房地产行业整体继续收窄下行，但成交已呈现稳步回升迹象。上半年房地产投资额为30610亿元，增速降至16.6%，较一季度回落约7个百分点；房屋新开工面积92380万平方米，同比下降7.1%，较一季度回落7.4个百分点，其中住宅新开工面积下降10.7%；商品房销售面积39964万平方米，同比下降10%，降幅比一季度缩小3.6个百分点；土地购置面积下降20%，购置金额下降13%；6月全国房地产开发景气指数为94.71，较5月再回落近0.2个百分点，继续在不景气区间下滑，再创三年来历史新低。这凸显出在持续严厉的调控下，房地产行业整体继续呈现增幅回落、降幅稳步收窄，但成交环比显现稳步回升态势。6月商品房、商品住宅销售面积和销售额环比继续呈现40%以上的回升，同比下降幅度明显收窄，且销售金额扭转负增长，开始正增长。成交金额的涨幅高于成交量的涨幅，意味着成交均价同比仍有所上扬。这也是为何会引起总理再次喊话。

The real estate industry whole continue to narrow the downside，But the deal has already appeared steadily picks up signs。Real estate investment is 3.061 trillion yuan in the first half，Growth fell to 16.6%，A quarter fell about 7%；New housing construction area of 923.8 million square meters，7.1% year-on-year drop，A drop of 7.4% in the first quarter，One house new commenced area fell 10.7%；Home sales area of 399.64 million square meters，10% year-on-year drop，Drop down to 3.6% in the first quarter than；Land purchase area fell 20%，Purchase amount fell 13%；June the national real estate development boom index of 94.71，More may fall again close to 0.2%，Continue to decline in recession interval，Hit another record low in three years。This highlights the continued in regulated by the harsh，The real estate industry overall growth continued to fall back、Declined steadily narrow，But the deal appeared rebounded steadily month-on-month trend。June commodity house、Commodity residential sales area and sales continue to see more than 40% month-on-month upwards，Obviously lower than a narrow range，And the sales amount turn negative growth，Began to positive growth。Clinch a deal amount to rise faster than the volume of the increase，Means that the price up is still rising。This is why can cause prime minister be again。

　　房地产调控总基调不变、“限购”“二套房”红线不可触碰。针对二季度以来房地产市场成交量的逐月回稳，部分城市价格止跌微涨的态势，国务院总理温家宝再次喊话，强调“要毫不动摇的继续推进房地产市场各项调控工作，促进房价合理回归，决不能让房价反弹，造成功亏一篑”。结合近期住建部、央行、银监会、国土部等多部委均表态明确房地产调控方向不改，力度不减，这些举措彻底杜绝了寄希望下半年政策有可能继续松绑的预期。但值得注意的是，这次讲话把“继续坚决抑制投机投资性需求”放在了更为突出的位置。温总理讲话中明确“要把抑制房地产投机投资性需求作为一项长期政策，继续严格实施差别化住房信贷、税收政策和住房限购措施，防止变相放松购房政策。对有地方出台或变相放松房地产市场调控政策的，要有针对性地及时制止纠正”。这反映出当前除了“限购”红线不可碰之外，想对“二套房”放松也属于禁止之列，河南“认房不认贷”的政策微调被否，便是印证。

Real estate regulation always the same fundamental key、“限购”“Two suites”Do not touch the red line。Since the second quarter, according to the real estate market volume rallied from month to month，Part of the reason the posture of the city price closed up，The state council premier wen jiabao again propaganda，emphasize“Don't be moved to continue to push forward the real estate market of the control work，Promote the rational regression house prices，Never let the house prices rebound，Cause failed”。According to the recent live JianBu、The central bank、banking、Homeland department, many ministries are clear direction control said real estate does not change，Strength don't reduce，These measures the complete elimination of the second half of the hope that policy is likely to continue easing expectations。But it is worth noting that，The speech to“Continue to firmly suppress speculative investment demand”On a more prominent place。Prime minister wen speech clear“The inhibition of the investment real estate speculation needs as a long-term policy，Continue to strictly implement differentiation housing credit、Tax policy and housing 限购 measures，Prevent in disguised form relax purchase policies。To have a place to come on stage or in disguised form relax the real estate market adjustment and control policies，To have targeted and timely stop correct”。This reflects the current besides“限购”Do not touch the red line outside，Want to“Two suites”Relax also belong to the list of banned，henan“Recognize room deny loans”The policy is no fine-tuning，Is seal。

　　微调以“稳”字当头。不可否认，从2011年以来的严厉调控过程中，不少政策在具体执行中出现用力过猛、矫枉过正的情况，误伤了一部分自主性合理购房需求。在差异化调控的精神下，各地对具体措施进行因地制宜的微调并无大碍，今年以来各地针对刚需或首套置业者的微调政策已广泛开展，在信贷保障、降息以及利率优惠等多重利好支持下，成交回稳，取得不错的效果。但是具体措施微调可以，目标微调不可。任何对房地产政策的微调，都不能改变稳定房价、稳定市场的大方向。市场成交回稳、趋于活跃，且价格稳定是房地产市场健康稳定发展的标志之一，没有成交或者成交低迷的市场也是不健康的市场。在这种新的情形下，企业应该适时调整产品结构，增加普通商品住房的供应，满足自住性的购房需求；同时采用多渠道的营销方式，加快销售节奏，及时快速回笼资金。

Fine-tuning to“stability”Character overhead。undeniable，Since 2011 the severity of the control process，Many policies in specific seen in the implementation overexertion、Overkill，Winged part of pent-up demand autonomy reasonable。In the spirit of differentiation regulation，To the specific measures to adjust measures to local conditions around the fine-tuning and not matter，Since this year to just need or around the first set of homebuyers nudge policy has extensively，In the credit guarantee、And the interest rate cut preferential multiple good support，Rallied to clinch a deal，Made a good effect。But the specific measures can fine tune，Target fine-tuning not。Any policy of real estate of fine-tuning，Can't change the stability of house prices、Stable market of the roads。Market rallied to clinch a deal、Tend to be active，And the price stability is healthy and stable development of the real estate market one of the marks，Clinch a deal or no deal bad market is not healthy market。In the new situation，Enterprise should be timely adjust product structure，Increase the supply of housing common commodities，Meet the pent-up demand from live sex；The simultaneous multi-channel ways of marketing，Accelerate sales pace，Fast in time of receivables。