如果没有楼市泡沫那会怎样？

Slow and steady housing markets now seem to be in better shape than markets that boomed and busted such as Florida and California. But does that mean that homeowners in the former bubble markets would have been better off if the housing boom never happened?
如今，缓慢而稳定的房地产市场似乎进入了最佳的发展时期，不再像在佛罗里达州和加利福尼亚州那样大起大落。但是这是否就意味着如果房地产热没发生的话，在过去的泡沫市场中购房的房主会获益更多呢？

University of Central Florida finance professor Stan Smith decided to explore that question by studying Orlando metro home prices. Turns out that prices probably would be about the same today even if the area had never experienced a bubble and bust, Smith told the Orlando Sentinel.
美国中弗罗里达大学的金融学教授Stan Smith决定通过研究奥兰多地铁房价来解答这个问题。Smith告诉Orlando Sentinel说，研究结果显示，即使该地区没有经历过泡沫楼市和经济萧条的影响，房价和今天相比，也是没有改变的。

Smith says that buyers who bought before 2005 should not have been hurt because prices went up before they went down. Orlando area prices rose 20% in 2005 and 32% in 2006, but — on average — they climbed just about 4.7% a year since the 1970s. “Most homeowners are within 6 percent of where they would have been had there not been a bubble,” he told the newspaper. “A lot of people did buy in 2005 and 2006, and obviously they have been hurt significantly.”
斯密斯说在2005年以前购房的房主绝对不会吃亏，因为价格在上涨之前已经下跌了。奥兰多地区的房价在2005年增长了25%，2006年增长了32%，但是，在20世纪70年代后，平均每年都有4.7%的上涨。“如果没有楼市泡沫的话，大部分房主会多付6%的房价。”斯密斯对记者说：“在2005年和2006年期间确实有不少人购房，并且他们很明显得损失颇大。”

The strongest markets in ’s second-quarter home value report released today are primarily metros that never had housing bubbles or crashes. Many of the metros are affordable places such as Binghamton, N.Y., Fayetteville, N.C., and Little Rock, Ark. where few homeowners made fortunes on real estate and few were ruined by it.
在上的第二季度房屋价值表的报告中显示，如今最强的市场是主要的地铁段，那里从来都不会受到泡沫楼市或萧条楼市的影响。比如像宾厄姆顿，纽约，费耶特维尔，北卡罗来纳州和小石城，阿肯色州这样一般人可买得起的地铁段，只有一小部分的房主从房地产中获利，也只有小部分房主因为房地产而破产。