Дома в воздухе

На протяжении последних шести месяцев внимание и беспокойство общественности сместилось с проблемы огромного торгового дефицита Америки на раздувающийся там пузырь на рынке собственности и недвижимости. По крайней мере, две причины высоких – и продолжающих расти – цен на дома в Соединенных Штатах хорошо понятны. Однако пока остается неопределенным, можно ли охладить явно перегретый рынок, не отправив при этом Америку и ее основных торговых партнеров по всему миру в экономический штопор.

Бум с домами в США обусловлен в первую очередь низкими процентными ставками, что означает, что большие суммы денег могут одалживаться под залог недвижимости с необходимостью выплаты умеренных ежемесячных платежей. Низкие процентные ставки усиливают способность осуществлять оплату, и, таким образом, способствуют росту спроса. А при высоком спросе и фиксированном предложении, – по крайней мере, в краткосрочном плане – цены взлетают вверх.

Во-вторых, seventy70-летний период истории, начавшийся с распространением по всему миру автомобилей, – во время которого стало возможным попасть практически в любую точку типичной столичной области за полтора часа или менее, – завершился. До того как владение автомобилями распространилось по всему миру, цены на землю зависели от места, и близость к центральному городу или к местной железнодорожной станции сулило надбавку к цене.

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