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In response,
European leaders
have belatedly
embarked on
a generational project toward “digital sovereignty,”
mixing tougher rules against foreign tech companies with efforts to boost local innovation.
作为回应，欧洲领导人启动了姗姗来迟、跨越几代的计划，旨在实现“数字主权”，其中结合了针对外国科技企业的更严格规定与促进本土创新的努力。
mixing ...是“digital sovereignty”的具体内容。mix xx with xx。
1.embark on 着手；从事，
to begin (something that will take a long time or happen for a long time)
疫情对美国房屋成交量造成打击，但房屋销售人员却对市场依旧看好，认为房价依旧会保持往日上涨势头。
House prices
picked up
in most middle- and high-income countries in the second quarter. In the rich world they rose at an annual rate of 5% (see chart 1). Share prices of developers and property-traders fell by a quarter in the early phase of the pandemic, but have recovered much of the fall.
大多数中高收入国家的房价在第二季度有所回升。在发达国家，房价以每年5%的速度上涨。在疫情初期，开发商和房地产交易商的股价下跌了四分之一，但现在大部分已经得到恢复。
In America growth in the median price per square foot accelerated more quickly in the second quarter of 2020 than in any three-month period in the lead-up to the financial crisis of 2007-09.
Three factors explain this strength: monetary policy, fiscal policy and buyers’ changing preferences.
翻译划线句，在文末留言框内打卡，答案下期公布~
有三个因素可以解释这种增长势头：货币政策、财政政策和买家不断变化的偏好。
Consider monetary policy first. Central bankers around the world have cut policy rates by two percentage points on average this year, reducing the cost of
mortgage
borrowing. Americans can
take out
a 30-year fixed-rate mortgage at an annual interest rate of just 2.9%, down from 3.7% at the beginning of the year.
首先考虑货币政策。今年，世界各国央行将政策利率平均降低了两个百分点，这就降低了抵押贷款的成本。美国人现在可以以每年2.9%的利率获得30年期固定利率抵押贷款，而年初时这一利率为3.7%。
Fiscal policy, the second factor, may therefore be more important in explaining
buoyant
prices. In a normal recession, as people lose jobs and their incomes fall,
foreclosures
drag
house prices down—not only by adding to the supply of houses on the market, but also by leaving ex-homeowners with a
blemish
on their credit history, making it harder for them to borrow again. But this time governments in rich countries have preserved households’ incomes.
因此，财政政策作为第二个因素，可能在解释价格上涨的原因方面更为重要。在正常的经济衰退中，当人们失去工作、收入下降时，取消抵押品赎回权会拖低房价——这不仅让市场上的房屋供应增加，还会让前房主的信用记录上留下污点，使他们难以再次借贷。但这一次，富裕国家的政府保护了家庭收入。
The third factor behind the unlikely global housing boom relates to changing consumer preferences. With a fifth of office workers continuing to work from home, many potential buyers may want to spend more on a nicer place to live. Already there is evidence that people are upgrading their household appliances.
在全球房地产市场不可思议的繁荣背后，第三个因素与消费者偏好的变化有关。随着五分之一的办公人员继续在家工作，许多潜在的买家可能希望花更多的钱买一个更好的住房。已经有证据表明，人们正在升级他们的家用电器。
本文节选自：The Economist（经济学人）
发布时间：2020.10
作者：Finance and economics
原文标题：Why, despite the coronavirus pandemic, house prices continue to rise
