Real State
The leading textbook in Real State. Used in over 1000 universities in 91 countries (over 90% market share) and the 85th most cited publication on Citeseer.
Real State
Situation
However, in some situations the term "real estate" refers to the land and fixtures together, as distinguished from "real property", referring to ownership of land and appurtenances, including anything of a permanent nature such as structures, trees and minerals.
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Information
No idea how much you can afford? This calculator takes into account your salary, expenses and the sort of loan you're after. Find out your borrowing capacity.
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While home sales across much of the county have languished in recent months, struggling to pick up speed, a recent report says homes on the higher end of the market are selling with renewed vigor.
According to DataQuick Information Systems, the number of home sales worth more than $1 million increased in each of the 20 cities tracked by the firm last year, with sales jumping an average of more than 18 percent.
The largest gains were seen in San Jose, California, and Honolulu, Hawaii, where sales increased 27.4 and 26 percent, respectively. Even Phoenix, where foreclosures have made up a large part of the market, saw an increase in high-end sales.
"It hasn't been a good six months for all people, but it was a good six months for rich people," Glenn Kelman, CEO of Seattle-based real estate brokerage Redfin, told CNNMoney. "When Wall Street goes up, rich people buy homes."
Upper-echelon buyers have also benefited by more affordable mortgage rates. Back in 2009, mortgage rates for loans over the threshold set by Fannie Mae and Freddie Mac were 1.8 percentage points higher than standard loans. The current gap is just 0.6 points.
While the short month and cold weather may have played a role, RealtyTrac says that the national foreclosure rate dropped significantly last month.
According to the report, there were roughly 225,000 foreclosure filings during the month, which is down 14 percent compared with January. It also represents a decline of 27 percent compared to last February, when foreclosures were nearing their peak.
"Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets," said James J. Saccacio, chief executive officer of RealtyTrac. "Monthly volume may never return to its peak in March 2010."
The firm says one in every 557 homes in the country received a filing last month, with California accounting for 25 percent of the overall total.
While foreclosures are falling, some lawmakers are trying to eliminate some of the government's foreclosure prevention programs. Thursday the House of Representatives voted to eliminate the Home Affordable Modification Program, with many Republicans saying it failed to accomplish its goals.
A home may be priceless to its owner, but what it can actually sell for is another thing altogether.
Count on us to bring our knowledge of market trends and understanding of what buyers really value to help you price your home right.
Right now, home choices couldn't be better. Mortgage rates are at historic lows.
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