这曾经是格林斯潘对美国房地产泡沫的看法。
That used to be Mr Greenspan's view of the US housing bubble.
美国房地产泡沫促成了货币市场的繁荣与萧条。
The boom and bust in the money markets was precipitated by a us housing bubble.
而几乎在顷刻之间，美国房地产泡沫开始被抽空。
Almost instantly America's housing bubble started to deflate.
然而，美国房地产危机最坏的影响也许已经结束。
But in America the worst effects of the property crisis are probably over.
从美国房地产泡沫破裂开始，至今已有将近两年了。
It's now been nearly two years since the collapse of the real-estate bubble began.
但当美国房地产市场崩溃时，马里·科帕也跟着遭殃。
But when America's housing market collapsed, so did Maricopa's.
这些措施对于行将消亡的的美国房地产市场毫无帮助。
这些数据将削弱美国房地产市场近期显现的企稳感觉。
These numbers will help to weaken the sense of stability that has recently emerged in the US housing market.
诸多欧洲金融机构购买大量的美国房地产市场相关证券。
Many European institutions were up to their necks in securities linked to the American housing market.
2007年底，美国房地产市场的疲软影响了汽车的销售。
By the end of 2007, the weakness of the American housing market was infecting sales of cars.
为了寻找答案，不妨从危机起源地美国房地产市场开始考察。
For answers, start in America's housing market, where the crisis had its origins.
要是美国房地产市场虚胖，为什么偏偏只有它自己倒下了呢？
If America's housing market was less puffed up, why is it alone bursting?
除中投以外的其他外国投资者也在寻求抄底美国房地产行业。
Other foreign investors also are looking to take advantage of low values in U.S. real estate.
周四，美国房地产协会将公布六月份二手房销售情况。
On Thursday, the National Association of Realtors will report on June's home resales.
CASEYSERIN非常了解美国房地产市场过多的泡沫成分。
CASEY SERIN knows all about the excesses of America's housing bubble.
这次世界范围的金融危机一个最基本的根源是美国房地产市场的疲软。
A main root of the world financial crisis is the weak housing market in the United States.
如果不能的话，美国房地产市场的调整和稳定之路必定更加漫长而痛苦。
If not, the path to adjustment and stabilisation of American housing markets is sure grow ever longer, and ever more painful.
在对美国抵押贷款能力的担忧中，美国房地产市场传来了更多的坏消息。
More bad news came from America's housing market, amid fresh concerns about the availability of mortgage finance.
如同我们通过美国房地产经验教训所知道的，流动性枯竭时升值就会停止。
As we learned with US real estate, the appreciation stops when the liquidity dries up.
美国房地产市场持续低迷，房地产经纪人不得不为卖房绞尽脑汁。
With a sagging property market, US realtors are racking their brains to get a home sold.
本刊警告说，上一次的互联网泡沫和美国房地产泡沫在破裂之前存在很久了。
This paper warned about both the last Internet bubble and the American property bubble long before they burst.
更惊人的发现是，美国房地产泡沫的破裂将房价拉回原来该比率的长期平均值。
A more striking finding is that America's housing bust has taken prices back to their long-run average value against rents.
有人认为美国房地产行业的意外破产会拖累整个经济体，美联储并非其中之一。
The Fed is not among those who believe that America's unexpectedly deep housing bust will drag the rest of the economy down.
这个问题几年之后才会出现。然而，美国房地产危机最坏的影响也许已经结束。
That problem is years away; but in America the worst effects of the property crisis are probably over.
这个问题几年之后才会出现。然而，美国房地产危机最坏的影响也许已经结束。
That problem is years away; but in America the worst effects of the property crisis are probably over.
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