<p>2022 年 1 月 11 日，在内华达州亨德森的博尔德市公园大道上，看到一片新建的紧凑型住宅。</p>
<p>George Rose | Getty Images</p>
<p>今年大部分时间内，房屋价值一直在下滑，之前巨大的年度增幅缩小至零。结果是，房主的资产净值正在减少。</p>
<p>根据 Cotality 的一份报告，今年第三季度借款人的资产净值较去年同期下降了 2.1%，总计减少了 3738 亿美元。这是在经历了多年的房价大幅上涨和创纪录的资产净值之后发生的。即使在下降之后，房主的整体净资产仍为 17.1 万亿美元，涵盖了有抵押贷款的房屋。</p>
<p>对于普通房主来说，第三季度的资产净值下降意味着损失了 13400 美元。此外，处于负资产净值状态的房屋数量，即其价值低于抵押贷款的房屋，较去年增加了 21%，达到了 120 万套。</p>
<p>Cotality 首席经济学家 Selma Hepp 表示：“随着房价增长速度放缓，市场从疫情高峰期重新调整，我们看到资产净值趋势的明显变化。” 她补充道：“负资产净值正在上升，部分原因是可负担性挑战导致许多首次购房者和低收入购房者通过二次贷款或最低首付过度借贷。”</p>
<p>处于负资产净值状态的人可能是在抵押贷款利率较高且房价达到峰值时最近购买了他们的房屋。房主们也在从他们的房屋中提取更多的资产净值，这得益于过去五年的巨大增幅。</p>
<p>根据 S&amp;P Cotality Case-Shiller 全国房价指数，房屋价值现在比 2020 年 1 月高出大约 52%。即使在 2023 年抵押贷款利率上升之后，普通房主的资产增值仍为 25000 美元。在 2024 年，这一增值为 4900 美元。</p>
<p>然而，并不是每个市场都在经历相同的动态。根据 Cotality 的报告，波士顿、芝加哥和纽约市仍然处于正增长状态。最大的损失发生在洛杉矶、旧金山、华盛顿特区、迈阿密和德克萨斯州休斯顿。</p>
<p>Hepp 表示：“高杠杆贷款的未来表现将取决于美国经济和劳动力市场的强度。即使对持续的价格上涨和经济韧性的预期依然存在，但在未来几个月内密切监测这些贷款仍然至关重要。”</p>

曼哈顿大桥投资股份

<p>房主因房价下跌而失去资产净值，第三季度借款人资产净值下降了 2.1%，总计损失 3738 亿美元。负资产房屋增加了 21%，达到 120 万套。尽管如此，整体净资产仍保持在 17.1 万亿美元。此次下降归因于可负担性挑战和过度杠杆化。波士顿、芝加哥和纽约等市场表现积极，而洛杉矶和旧金山等城市则面临损失。未来贷款表现取决于美国经济的强劲程度</p>

<p>A tract of new tightly packed homes are viewed along the Boulder City Parkway on January 11, 2022 in Henderson, Nevada.</p>
<div class="lb-trans"><p>2022 年 1 月 11 日，在内华达州亨德森的博尔德市公园大道上，看到一片新建的紧凑型住宅。</p>
</div><p>George Rose | Getty Images</p>
<div class="lb-trans"><p>George Rose | Getty Images</p>
</div><p>Home values have been losing ground for much of this year, with previously huge annual gains shrinking to nothing. The result is that homeowners are losing equity.</p>
<div class="lb-trans"><p>今年大部分时间内，房屋价值一直在下滑，之前巨大的年度增幅缩小至零。结果是，房主的资产净值正在减少。</p>
</div><p>Borrower equity fell 2.1% in the third quarter of this year compared with the same period a year ago, or a collective $373.8 billion, according to a report from Cotality. This comes after years of steep home prices gains and record equity. Even after the drop, homeowners still have an overall collective net equity of $17.1 trillion for homes with a mortgage.</p>
<div class="lb-trans"><p>根据 Cotality 的一份报告，今年第三季度借款人的资产净值较去年同期下降了 2.1%，总计减少了 3738 亿美元。这是在经历了多年的房价大幅上涨和创纪录的资产净值之后发生的。即使在下降之后，房主的整体净资产仍为 17.1 万亿美元，涵盖了有抵押贷款的房屋。</p>
</div><p>For the average homeowner, the third-quarter equity declines translate to a loss of $13,400. In addition, the number of homes in a negative equity position, meaning they are worth less than the mortgage on them, increased by 21% from a year ago to 1.2 million.</p>
<div class="lb-trans"><p>对于普通房主来说，第三季度的资产净值下降意味着损失了 13400 美元。此外，处于负资产净值状态的房屋数量，即其价值低于抵押贷款的房屋，较去年增加了 21%，达到了 120 万套。</p>
</div><p>&#34;As the pace of home price growth slows and markets recalibrate from pandemic peaks, we're seeing a clear shift in equity trends,&#34; said Selma Hepp, chief economist at Cotality. &#34;Negative equity is on the rise, driven in part by affordability challenges that have led many first-time and lower-income buyers to over-leverage through piggyback loans or minimal down payments.&#34;</p>
<div class="lb-trans"><p>Cotality 首席经济学家 Selma Hepp 表示：“随着房价增长速度放缓，市场从疫情高峰期重新调整，我们看到资产净值趋势的明显变化。” 她补充道：“负资产净值正在上升，部分原因是可负担性挑战导致许多首次购房者和低收入购房者通过二次贷款或最低首付过度借贷。”</p>
</div><p>Those in a negative equity position likely purchased their homes more recently, when mortgage rates were higher and prices had peaked. Homeowners have also been pulling more equity out of their homes, thanks to huge gains in the last five years.</p>
<div class="lb-trans"><p>处于负资产净值状态的人可能是在抵押贷款利率较高且房价达到峰值时最近购买了他们的房屋。房主们也在从他们的房屋中提取更多的资产净值，这得益于过去五年的巨大增幅。</p>
</div><p>Home values are now roughly 52% higher than they were in January 2020, according to the S&amp;P Cotality Case-Shiller national home price index. Even after mortgage rates increased in 2023, the average equity gain per homeowner was $25,000. In 2024, it was $4,900.</p>
<div class="lb-trans"><p>根据 S&amp;P Cotality Case-Shiller 全国房价指数，房屋价值现在比 2020 年 1 月高出大约 52%。即使在 2023 年抵押贷款利率上升之后，普通房主的资产增值仍为 25000 美元。在 2024 年，这一增值为 4900 美元。</p>
</div><p>Not every market, however, is seeing the same dynamic. Boston, Chicago and New York City are all still in the positive, according to the Cotality report. The biggest losses were in Los Angeles, San Francisco, Washington, D.C., Miami and Houston, Texas.</p>
<div class="lb-trans"><p>然而，并不是每个市场都在经历相同的动态。根据 Cotality 的报告，波士顿、芝加哥和纽约市仍然处于正增长状态。最大的损失发生在洛杉矶、旧金山、华盛顿特区、迈阿密和德克萨斯州休斯顿。</p>
</div><p>&#34;The future performance of highly leveraged loans will hinge on the strength of the U.S. economy and labor market. Even as expectations for continued price appreciation and economic resilience persist, it remains critical to closely monitor these loans in the months ahead,&#34; Hepp said.</p>
<div class="lb-trans"><p>Hepp 表示：“高杠杆贷款的未来表现将取决于美国经济和劳动力市场的强度。即使对持续的价格上涨和经济韧性的预期依然存在，但在未来几个月内密切监测这些贷款仍然至关重要。”</p>
</div>

由于房价疲软，房主的房屋净值正在损失数千美元