In Germany, France, and Italy, higher house prices spur non-owners to save more for the down payment and inspire caution among tenants, who expect future rent hikes. And the housing wealth of existing owners does not translate into significantly higher spending, given the lack of access to home-equity loans and cheap mortgage refinancing.
在德国、法国和意大利，高房价促使无房者存更多的钱用于首付，也让租房者保持谨慎——预期房租涨价。而房屋所有者的房产财富并不会转变为支出的大幅提升，因为他们不方便获得房屋权益贷款和廉价的按揭再融资。最后，在德国等国家，家庭的银行和储蓄存款远远多于债务，降低利率会减少家庭总支出。