Look what the housing--the blue line shows what home prices in real terms have done in Los Angeles over the last thirty years.

看看房地产的情况...那条蓝线,显示了在过去30年中以实际价格计算的,洛杉矶房屋价格走势

耶鲁公开课 - 金融市场课程节选

It arose from the beginnings of the housing bubble -the real estate bubble that we're now in.

而是源自房地产泡沫的初现,也就是如今的房地产泡沫

耶鲁公开课 - 金融市场课程节选

As you know, income inequality is getting worse, low-income wages are not going up, so that component of housing has been declining in real terms.

众所周之,收入的不平等愈演愈烈,低收入者的工资不会上涨,因此以实际值计算的这部分成本是下降的

耶鲁公开课 - 金融市场课程节选

Alan Greenspan, in his book, says that he thinks housing markets are all local and there is no--he says this firmly in his book there is no national housing market.

艾伦·格林斯潘在他书中写道,他认为房地产市场具有地域性,他在书中断言,不存在全国性的房地产市场

耶鲁公开课 - 金融市场课程节选

It turns out that it didn't turn into World War III and -maybe they did shut down the housing or they must have curtailed it, but it created that boom.

结果没有爆发第三次世界大战,也许政府真的关闭了房产市场,至少他们限制了房地产,而这促进了房地产繁荣

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We don't have data on individual city basis but it really looks like the housing collapse price collapse--that we're going through now is on a magnitude not paralleled since The Great Depression of the 1930s.

我们没有每一个城市的数据,但是看起来似乎房价真的崩塌了,价格崩塌-现在我们正经历着,自从三十年代大萧条以来,史无前例的衰退。

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One is building new houses, another one is building new apartment buildings that's commercial instead of-- but it's still adding to the housing stock and the third one is improvements of existing houses.

一种是新建家庭住宅,另一种是新建公寓,用于商业用途而非...,也是存量住房的一部分,第三种是现房改造

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Well in a sense, the other thing that happened was, in 1934, Congress set up the Federal Housing Administration--FHA.

另一件事发生在1934年,国会建立了联邦住宅管理局,即FHA

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