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Especially during the last month, Mr. Miller said, "we're seeing much more modest appreciation, more of a return to normalcy".
The analysis also assumes that the buyer will stay in the home for seven years and so will benefit from a modest appreciation in price.
China is quietly preparing for a modest appreciation of its currency, the renminbi, after weeks of criticism from American officials, The New York Times reported last week.
Their counsel: if one approaches the project with a modest appreciation for aesthetics and home construction, a shelf can move beyond its lowly Sherpa status.
"We expect only modest appreciation for the major averages in 2004 with most of the gains coming in the first half," he said.
The Chinese statement and modest gains for the currency Monday were widely interpreted as a precursor to a gradual and modest appreciation of the renminbi, which has been pegged against the dollar since mid-2008.
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"Frankly, at this point," he said, "I'd rather take a chance of being left behind, while I collect my dividends and settle for modest price appreciation".
They then allowed a modest 17percentt appreciation in the three years after July 2005, only to restore the dollar peg at 6.83 when the global financial crisis intensified last year.
Tristan Knowles, the director of Economists at Large, an Australian consultancy, calculates that a (modest) 10% appreciation of the yuan against the Laos kip could increase the burden of such a loan by 3.8 billion yuan ($620m) in a very short time.No matter.
Buy long Treasurys only if you want safe coupon income and very modest price appreciation.
Had she been able to use the leverage of a loan and calculated a modest annual asset appreciation, her cash-on-cash return could have skyrocketed — on paper, that is.
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