just as loan to value ratios were only 60% in the 1920s,

上世纪20年代贷款价值比率只有60%
now they're up to 90% or 100%.

现在飞升至90%或100%
We're much more willing to take risks on mortgages.

在抵押贷款方面人们越来越偏好风险
People are also borrowing much more.

人们借的越来越多
You can see that in the early 1950s mortgage debt

抵押贷款在20世纪50年代
was only something like 25% of personal consumption expenditure,

只占个人消费支出的25%
but now it's up to about 100%.

现在却占到几乎100%
We're much more expansive in mortgage financing than we were.

相对于过去抵押融资规模有了很大的扩张
I put this chart out to just show

我用这幅图表来展示
the international aspect of home prices.

全球房价的情况
Here, the blue line is the

蓝色线代表
Case-Shiller Home Price Index for greater Boston.

"科斯-席勒"波士顿住宅价格指数