Financial News Comments prices are too high today, the crux of that?.

<P> For the recent "mortgage policy has three sets of loose" stories, 13 Industrial and Commercial Bank, Agricultural Bank of China, Construction Bank, responsible for four state-owned commercial banks related to per capita said that the current policy remains the implementation of the existing mortgage, .In particular, there is no policy on the three sets of loose mortgage. .Three mortgage loans without any loosening of the policy, indicating no change in the property control policies, the regulation can not relax, because China is the world's largest real estate bubble. .Analysis of housing problems, most refer to two indicators, one price - income ratio, the second is price - the rent ratio. .Price - income ratio refers to the urban housing prices and the ratio of household income, reflecting the household capacity to pay and housing affordability is generally believed that the ratio should be between 3-6, and 2009, Beijing, Shanghai, .housing prices in Shenzhen and other cities - income ratio of more than 10. .Prices - means the rent per square meter than the monthly rent and the ratio of house prices per square meter, usually less than 1:300 means that the real estate bubble has emerged. .Currently, housing prices in major cities in China - about rents even lower than 1:500. .In addition, it was also to China's housing prices and housing prices in some foreign cities in contrast. .December 2009 in Manhattan, New York, the highest price in the middle price of about 27,500 yuan per square meter, the German capital Berlin, the average residential price per square meter or about 17,000 yuan; some of our major cities housing prices over the same period .close to or even more than these two figures, and our income levels are several times. .Through this analysis we can see that housing prices in some cities was high indeed. .Extreme case is the Tongzhou District of Beijing, because Beijing East Railway Station building, pushed prices to more than 30,000 a square meter, 90 square meter two-bedroom rent of 1,700 yuan in January, house prices - rent ratio reached 1600 times, bubble enormous, .I do have the equivalent of stock index to the 20,000 points level, who said there is no bubble? </ P> <P> the crux of what the prices are too high? </ P> <P> the face of high prices, many people admitted .read more and more property, and buy a house seems to be an impossible dream. .So, in the end is what led to the current high prices it? Reason, generally in the following areas: </ P> <P> investment-driven. .As people's incomes rise, increasingly strong investment demand. .But too few investment channels, in recent years, housing prices continued to rise, many people think that house prices only rise not fall, do not pay earn to buy a house, have joined the "army of real estate," there is a serious housing consumption "investment" tendency .. .Excessive investment is speculative, the more speculative buyers of the wind blowing more fierce, the high prices played a role in fueling. .</ P> <P> money driven. .Relatively loose monetary policies, ample market liquidity, which means the market too much money in circulation. .The scale of new credit in 2009 nearly 10 trillion yuan, representing an incremental over the past three or four years. .Necessarily stimulate investment demand for capital adequacy, and some real economic impact of the financial crisis has not yet fully out of the woods, a lot of money to flock to the real estate market, this will bring housing prices..