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For example, if rents rise by an annual 2.5%, house prices would need to remain flat for 12 years to bring America's ratio of house prices to rents back to its long-term norm.
The long-term norm is for the yield of a 10-year AAA-rated general obligation municipal bond to be 85 percent of that for a 10-year Treasury note.
The ratio of stock prices to corporate earnings is currently at least twice the ratio's long-term norm (at least if you include writeoffs in earnings).
Monthly rainfall exceeded the long-term "norm", except for the most part of Predvolzhje, where the rainfall of only 28 70 % of the "norm" was registered.
Nevertheless, it is feasible that slow-steaming will become the long-term norm due to environmental regulations (Kontovas & Psaraftis, 2011b), demand pressure or the shipowners' own environmental ambitions.
I had to add that I am not bearish on stocks, given that making it "only" to 40,000 over the next 13 years would imply returns below the long-term norm.
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But mortgage approvals remain very low compared with long-term norms.
Despite approvals hitting a 14-month high in July, activity remains very low compared to long-term norms.
Earnings have been very low for a prolonged period and are markedly beneath long-term norms, so a gradual but sustained rise should not pose a significant inflation risk for some considerable time to come," he says.
"The main support for house prices will come from the fact that interest rates are likely to remain very low compared to long-term norms for some considerable time to come, despite possibly starting to rise later this year".
Howard Archer from IHS Global Insight sounded a more cautious note: "Any signs of a pick-up in housing market activity needs to be treated with considerable caution as, firstly, there have been previous false dawns recently and, secondly, housing market activity remains very low compared to long-term norms.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com