【分析解答题】

"New Price"; "Just Reduced"; "Priced to Sell". Once unheard of, these tags are cropping up ever more often in the property sections ofAmerica’s newspapers. They denote a shift that is becoming clearer in the national statistics, too: the fizz is going out of the once-bubbly housing market.Compared with last year, inventories of unsold houses are up and the pace of sales is down. Prices have slowed and in some areas have even fallen. Residential construction now makes up more than 6% of GDP. This suggests that a 10% drop would shave some 0.6 percentage points off economic growth.

A、bigger question, however, is how slower prices might affect consumer spending.Experts expect thatAmerica’s house prices will have stopped rising by the end of the year. Mainly because a flat market will put a brake on residential building, this is expected to reduce GDP growth by about 1.5 percentage points. "Just Reduced" might soon be a fitting label for the whole economy.