Here, too, the US, where higher house prices stimulate consumption, is a misleading example for Europe. Owner occupancy rates are high in the US, and the financial system allows households to extract the equity in their homes relatively cheaply, either by second liens or by refinancing the entire mortgage.
当中央银行大量购买债券时，所有资产（包括房产）价格都倾向于上涨。在这方面，高房价刺激消费的美国同样对欧洲起着误导作用。在美国，屋主自住率很高，金融体系让家庭可以相对廉价地获得自家房子的权益，可以通过第二留置权（second liens），也可以通过再融资全部按揭。