通过对比不难看出，尽管我们的房产只有70年产权，和欧美国家相比，我们的房屋持有总成本反而是最低的。而随着经济的持续发展和人们收入水平的提 高，未来房屋的持有成本还会逐渐下降，变得更加轻松和可承受。 假设我们购买的是首套房，按照首付3成、贷款7成、贷款期限30年这样的常见方式，再加上商业贷款和公积金的组合贷款，按照市场上的正常利率计算，贷 款的利息差不多和本金相等。也就是说，等到我们还清贷款之后，基本上没有什么其他的房屋持有成本。如果把所有的成本加起来算，70年的持有期内，房 屋的总成本大约是总房价的1.7倍。 与此对比，欧美国家的情况就不太一样。虽然他们的贷款利率大约只有我们的一半，但他们每年需要支付房产税，这个税率一般在房产总价的1%到3%之 间。如果我们按照最低的1%来计算，那70年内的房产税就相当于房价的70%。这样一算，房屋持有的总成本早就和我们差不多了。更何况，欧美的低贷款 利率和各种交易费用等，都没有计算在内。 我们大多数人在购买房产时，都面临着一个巨大的经济负担——几十年的房贷。房贷的利息有时甚至和本金差不多，重重的压力让人喘不过气。而更令人不 安的是，虽然我们倾尽心力付出的，是一辈子的努力，但 ...

ASIA IN FOCUS 12 February 2026 | 9:25PM HKT Economics Research Home Price Declines and Negative Equity in China Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 n Negative equity combined with job loss is often referred to as a "do ...

2月10日，2026年广西"好房子·悦生活"住房促消费专题工作会在南宁市举行。会议提出，广西将持续开 展形式多样的住房促消费活动，扩展"住房+文旅""住房+赛事""住房+演艺"等融合场景，激发消费意 愿，提升市场信心。 此次会议期间，活动主办方发布"好房子·悦生活"广西住房超市线上小程序、"一键游广西"旅居专题页 面，实现线上线下"好房子"房源联动服务。广西壮族自治区住房和城乡建设厅分别与多家单位签订合作 协议，推动形成信息共享、优势互补、合力推进住房消费的工作格局。 吴璟接受媒体采访时表示，广西生态优势突出，非常有利于康养、旅居等产业的发展，希望此次活动挖 掘更多住房领域消费新场景。 资讯编辑：周小燕 021-26096760 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mys ...

One in 10 homeowners were underwater on their mortgage in 2025 in some cities in Florida, new data shows. - Getty Images/iStock About 1.1 million American homeowners were underwater on their mortgages at the end of last year as home prices stalled, signaling a deepening crisis within the housing market. That figure represents 2.1% of all mortgage borrowers in the U.S. Though the share may seem small in the context of the overall market, it’s also the largest since early 2018 and is also up nearly 60% fro ...

齐鲁晚报.齐鲁壹点记者赵波通讯员张铭智 上述活动是青岛市2026年"迎新春.换新房"系列促销活动的重要组成部分。该系列活动于2月至3月在全市统筹推进，采取市区联动、线上 线下（300959）同步方式，持续开展政策宣传、项目推介和服务对接。 为紧抓新春返乡购房置业契机，2月7日，青岛市住房和城乡建设局聚焦住房消费需求集中释放窗口期，组织开展"迎新春.换新房"系列促 销活动。活动当日，商品房推介活动与保障房集中推荐活动同步开展，标志着全市新春住房促消费工作全面启动。 2月7日，崂山区宜家商场举办"返乡置业"商超推介专场活动，依托春节前商超人流集中的有利条件，集中开展房地产政策宣传和商品房项 目推介。中海青云萬里、青特璟誉等项目参展，推出50余套活动房源，通过一口价房源、折扣优惠、家电礼包、物业服务减免等举措，向 返乡人员和改善型家庭集中展示优质住房资源。 下一步，青岛市住房和城乡建设局将在地铁站、机场等交通枢纽继续开展房产政策宣传和项目展示，同时组织各区(市)结合商圈大集、民 俗活动等举办线上线下房展会、购房展销会和看房团活动，有力营造全市住房促消费氛围，更好满足群众多层次住房需求。 同日，青岛市住房和城乡建设局 ...

Company Overview - D.R. Horton, Inc. (NYSE:DHI) is one of the largest homebuilders in the United States, founded in 1978 and headquartered in Arlington, Texas [4] Financial Performance - For Q1 2026, D.R. Horton projected consolidated revenues between $7.3 billion and $7.8 billion, with homebuilding closings expected to be between 19,700 and 20,200 units [3] - The company anticipates home-sales gross margins of 19.0% to 19.5% and a consolidated pretax profit margin of 10.6% to 11.1% [3] - D.R. Horton plans approximately $2.5 billion in share repurchases and about $500 million in dividends, indicating a commitment to returning value to shareholders [3] Market Outlook - Keefe Bruyette lowered the price target for D.R. Horton to $163 from $168, maintaining a Market Perform rating, reflecting a cautious outlook for the homebuilding sector due to affordability pressures and elevated incentives [1] - Despite the challenges, the company is well-positioned to navigate near-term market difficulties and is expected to benefit from a recovery in housing demand over the longer term [4]

Core Insights - Companies are developing a federally backed 'rent-to-own' program aimed at addressing the significant surplus of homes currently on the market [1] Group 1 - The initiative is designed to help reduce the largest surplus of homes seen in many years [1]

Core Insights - United Rentals, Inc. (URI) reported lower-than-expected fourth-quarter 2025 results, with adjusted earnings per share (EPS) and total revenues missing the Zacks Consensus Estimate. Year-over-year, total revenues grew while adjusted EPS declined [1][10]. Financial Performance - Adjusted EPS for the fourth quarter was $11.09, missing the consensus estimate of $11.90 by 6.8%, and decreased 4.3% from the prior year [4]. - Total revenues reached $4.21 billion, falling short of the consensus mark of $4.26 billion by 1.1%, but grew 2.8% year-over-year [4]. - Equipment Rentals revenues increased 4.6% year-over-year to $3.58 billion, with fleet productivity rising 0.5% [5]. - Used equipment sales declined 14.6% year-over-year to $386 million, resulting in an adjusted gross margin of 47.2%, which contracted 170 basis points [5]. Segment Performance - General Rentals segment revenues grew 2.5% year-over-year to $2.4 billion, but rental gross margin contracted 120 basis points to 36.2% due to inflation and increased depreciation [6]. - Specialty segment revenues improved 9.2% year-over-year to a record $1.18 billion, although rental gross margin contracted 520 basis points to 40.3% due to higher costs and changes in revenue mix [7]. Margin Analysis - Total equipment rentals' gross margin contracted 240 basis points year-over-year to 37.6% [8]. - Adjusted EBITDA for the quarter increased 0.1% year-over-year to $1.901 billion, but the adjusted EBITDA margin contracted 120 basis points to 45.2% [8]. Full Year Overview - For the full year 2025, total revenues were $16.1 billion, growing 4.9% year-over-year, while adjusted EPS declined 2.6% to $42.06 [11]. - Adjusted EBITDA improved 2.3% year-over-year to $7.33 billion, but the adjusted EBITDA margin contracted 120 basis points [11]. Balance Sheet and Cash Flow - As of December 31, 2025, cash and cash equivalents were $459 million, with total liquidity at $3.322 billion. Long-term debt increased to $12.65 billion [12]. - Net cash from operating activities was $5.19 billion, up from $4.55 billion in 2024, and free cash flow increased 6% year-over-year to $2.18 billion [13]. Shareholder Returns - In 2025, URI returned $2.364 billion to shareholders, including $1.9 billion through share repurchases and $464 million through dividends [14]. - URI completed a $1.5 billion share repurchase program and launched a new $1.5 billion program, later raised to $2 billion [14]. 2026 Guidance - For 2026, total revenues are expected to be between $16.8 billion and $17.3 billion, with adjusted EBITDA anticipated to be between $7.575 billion and $7.825 billion [15]. - Net rental capital expenditure is projected to be in the range of $2.85 billion to $3.25 billion [15]. - Net cash from operating activities is expected to be between $5.3 billion and $6.1 billion, with free cash flow anticipated to be between $2.15 billion and $2.45 billion [16].

Core Insights - Australia's inflation rate reached 3.6% in Q4 2025, marking the highest level in six quarters, which suggests limited potential for interest rate cuts this year [1] - The Q4 inflation figure increased from 3.2% in Q3, aligning with economists' expectations [1] - On a quarterly basis, inflation rose by 0.6%, matching forecasts and showing a decrease from the previous quarter's 1.3% [2] Inflation Details - Year-on-year inflation for December was reported at 3.8%, surpassing the expected 3.55% [2] - The Australian Bureau of Statistics identified housing as the primary contributor to the December inflation increase, with prices rising by 5.5% [2] - Additional contributors to price increases included food and non-alcoholic beverages, as well as recreation and culture [2]

Core Insights - Zillow's 2026 outlook indicates a healthier housing market with increased inventory and more favorable conditions for buyers [2][5] Group 1: Buyer-Friendly Markets - Indianapolis ranks as the most buyer-friendly housing market in 2026, followed by Atlanta, Charlotte, Jacksonville, and Oklahoma City [11][12] - The Midwest and Sun Belt regions are highlighted for having more available inventory due to new construction, enhancing buyer choices and negotiating power [1][6] Group 2: Market Conditions - In half of the analyzed markets, typical households can afford average homes without financial strain, with mortgage payments under 30% of income assuming a 20% down payment [8] - Buyers in these favorable markets can expect more homes within budget and a lower risk of competitive bidding wars, allowing for more time to make decisions [5][10]