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Sofia nice · 2025年06月11日

麻烦再解释下BC

NO.PZ2025021203000008

问题如下:

An analyst is working on an assessment of the attractiveness of investing in residential homebuilders versus developers of multi-family rental housing. Which of the following combinations of factors is most likely to provide a bullish scenario for residential homebuilders compared to rental housing developers.

选项:

A.High job creation and positive demographic trends B.Low ratio of housing prices to household income and declining mortgage rates C.Large supply of owner-occupied housing and declining mortgage rates

解释:

B is correct. When housing prices are low compared to household income, owner-occupied housing becomes more attractive to buyers. Coupled with declining mortgage rates, the conditions are favorable for the residential housing market compared to multi-family rental housing. Response A is consistent with positive environments for both residential and rental markets. Response C is a characteristic of an oversupply phase of the real estate cycle; thus, this situation would likely be negative for both residential and rental markets

B 我的理解是,房子价格/租金,比率低,说明房价低,房租高,利好房租市场,而利率低利好卖房市场。那么对两个市场都利好,没分别

C 我的理解是,大量自有房产的供给,对租房市场会有冲击,利率低利好卖房市场。符合题干说的相比租房市场,卖房市场是牛市

所以,为啥C不对呢?

1 个答案

pzqa35 · 2025年06月11日

嗨,爱思考的PZer你好:


C错的原因在于,自有住房供应量大本质是 “供给过剩” 。房地产市场里,供给过剩意味着房子太多,不管是卖房市场(住宅建筑商)还是租房市场(租赁开发商),都会因为 “房子太多没人买 / 租” 而承压,所以是都不利好。

B选项中,这里的Low ratio of housing prices to household income 指的是房价占家庭收入的比重降低,而不是房子价格和租金之间的关系。

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