Inklings of recovery in the real-estate market will be enough to discourage dramatic policy measures, like a write-down of principal on “underwater” mortgages (where the outstanding loan exceeds the market value of the house). But, with real (inflation-adjusted) house prices still 40% below the previous peak, a strong recovery for real estate (and the closely related construction industry) seems unlikely.
随着奥巴马连任，美国很可能会像过去四年一样继续混日子。房地产市场复苏的迹象足以打击任何重大的政策措施，如同调低了“溺水抵押贷款”（贷款额已经远远超出了房产市价的贷款）的本金。但是，实际房价（已考虑通货膨胀因素）仍比上个高峰期价格低40%，所以房地产市场（以及与之紧密关联的建筑业）不会出现强劲复苏。