as are lender stocks which have sold off recently.Want to see a housing bubble? Go to sleep and wake up around 2012. The fed will beweakening soon and it will be the last five years all over again. Buyers will take out loans in amounts they never have before thanks to new loans that make ARMs look conservative. Let the doomsayers continue on with their chicken-l