The bigger question is what effect double-digit house-price declines would have in a country where consumer debts have soared on the back of housing wealth.

一个很大的问题是，由于房价增长而大大增加了这个国家消费者的债务负担，可是当房价下降百分之十以上时会产生什么样的影响。

youdao

As house prices fall in America, Britain, Ireland and Spain, the wealth effect kicks in.

随着美国，英国，爱尔兰和西班牙的房价下跌，财富效应开始呈现。

youdao

First, house prices have a bigger wealth effect on consumer spending, largely because more people own their homes than own shares.

ECONOMIST: House of cards | The

House prices have a far bigger wealth effect on consumer spending than share prices do.

ECONOMIST: World economy

Willem Buiter of the London School of Economics has argued in the past that when house prices fluctuate, there are both winners and losers, but no net wealth effect.

ECONOMIST: House prices and the wealth effect