0831_The Real World of Real Estate (2)

Understanding the cost and value of home

[Steve]

Real estate is a complicated business.

[Chip & Chelsea]

SC: What is a housing bubble?
MZ: A housing bubble is an economic situation that occurs when home prices rise faster than inflation (price gets higher) and income. Housing bubbles happen when there’s high demand for homes in a particular area. In a bubble, investors purchase homes in hopes of flipping (turn over/around: buy and sell quickly) them for a profit after they appreciate in value.
SC: How does a housing bubble affect homeowners?
MZ: Home prices become so artificially high that people’s monthly incomes cannot pay for the mortgages on their properties. People keep buying houses, though, because they think the risk of paying a high mortgage will pay off if they can sell at a profit.
SC: How is the situation corrected?( How to fix the situation?)
MZ: Housing bubbles are resolved when income levels rise to match the high cost of homes or when home prices fall (decrease) to match income levels. Usually, home prices fall because income levels are much less volatile than home prices. When people cannot afford to pay their mortgages anymore, their homes go into foreclosure and are sold for less than the market price. This, in turn, causes the prices in the market to decline.

[Traditional Chinese Translation]

房地產達人
瞭解房屋的價格與價值

本刊:什麼是房市泡沫?
翟:這是一種經濟情況,就是當房價上漲得比通貨膨脹及收入快的時候。當某個特定地區房屋的需求很高時,往往會發生房市泡沫。當房市處於泡沫狀態,投資者買房子是冀望能在房屋升值後迅速轉手賺取利潤。

本刊:房市泡沫如何影響到擁屋者?
翟:房屋價格如果因人為因素而高漲,人們每月的收入就會不夠支付房屋貸款。但人們還是照樣買房子,因為他們認為只要賣出去能賺一筆,即使冒著支付高房貸的風險也是值得的。

本刊:該如何修正這種情況呢?
翟:當收入水準提升到和高房價相當時,或是當房價跌到和收入水準相當時,房市泡沫的問題就會迎刃而解。通常房價會跌是因為收入水準不像房價那麼容易變動不定,而當人們付不出房貸時,房子會被取消回贖權,然後再以比市價低的價格法拍出售;如此一來,房價就會下跌了。
[More Information]

When it comes to real estate bubbles, there are two different schools of thought. One group of economists say bubbles cannot be identified, they are a natural part of an economic cycle and so, should just run their course. Another group says bubbles can be predicted and because they affect the economy in such a negative way, should be controlled – and prevented – if possible.

[Ashley & Ken]

A: This is disgusting. Uh, someone put a piece of bubble gum inside this book.
K: Do you know who it was?
A: I have an idea. But I’m not so sure. That’s why
we say no gum in the library.
K: No gum. Does that include bubble gum?
A: Sure, gum and bubble gum are the same thing. But
bubble gum emphasizes that you can blow a lot of bubbles. Little kids love to chew bubble gum while adults don’t blow as many bubbles.
K: Are there other kinds of bubbles? I read about housing bubbles in Studio Classroom today.
A: Yes, there are other ways to use it. For instance, you might burst someone’s bubble.
K: Well when I was a kid we always try to burst each other’s bubbles when we chew gum.
A: Okay, well that would disappoint a kid. That was this phrase means. If you had your hopes about a new job and then you found out that the company no longer wanted to hire you, it would burst your bubble.
K: Yes,
it would disappoint me. It would burst my bubble.
A: Some people are very bubbly.
K: Does that describe their appearance?
A: No, it describes their personality. Someone with a bubbly personality is
very lively and friendly. These kinds of people have many friends and cheer up everyone they meet.
K: Okay, kind of like you. You
re a very bubbly librarian.
A: Thanks, Ken. And now, the bubbly librarian must get back to solving the bubble gum problem.
K: Hmm, good luck with that.

答:這是令人厭惡。嗯,有人把一塊泡泡糖內這本書。
K
教授:你知道是誰?
答:我有一個想法。但我不敢肯定。這就是為什麼我們說沒有口香糖在圖書館。
K
:不口香糖。這是否包括泡泡糖?
答:當然,口香糖和泡泡糖是一樣的。但泡泡糖強調,你可以吹了很多泡沫。小孩子喜歡嚼口香糖,而成年人不打擊,因為許多氣泡。
K
教授:是否有其他類型的泡沫?我閱讀有關房地產泡沫在空中英語教室今天。
答:是的,還有其他的方法來使用它。例如,您可能會爆裂別人的泡沫。
K
教授:那麼,當我還是個孩子,我們總是試圖爆對方的氣泡,當我們嚼口香糖。
答:好,好,將一個孩子失望。這是這句話的意思。如果你有你的希望了新的工作,然後你發現該公司已不再想僱用你,你會破滅的泡沫。
K
教授:是的,這會令我失望。這將我的泡沫破裂。
答:有些人很氣泡。
K
教授:這是否說明它們的外觀?
答:不,它描述了他們的個性。有人用活潑天真活潑的個性是非常友好的。這些類型的人有很多朋友,大家都歡呼起來,他們見面。
K
教授:好了,有點像你。說不定你們再一個很泡沫館員。
答:謝謝,肯。而現在,泡沫館員必須重新回到解決問題的泡泡糖。
K
教授:嗯,祝他們好運。


今天的課文討論housing bubble(房市泡沫),bubble就是泡沫,bubble可以代表幻想或者不實際的希望,因此burst someone’s bubble(戳破某人的肥皂泡)就是使他的希望破滅、潑他冷水、掃他的興致的意思。bubble的形容詞是bubblybubbly可以指很多泡沫的,也可以用在人身上,表示很快活、友善的,比如說Ashley has a bubbly personalityAshley外向活潑的個性)。

 

[Liz]

[課文] … investors purchase homes in hopes of flipping them for a profit after they appreciate in value.
-> Investors purchase homes and expect to flip them for a profit after they appreciate in value.
[Tips]
 in hopes (of/that) or in the hope of ~ to expect or wish for something
*David bought an expensive gift for his wife in hopes that she would change her mind about not going fishing with him.
*In the hope of a better tomorrow, let’s work harder at making our planet a cleaner and safer place to live.

[Michelle]

 

Flip (v.) 1. 翻轉。2. 拋或擲的動作。3. (informal) 變得非常憤怒、激動或熱情。
Flip through (phr. v.) to turn the pages of a book or newspaper quickly, especially because you are looking for something 快速翻轉頁面找東西。
*I
lost my place in the book because the wind flipped my pages as I was reading.
因為我讀書的時候風把頁吹亂了,書看到哪裡已經找不到了。
*Let’s flip a coin to decide who wins.
我們來擲銅板決定誰勝利。
*My mother really flipped when I told her I was getting married.
我把要結婚的消息告訴了母親,母親非常激動。
*I flipped through my address book but couldn’t find her phone number.
我快速的翻電話簿找她的電話號碼,但是找不到。
Mortgage [ˈmɔːrgɪdʒ] (n.)(v.) 貸款,抵押。(t: no sound)
*Sandy finally
paid off her mortgage.
Sandy
終於付清了她的貸款。
*The monthly
mortgage payment of this house is over $1000.
這個房子每個月的房貸超過1000元美金。
*The house was mortgaged a second time.
這個房子已經做了第二次貸款了。
Volatile [ˈvɑːlətl] (adj.) 1. (business)波動的,不穩定的。2. (of a liquid) 易揮發的。3. (貶義) (of a person) 情緒或興趣多變的,

*Currency exchange rates have been volatile lately.
貨幣的匯率最近波動的很厲害。
*Experts advised withdrawing money from the volatile stock market.
專家建議把錢撤出震盪中的股市。
*a highly volatile personality, disposition, nature, etc
反覆無常的個性、性情、天性。

volatile adjective 

/ˈvɒl.ə.taɪl/ /ˈvɑː.lə.t ̬əl/

likely to change suddenly and unexpectedly or suddenly become violent or angry

Food and fuel prices are very volatile in a war situation.

The situation was made more volatile by the fact that people had been drinking a lot of alcohol.

He had a rather volatile temper and can’t have been easy to live with.

 


Inflation (n.) 通貨膨漲。
*The new government’s prime task is to reduce the level of inflation.
新政府的主要任務是減低通貨膨漲的水平。

 

[Vocabulary]

flip (v) 轉手再賣 Charlie bought the statue so she could flip it to a collector. 
mortgage (n)
抵押貸款 Jim and Francis bought their house with a mortgage from the bank. 
volatile (adj)
易變的;反覆無常的 The weather has been very volatile over the last month. 
decline (v)
下跌;衰退 As food prices decline, life will become easier for the country’s poor.

housing bubble, mortgage, decline, volatile, pay off, mortgage payment

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