VOA慢速英语 2008 0328a

Economics Report - Sales Down for New US Homes, but Up for Existing Ones
Falling prices lead to unexpected piece of good news for the housing market. Also, J.P. Morgan raises its offer for Bear Stearns. Transcript¹ of radio broadcast:
27 March 2008

This is the VOA Special English Economics Report.

This week, the National Association of Realtors reported that sales of existing homes in the United States increased almost three percent in February. It was the first increase since last July.
　

COLLAPSE⁶: collapse" bordercolor="#111111" cellspacing="0" cellpadding="0" width="15%" align="right" border="0">

A home for sale in Denver, Colorado

But fueling that increase was a drop in prices. The S&P/Case-Shiller index of twenty major markets showed that home prices fell almost two and a half percent in January. Prices were down almost eleven percent from a year before.

And still another report this week showed that sales of new single-family houses fell in February. Sales were down almost two percent from January, to a thirteen-year low. The Commerce Department estimated there was a ten-month supply of newly built houses waiting to be sold.

Experts say prices in many markets will have to fall further before more people are willing or able to buy.

Prices went up and up in recent years, before the housing bubble burst. Many buyers now struggling to make payments took out loans that were too big. They thought prices would keep rising and they could sell their home for a nice profit.

Rising values meant that people could also take out home equity² loans and lines of credit. They used their home as a cash machine by borrowing against its value.

Now, as those values fall, some people owe more than their home is worth. Many buyers, often with risky³ credit histories, took out adjustable-rate mortgages, which started out low but later reset⁴ to higher rates.

About two percent of all home loans are in foreclosure. Of course, that means ninety-eight percent of homes are not being reclaimed⁵ by lenders. Still, this is the highest rate since the Mortgage Bankers Association began keeping records in nineteen seventy-nine.

The weak housing market is largely responsible for an economic crisis that is leading to new government steps in the financial system.

Last week, the Federal Reserve pushed through a deal for J.P. Morgan Chase to buy Bear Stearns for two dollars a share. Bear, the nation's fifth-largest investment bank, was near collapse after big losses on its mortgage-backed securities. To help make the deal, the Fed agreed to take responsibility for up to thirty billion dollars in those securities.

But J.P. Morgan faced a rebellion by Bear shareholders⁷, so this week it increased its offer to ten dollars a share. It also agreed to take responsibility for one billion dollars of Bear's hard-to-sell securities.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

　

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

3 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

4 reset   

v.重新安排，复位；n.重新放置；重放之物

参考例句：

• As soon as you arrive at your destination,step out of the aircraft and reset your wristwatch.你一到达目的地，就走出飞机并重新设置手表时间。
• He is recovering from an operation to reset his arm.他做了一个手臂复位手术，正在恢复。

5 reclaimed   

adj.再生的；翻造的；收复的；回收的v.开拓( reclaim的过去式和过去分词 )；要求收回；从废料中回收（有用的材料）；挽救

参考例句：

• Many sufferers have been reclaimed from a dependence on alcohol. 许多嗜酒成癖的受害者已经被挽救过来。 来自《简明英汉词典》
• They reclaimed him from his evil ways. 他们把他从邪恶中挽救出来。 来自《现代英汉综合大词典》

6 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

7 shareholders   

n.股东( shareholder的名词复数 )

参考例句：

• The meeting was attended by 90% of shareholders. 90%的股东出席了会议。
• the company's fiduciary duty to its shareholders 公司对股东负有的受托责任