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Bowman\u6c0f\u306f\u30012025\u5e74\u672b\u307e\u3067\u306b3\u56de\u306e\u5229\u4e0b\u3052\u304c\u884c\u308f\u308c\u308b\u53ef\u80fd\u6027\u306b\u3082\u8a00\u53ca\u3057\u3066\u3044\u307e\u3059\u30022026\u5e74\u306b\u3064\u3044\u3066\u306f\u3001\u3055\u3089\u306b\u91d1\u878d\u7de9\u548c\u304c\u9032\u307f\u3001\u5e74\u592e\u307e\u3067\u306b\u7c73\u56fd\u306e\u653f\u7b56\u91d1\u5229\u304c3.5\uff05\u3092\u4e0b\u56de\u308b\u3068\u306e\u4e88\u6e2c\u3082\u3042\u308a\u307e\u3059\u3002<\/li>\n<li 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class=\"p2\"><strong>GDP\u3068\u500b\u4eba\u6d88\u8cbb<\/strong><\/p>\n<ul>\n<li class=\"p3\">2025\u5e74\u7b2c2\u56db\u534a\u671f\u306e\u5b9f\u8ceaGDP\u6210\u9577\u7387\u306f3\uff05\u3068\u306a\u308a\u3001\u7b2c1\u56db\u534a\u671f\u3068\u540c\u6c34\u6e96\u306a\u304c\u3089\u5e02\u5834\u4e88\u60f3\u3092\u4e0a\u56de\u308a\u307e\u3057\u305f\u3002<\/li>\n<li class=\"p4\">\u500b\u4eba\u6d88\u8cbb\u306f\u524d\u5e74\u540c\u671f\u6bd41.4\uff05\u5897\u3068\u306a\u308a\u3001\u7b2c1\u56db\u534a\u671f\u306e0.5\uff05\u5897\u304b\u3089\u5927\u304d\u304f\u6539\u5584\u3057\u307e\u3057\u305f\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p class=\"p2\"><strong>\u52b4\u50cd\u5e02\u5834<\/strong><\/p>\n<ul>\n<li class=\"p3\">\u96c7\u7528\u5897\u52a0\u306f\u7de9\u3084\u304b\u306a\u304c\u3089\u5b89\u5b9a\u3057\u3066\u304a\u308a\u3001\u5931\u696d\u7387\u306f\u7d044.2\uff05\u3067\u63a8\u79fb\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<li class=\"p4\">\u30a2\u30c8\u30e9\u30f3\u30bf\u9023\u90a6\u6e96\u5099\u9280\u884c\u306e\u8cc3\u91d1\u4e0a\u6607\u7387\u6307\u6a19\u306b\u3088\u308b\u3068\u30017\u6708\u306e\u8cc3\u91d1\u4e0a\u6607\u7387\u306f4.1\uff05\u3067\u3057\u305f\u3002\u524d\u6708\u3088\u308a\u3084\u3084\u4f4e\u4e0b\u3057\u305f\u3082\u306e\u306e\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u524d\u3068\u6bd4\u3079\u308b\u3068\u4f9d\u7136\u9ad8\u3044\u6c34\u6e96\u306b\u3042\u308a\u3001\u4eba\u4ef6\u8cbb\u4e0a\u6607\u5727\u529b\u304c\u7d9a\u3044\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u30a4\u30f3\u30d5\u30ec\u306e\u52d5\u5411\u3084\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\u306e\u653f\u7b56\u898b\u901a\u3057\u306b\u5f71\u97ff\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p class=\"p2\"><strong>\u666f\u6c17\u5f8c\u9000\u30ea\u30b9\u30af<\/strong><\/p>\n<ul>\n<li class=\"p3\">\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u9023\u90a6\u6e96\u5099\u9280\u884c\u304c\u3001\u77ed\u671f\u91d1\u5229\u3068\u9577\u671f\u91d1\u5229\u306e\u5dee\u304b\u3089\u7b97\u51fa\u3059\u308b\u30e2\u30c7\u30eb\u3067\u306f\u3001\u4eca\u5f8c12\u304b\u6708\u4ee5\u5185\u306b\u666f\u6c17\u5f8c\u9000\u304c\u8d77\u3053\u308b\u78ba\u7387\u306f28\uff05\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u524d\u5e74\u306e50\uff05\u8d85\u304b\u3089\u306f\u4f4e\u4e0b\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<li class=\"p4\">\u6c11\u9593\u4e88\u6e2c\u306f\u4f9d\u7136\u3068\u3057\u3066\u5206\u304b\u308c\u3066\u3044\u307e\u3059\u3002Goldman Sachs\u3084Barclays\u306f\u666f\u6c17\u5f8c\u9000\u4e88\u60f3\u3092\u5f15\u304d\u4e0b\u3052\u305f\u4e00\u65b9\u3001S&amp;P Global\u3084\u5168\u7c73\u7523\u696d\u5be9\u8b70\u4f1a\u306f2026\u5e74\u521d\u3081\u306e\u666f\u6c17\u7e2e\u5c0f\u30ea\u30b9\u30af\u3092\u8b66\u6212\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<\/ul>\n<p class=\"p2\">\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\u306b\u3068\u3063\u3066\u306e\u8ab2\u984c\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u3092\u518d\u71c3\u3055\u305b\u305a\u3001\u540c\u6642\u306b\u666f\u6c17\u3092\u505c\u6ede\u3055\u305b\u306a\u3044\u3088\u3046\u3001\u653f\u7b56\u8ee2\u63db\u306e\u9069\u5207\u306a\u6642\u671f\u3092\u898b\u6975\u3081\u308b\u3053\u3068\u3067\u3059\u3002\u73fe\u5728\u306e\u91d1\u878d\u653f\u7b56\u306f\u3059\u3067\u306b\u666f\u6c17\u3092\u6291\u3048\u308b\u65b9\u5411\u306b\u50cd\u3044\u3066\u3044\u308b\u305f\u3081\u3001\u5c0f\u5e45\u306a\u5229\u4e0b\u3052\u3067\u3082\u3001\u6d88\u8cbb\u8005\u3084\u501f\u5165\u4eba\u306e\u8ca0\u62c5\u8efd\u6e1b\u3001\u5e02\u5834\u306e\u4e0b\u652f\u3048\u306b\u3064\u306a\u304c\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<h4><\/h4>\n<h4 class=\"p3\"><strong>\u4f4f\u5b85\u5e02\u5834\u3078\u306e\u5f71\u97ff\uff1a\u4f4f\u5b85\u8cfc\u5165\u9700\u8981\u306e\u559a\u8d77<\/strong><\/h4>\n<p class=\"p4\">\u4f4f\u5b85\u5e02\u5834\u306f\u3001\u91d1\u5229\u5909\u52d5\u306e\u5f71\u97ff\u3092\u7279\u306b\u53d7\u3051\u3084\u3059\u3044\u5206\u91ce\u3067\u3059\u3002\u904e\u53bb3\u5e74\u9593\u3001\u305d\u306e\u5f71\u97ff\u306f\u660e\u78ba\u306b\u8868\u308c\u307e\u3057\u305f\u3002\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\u306e\u5229\u4e0a\u3052\u306b\u4f34\u3063\u3066\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u304c\u6025\u4e0a\u6607\u3059\u308b\u3068\u3001\u4f4f\u5b85\u306e\u8cfc\u5165\u8ca0\u62c5\u304c\u5927\u304d\u304f\u306a\u308a\u3001\u4e2d\u53e4\u4f4f\u5b85\u306e\u58f2\u308a\u51fa\u3057\u304c\u6e1b\u5c11\u3057\u3001\u8cfc\u5165\u5e0c\u671b\u8005\u306e\u591a\u304f\u304c\u69d8\u5b50\u898b\u306b\u8ee2\u3058\u307e\u3057\u305f\u3002<\/p>\n<p class=\"p5\">\u3057\u304b\u3057\u3001\u91d1\u878d\u653f\u7b56\u304c\u5229\u4e0b\u3052\u65b9\u5411\u3078\u8ee2\u63db\u3059\u308c\u3070\u3001\u4f4f\u5b85\u5e02\u5834\u306f<b>\u56de\u5fa9\u306b\u5411\u3051\u305f\u65b0\u305f\u306a\u5c40\u9762<\/b>\u3092\u8fce\u3048\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<p class=\"p2\"><strong>\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u3068\u4f4f\u5b85\u306e\u8cfc\u5165\u3057\u3084\u3059\u3055<\/strong><\/p>\n<ul>\n<li class=\"p3\">Freddie Mac\u306b\u3088\u308b\u3068\u300130\u5e74\u56fa\u5b9a\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u306f7\u670831\u65e5\u6642\u70b9\u3067\u5e73\u57476.72\uff05\u3067\u3059\u30022023\u5e74\u306e\u7d048\uff05\u306e\u30d4\u30fc\u30af\u304b\u3089\u306f\u4f4e\u4e0b\u3057\u305f\u3082\u306e\u306e\u3001\u30d1\u30f3\u30c7\u30df\u30c3\u30af\u524d\u3068\u6bd4\u3079\u308b\u3068\u4f9d\u7136\u9ad8\u3044\u6c34\u6e96\u3067\u3059\u3002<\/li>\n<li class=\"p3\">\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\u304c\u5e74\u672b\u307e\u3067\u306b1\u56de\u4ee5\u4e0a\u306e\u5229\u4e0b\u3052\u3092\u5b9f\u65bd\u3059\u308c\u3070\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u306f2026\u5e74\u534a\u3070\u307e\u3067\u306b5.75\uff5e6.25\uff05\u3078\u4f4e\u4e0b\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u30a2\u30ca\u30ea\u30b9\u30c8\u306f\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<li class=\"p3\">\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u304c1\u30dd\u30a4\u30f3\u30c8\uff08100\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\uff09\u4f4e\u4e0b\u3059\u308b\u3054\u3068\u306b\u3001\u4f4f\u5b85\u306e\u8cfc\u5165\u3057\u3084\u3059\u3055\u306f\u7d0410\uff05\u6539\u5584\u3059\u308b\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u3092\u5229\u7528\u3067\u304d\u308b\u8cfc\u5165\u8005\u304c\u5897\u3048\u3001\u591a\u304f\u306e\u5730\u57df\u3067\u6708\u3005\u306e\u8fd4\u6e08\u984d\u3082\u6570\u767e\u30c9\u30eb\u6e1b\u5c11\u3057\u307e\u3059\u3002<\/li>\n<li class=\"p4\">National Association of Realtors\u306f\u300130\u5e74\u56fa\u5b9a\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u304c6\uff05\u307e\u3067\u4f4e\u4e0b\u3059\u308c\u3070\u3001\u8cc3\u8cb8\u4f4f\u5b85\u306b\u4f4f\u3080160\u4e07\u4e16\u5e2f\u3092\u542b\u3080\u7d04550\u4e07\u4e16\u5e2f\u304c\u3001\u7c73\u56fd\u306e\u4e2d\u592e\u5024\u4fa1\u683c\u306e\u4f4f\u5b85\u3092\u8cfc\u5165\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3068\u63a8\u8a08\u3057\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u3046\u3061\u7d0410\uff05\u306b\u5f53\u305f\u308b\u7d0455\u4e07\u4e16\u5e2f\u304c\u3001\u4eca\u5f8c12\uff5e18\u304b\u6708\u4ee5\u5185\u306b\u4f4f\u5b85\u3092\u8cfc\u5165\u3059\u308b\u3068\u4e88\u6e2c\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>\u4f4f\u5b85\u5efa\u8a2d\u696d\u8005\u306e\u6226\u7565\u3068\u5e02\u5834\u52d5\u5411<\/strong><\/p>\n<ul>\n<li class=\"p3\">NAHB\u4f4f\u5b85\u5e02\u5834\u6307\u6570\u306f0\uff5e100\u3067\u793a\u3055\u308c\u300150\u672a\u6e80\u306f\u4f4f\u5b85\u5efa\u8a2d\u696d\u8005\u306e\u666f\u6cc1\u611f\u304c\u5f31\u3044\u3053\u3068\u3092\u8868\u3057\u307e\u3059\u3002\u3053\u306e\u6307\u6570\u306f7\u6708\u306b36\u30dd\u30a4\u30f3\u30c8\u3078\u5c0f\u5e45\u306b\u4e0a\u6607\u3057\u307e\u3057\u305f\u3002\u4f4f\u5b85\u5efa\u8a2d\u696d\u8005\u306b\u3088\u308b\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u306e\u5f15\u304d\u4e0b\u3052\u652f\u63f4\u3084\u8cfc\u5165\u7279\u5178\u306b\u52a0\u3048\u3001\u65b0\u7bc9\u4f4f\u5b85\u3078\u306e\u7d99\u7d9a\u7684\u306a\u9700\u8981\u304c\u652f\u3048\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/li>\n<li class=\"p3\">\u4f4f\u5b85\u5efa\u8a2d\u696d\u8005\u306f\u3001\u67d4\u8edf\u6027\u3092\u7dad\u6301\u3057\u306a\u304c\u3089\u8cc7\u672c\u8ca0\u62c5\u3092\u6291\u3048\u308b\u305f\u3081\u3001\u571f\u5730\u4fdd\u6709\u3084\u30aa\u30d7\u30b7\u30e7\u30f3\u5951\u7d04\u3092\u542b\u3080\u300c\u4fdd\u6709\u5730\u8efd\u91cf\u5316\u6226\u7565\u300d\u3092\u5f15\u304d\u7d9a\u304d\u6d3b\u7528\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n<li class=\"p4\">\u4f4f\u5b85\u5728\u5eab\u306f\u6b74\u53f2\u7684\u306b\u5c11\u306a\u3044\u72b6\u614b\u304c\u7d9a\u3044\u3066\u304a\u308a\u3001\u696d\u754c\u5c02\u9580\u5bb6\u3084\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u306f\u3001\u7c73\u56fd\u306e\u4f4f\u5b85\u4e0d\u8db3\u3092200\u4e07\uff5e600\u4e07\u6238\u3068\u63a8\u8a08\u3057\u3066\u3044\u307e\u3059\u3002\u91d1\u5229\u304c\u4f4e\u4e0b\u3059\u308c\u3070\u3001\u69d8\u5b50\u898b\u3057\u3066\u3044\u305f\u9700\u8981\u304c\u623b\u308a\u3001\u4e3b\u8981\u306a\u6210\u9577\u5730\u57df\u3067\u65b0\u898f\u5efa\u8a2d\u8a08\u753b\u304c\u6d3b\u767a\u5316\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p class=\"p2\"><strong>\u4f4f\u5b85\u8cfc\u5165\u8005\u306e\u52d5\u5411\u3068\u6295\u8cc7\u5bb6\u5fc3\u7406<\/strong><\/p>\n<ul>\n<li class=\"p3\">\u4f4f\u5b85\u4fa1\u683c\u3084\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u306e\u4e0a\u6607\u306b\u3088\u308b\u5f71\u97ff\u3092\u6700\u3082\u5f37\u304f\u53d7\u3051\u3066\u304d\u305f\u521d\u3081\u3066\u4f4f\u5b85\u3092\u8cfc\u5165\u3059\u308b\u5c64\u306f\u30012026\u5e74\u306b\u5e02\u5834\u3078\u623b\u308b\u52d5\u304d\u304c\u5927\u304d\u304f\u5e83\u304c\u308b\u3068\u4e88\u60f3\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u540c\u5e74\u306b\u306f\u3001\u521d\u56de\u8cfc\u5165\u8005\u304c\u65b0\u305f\u306b30\u4e07\uff5e50\u4e07\u4eba\u5897\u3048\u308b\u3068\u306e\u63a8\u8a08\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<li 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(FOMC Meeting Statements, March 2020 \u2013 July 2025) | U.S. Bureau of Economic Analysis, Q1 2025 GDP Report | U.S. Bureau of Labor Statistics, July 2025 Employment Summary | Freddie Mac PMMS Data, July 2025 | John Burns Research &amp; Consulting, Mortgage Affordability Tracker | National Association of Home Builders (NAHB), HMI Survey \u2013 July 2025 | CoreLogic Land Price Index, 2020\u20132024 | MSCI Real Assets Quarterly Trends Report, 2025 | The Conference Board, Leading Economic Index, June 2025 | Goldman Sachs &amp; Barclays U.S. Outlooks, June 2025 | U.S. Treasury, Daily Treasury Yield Curve Rates, July 2025 | Preqin &amp; NCREIF Institutional Allocations to Real Assets \u2013 Midyear 2025 | Harvard Joint Center for Housing Studies, Housing Supply Report 2024 | Realtor.com | Housing Supply Gap Reaches Nearly 4 Million in 2024<\/p>\n<p 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