楼市突然放出三个猛招，房子还会热卖吗？现在终于有了答案

Core Viewpoint - The central bank's recent measures to stimulate the real estate market, while seemingly robust, are unlikely to effectively address the fundamental issues plaguing the housing sector [1][8]. Policy Measures - The first measure involves lowering the down payment ratio for first-time homebuyers to 15% and for second homes to 25%, which may increase homeownership eligibility but pushes buyers towards higher debt levels [3][8]. - The second measure is the cancellation of the lower limit on mortgage interest rates, which theoretically gives banks more pricing power, but the actual reduction in rates is expected to be minimal due to already low interest levels [5][8]. - The third measure is a 0.25 percentage point reduction in public housing loan rates, which is considered insufficient given the high property prices [6][8]. Market Conditions - The fundamental issue remains that housing prices are excessively high, with price-to-income ratios in second and third-tier cities reaching 20-25 times and over 40 times in first-tier cities, making it difficult for buyers to engage in the market [7][8]. - The average household's financial situation is strained, with real estate accounting for 77% of household assets, leaving little room for additional leverage [7][8]. - The market is characterized by an oversupply, with 120 million vacant homes available, while 96% of families already own at least one property, leading to a decline in both first-time and upgrade housing demand [7][8]. Conclusion - Overall, the central bank's three policy initiatives, despite their apparent strength, are unlikely to resolve the underlying issues of high housing prices, elevated household debt, and market oversupply [8].