它是房地产泡沫破灭前的一次苟延残喘。
在雷曼兄弟破产后，许多全球最大的银行都曾担心出现最糟糕的情况，因为房地产泡沫的破裂暴露了它们在高风险贷款方面的投资。
After the failure of Lehman Brothers, many of the world's largest banks feared the worst as the collapse of the housing bubble exposed investments in risky loans.
但有人公开担忧房地产泡沫。
为什么那里会有房地产泡沫？
中国的股市和房地产泡沫肯定令人担忧。
Certainly, in China, stock and property bubbles are a concern.
房地产泡沫是经济过热的一个明显信号。
一些人担心房地产泡沫或者银行信用危机。
规模甚至可能超过了两年前美国的房地产泡沫。
The dimensions [of the bubble] could even be larger than the real estate problem in the US two years ago.
房地产泡沫破灭的打击效果也在显现。
首先是互联网泡沫，然后是房地产泡沫。
这与英国、德国甚至是韩国的房地产泡沫大致相似。
This bubble is roughly coincident with real estate bubbles in the United Kingdom, Germany and even South Korea.
在房地产泡沫时期，此比值上升到4.2。
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.
受到股市和房地产泡沫破裂影响的，不止美国和西欧。
It is not just the us and western Europe that are suffering from the after-effects of stock and property bubbles.
股市的萧条更是令人胆战心惊，怕房地产泡沫也要破裂。
Depressed share prices are fuelling fears that the property bubble is about to burst.
那么紧随其后的房地产泡沫有什么不同之处吗？
So what was different about the housing bubble that followed?
例如，日本的房地产泡沫主要是由信用滋养的。
For instance, Japan’s property boom was fuelled mainly by credit.
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.
房地产泡沫始于互联网崩溃的余波，并非巧合。
It is no coincidence that the housing bubble started in the aftermath of the dotcom bust.
公路，人行道，路灯都已布局好，然而房地产泡沫破灭了。
Roads, pavements and streetlamps were all laid out-but then the property bubble burst.
由于出口下降和房地产泡沫破裂，经济增长将进一步放缓。
Economic growth will slow further because of the decline in exports and the bursting of the real estate 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.
房地产泡沫是史无前例的，而且又是独特地可怕。
相比之下，房地产泡沫产生的风险则集中于金融业。
By contrast, the risks created by the housing bubble were strongly concentrated in the financial sector.
信用政策对一个已经膨胀的房地产泡沫已经无多大帮助。
Credit policies that inflated further an already expanding property bubble would not be helpful.
西班牙房地产泡沫的崩溃，引发了经济的萧条和高失业率。
The burst of housing bubble in Spain prompted the sluggish economy and higher unemployment.
西班牙房地产泡沫的崩溃，引发了经济的萧条和高失业率。
The burst of housing bubble in Spain prompted the sluggish economy and higher unemployment.
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