However, as Harvard University's Martin Feldstein points out, if house prices rise, people feel richer and borrow and spend more.

然而，正如哈佛大学经济学教授马丁·费尔德斯坦(Martin Feldstein)所指出的，当房价上涨时，人们感觉比较富有，进而会借更多，花更多。

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This is useful if a rise in interest rates (or a fall in house prices) causes mortgage-backed bonds to trade at a discount.

在利率上升(或者房价下跌)时，住房抵押债券折价销售，这对债券持有人大有裨益。

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And house prices are unlikely to perk up for long if unemployment continues to rise, as it is likely to do over the coming months.

而且在未来几个月内失业率还很可能会上升的情况下，房价是不可能持续上扬的。

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However, as Harvard University's Martin Feldstein points out, if house prices rise, people feel richer and borrow and spend more.

ECONOMIST: Home ownership

Then if national prices were to rise by 4 percent, house prices everywhere would move by 4 percent, and we could almost dismiss default as a possibility.

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Even when those inventories are worked off, house prices will probably rise little, if at all, in a low inflation or deflationary climate.

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