Real Estate Prices

Housing prices can go down. - Sep. 19, 2005 Web CNN/Money Home News Markets Technology Commentary Personal Finance Autos Real Estate Real Estate Buying & Selling SAVE | EMAIL | PRINT | SUBSCRIBE TO MONEY | Real estate: When booms go bust... Home prices can and do go down. Here's what declines have looked like in the past. September 19, 2005: 6:21 PM EDT By Les Christie, CNN/Money staff writer NEW YORK (CNN/Money) - Across America, real-estate prices continue to confound the skeptics. Many Americans have come to think of their homes as rock-solid investments with little downside. And why not: For the past 40 years, national home prices have surpassed inflation by a percentage point or two on average and there has never been a national real-estate bust. But are people ignoring the risks? "I think Americans are not well aware that many markets are risky," says Ingo Winzer, president of Local Market Monitor, which sells real-estate market analysis to corporate and consumer clients. Those investors should realize that price reversals do happen, even if only locally rather than nation-wide. A look at the not so distant past reveals numerous examples of cities that went through housing busts -- followed by years of falling prices. Some have never fully recovered. Once hot, then not Take Los Angeles, where real estate has been turbocharged for nearly 10 years. But the early 1990s were a different story; the average house price in L.A. dropped from $222,200 in 1990 to $176,300 in 1996, a loss of 20.7 percent. Furthermore, those are nominal prices, not real values. To calculate the loss more realistically you would have to figure in the cost of inflation: $222,200 in 1990 would have been worth $266,700 in 1996 dollars, which means the actual loss for homeowners buying in 1990 and selling in 1996 was closer to 34 percent. Not exactly the Nasdaq meltdown for investors, but getting closer. But that's L.A., where the aerospace- and film and television production-based economy can be a bit volatile. What about cities in more traditional areas? How did things play out in Peoria, Ill. for instance? Not well, not in the early 1980s at least. Peoria experienced real-estate price drops amounting to more than 15 percent tied, in part, to strikes and lay-offs at Caterpillar, the city's biggest employer. In 1981, the average home there sold for $60,800. By 1985, that had dipped to $51,400. "Oil patch" cities, suffered even sharper declines. In Oklahoma City prices plummeted 26 percent from 1983 to 1988. It took 15 years for prices there to return to nominal 1983 levels. Houston home prices fell 22 percent from $111,000 to $86,800, and also took 15 years to rebound. Counting inflation, the average Houston home, which cost just $159,700 in 2004, is actually worth less now than it was 22 years ago. When, adjusted for inflation, a home cost about $219,000 in 1983. In Oklahoma City, the inflation-adjusted price in 1983 was $196,600. Today, it's just $135,100. The boom will end, but when? History seems to dictate that the current price boom is at risk. One factor is that real-estate investing has spiked, pressuring prices upward. In Phoenix, according to Bill Jilbert, president and COO of the Coldwell Banker brokerage there, investors from Nevada and California have invaded the Arizona market, and "affordable housing has been pushed to extremes." That story is echoed in many local markets. Low interest rates have also kept real estate bubbling. Cheap mortgages enable entry level buyers to get into the market and wealthier ones to afford more expensive houses. That means higher demand and higher prices at all market levels. Winzer says that low rates "have extended the cycle." Winzer assesses local market risk by taking into account economic and population growth, construction costs, vacancy rates, and, especially, income. He also considers such factors as density and access to open land. Prices in densely settled New York have always been higher than those of cities with lots of space for new housing. Winzer considers real estate "very risky right now." And because the price run up has been so high he expects the adjustment period where home prices stagnate as income catches up -- to take a very long time. Before they purchase a home, buyers better figure on scenario of many years of little or slow home-price appreciation. Counting on home price increases could be a big mistake. The boom has already gone on longer than Winzer thought it would. "Bubbles do tend to last longer than most people expect," he says, "and end quicker." _____________________________________________________________________________________ Think you're living in a bubble? Here are four strategies . Watch out: 5 crazy loans that could hurt you Hot markets have not slowed much yet. See that story by clicking here . For more articles on Real Estate, subscribe to MONEY Magazine . The Hot List Most profitable renovations How risky is your 401(k)? Big new tax credits for hybrid cars More Buying & Selling Least affordable rental markets Take this home market...and love it Double jeopardy for landlords contact us | magazine customer service | site map | glossary | RSS | press room OTHER NEWS: CNN | SI | Fortune | Business2.0 = Money subscribers = Premium content -- * - Time reflects local markets trading time. † - Intraday data is at least 15-minutes delayed. Disclaimer © 2005 Cable News Network LP, LLLP. A Time Warner Company ALL RIGHTS RESERVED. Terms under which this service is provided to you. privacy policy Reprints of site stories are available. Top Stories Most overvalued housing markets Risks to the economy in 2006 Which was the worst ad of all in 2005? After the ride, a rest Hilton brands reunite after 40 years YOUR E-MAIL ALERTS Follow the news that matters to you. 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Real Estate Investment

Russ Whitney, Building Wealth, Real Estate Investment Training Free Millionaire Mentor Ezine Subscription Learn More About The Free Training · Hotel Information · FAQ REGISTER FOR FREE REAL ESTATE TRAINING BY CLICKING A DATE BELOW Jan 4-Jan 7 Houston, Houston, Sugar Land, Houston Jan 4-Jan 6 South Bend, Indianapolis, Indianapolis Jan 4-Jan 6 Boca Raton, Delray Beach, West Palm Beach Jan 4-Jan 6 Sparks, Carson City , Reno Jan 9-Jan 12 King of Prussia, Cherry Hill, Philadelphia, Wilmington Jan 9-Jan 13 Fort Collins, Westminster, Aurora, Colorado Springs, Colorado Springs Jan 10-Jan 12 Santa Fe , Albuquerque, El Paso Jan 10-Jan 12 Allentown, Reading, Langhorne Jan 16-Jan 19 Concord , Berkeley , San Jose, Union City Jan 16-Jan 18 Altamonte Springs, Kissimmee, Orlando Jan 17-Jan 19 Scranton, Lancaster, Harrisburg Jan 17-Jan 19 Burlingame, Santa Rosa, San Francisco No Cost · No Obligation · Seating Is Limited! Ask Questions - Get Answers Online Discussion Board saad7861 asks: How do I create a buyer and seller database, if I am just starting out and don't have contacts or experience? ? Join this discussion... View other discussions Register and start your own Special Offer Success Story Arlene McCormack : I just wanted to show you the check we received after our first fix and flip in March. Colm and I were so excited to see our names on the check...for [$41,045.93]. Let me tell you that it felt really good to bring this to the bank.. Read More Investor Relations | Contact Us | Careers | Sitemap | Privacy Statement © 2000-2005 Whitney Education Group, Inc. All rights reserved. -- --

Purchase Property

Construction News Special Focus X-Communication and X-presso Books: Tony Dierckins Around The Region Role of women in region's economy grows: wages are rising but it remains a perilous place for single mothers On The Move NRRI Forest Products promotes lean manufacturing processes News Makers Newsmakers for November-December Construction Minimize risk when you purchase real estate Thursday December 29, 2005 Business News CNNfn CBSMarketwatch Bloomberg Reuters BusinessWeek PRNewswire Political News Salon Slate The Atlantic The Nation Mother Jones Sports ESPN Local Sports Comment on This Story / Send This Article to a Friend Construction News Minimize risk when you purchase real estate 10/14/2005 by Paul Kilgore and Melissa Maloney Purchasing real property involves a substantial financial investment. Whether buying real property to start or relocate a new business, or solely for investment purposes, you can take certain steps to protect your investment. Together, a title insurance policy and survey can protect you from many of the risks. Title Insurance A title insurance policy insures the status of the title to a parcel of real property. Simply put, title means the formal right of ownership of property. While most insurance policies insure against unforeseen future risks, title insurance insures against possible defects in title based on events that have already happened. A title insurance policy may be an owners policy, issued to the purchaser of real property, or a lenders policy, issued in favor of the lender that finances the purchase. An owners policy provides for reimbursement of damages suffered by an owner as a result of title being different than that stated in the title insurance policy. Reimbursement is available up to the stated amount of the title insurance policy. Title insurance also covers attorneys fees and other costs of any covered claim. A lender financing a real property purchase almost always will require the purchaser to obtain and pay for a lenders policy of title insurance. Among other things, a lenders policy insures the lender has a valid, enforceable lien on the purchased property, and that the lien has priority over any other lien. A lenders policy should not be relied upon to protect the purchaser in case of a title defect. Most standard real estate purchase agreements require the seller to pay for and provide the purchaser with a commitment from a title insurance company to provide title insurance. The preparation of that commitment involves a search of the public records to determine the status of title. This process can take a title company a few days or a few weeks, depending on the complexity of the propertys title history. A title insurance commitment is the insurers proposal regarding the terms of the policy. To some extent, these terms are negotiable. The commitment includes the legal description of the property, its fee owner, the proposed insured party, and any exclusions from coverage. A title insurance commitment typically excludes coverage for liens, easements, or mortgages already recorded in the public records, as well as any facts - such as encroachments and roadways - that would be revealed by a survey. The purchaser, rather than the seller, typically pays the one-time premium for an owners policy. This responsibility may be negotiated between the parties. The premium is based on the purchase price. An owners title insurance policy provides coverage throughout the insureds ownership of the property. If it later is conveyed by warranty deed, coverage continues (for the insured party, not to the new buyer) even after the property is conveyed. Survey A property survey is the process by which a parcel of land is measured, and its boundaries and contents ascertained and mapped. The finished product of a survey most often is a scaled drawing that illustrates locations of buildings, fences, streets and other improvements in relation to property lines. A survey assists the parties to a real estate transaction in understanding exactly the property included in the transaction. In Wisconsin, only a professional land surveyor licensed by the states Department of Regulation & Licensing may perform a survey. The cost depends on the characteristics of the area to be surveyed, including the parcel size and level of detail required by the transaction. From the buyers perspective, the purchase agreement should make the obligation to purchase contingent upon an A.L.T.A.(American Land Title Association) survey by a registered land surveyor, with the results acceptable to the purchaser. The purchase agreement also should state who will pay for the survey. It should be ordered early in the purchasing process to allow sufficient time for completion. Obtaining the survey early also will leave time to deal with title defects or other issues the survey may reveal. To remove the title insurance policy exclusion regarding facts ascertainable by a survey, a recent survey performed by a registered land surveyor must be presented to the title insurer, along with the surveyors certificate of no encroachments. An encroachment occurs when a building or other improvement to a parcel of real estate overlaps the boundary line and encroaches onto a neighboring land parcel, or when a neighboring improvement overlaps onto the insured property. Therefore, unless a survey is obtained and the survey exclusion is deleted, a title insurance policy alone does not protect a purchaser if an encroachment is later discovered. The title insurance commitment and survey should be examined by the purchasers attorney well in advance of closing to allow time to work out any title issues and to negotiate the terms of the title insurance policy. The bottom line: A comprehensive title insurance policy and survey protects the buyer from undiscovered title issues and minimizes risk in a real estate purchase. Paul Kilgore is a shareholder at Fryberger, Buchanan, Smith & Frederick, and practices in the areas of real estate acquisition, finance, litigation and mineral rights law. Hes a certified real property law specialist. Melissa Maloney is an associate attorney at the firm, practicing in the areas of commercial and residential real estate. They can be reached at the law firms Duluth office at 218-722-0861. Previous Construction Articles: Minimize risk when you purchase real estate -10/14/2005 Permit process begins for Range mine, steel mill -8/26/2005 UW-Barron County due for $6.5 million renovation -8/26/2005 Grand Marais landmark slated for vacation condos -5/27/2005 Resort condo developer markets phase 2 sales -5/19/2005 -- Site Map Home Page About Us Advertising Archives Around the Region BN Columnists BN Lists Business Law Business Mentor Calendar Coaches Corner Construction Daily Briefing Editorials Exclusives Investing Letters to the Editor News From KUWS News From KDAL Marketing Newsmakers Nonprofit Hotline On the Move Press Releases Search Send Us News Special Focus Stock Charts Subscribe Now! 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Colorado Real Estate -

Colorado HomeFinder | Denver Real Estate, Search Denver Homes for Sale in the MLS Call 800.231.9153 | Contact Us If you already have an account, sign in here Denver Colorado Real Estate - find out first about the newest Denver real estate listings! You learn about Denver homes for sale the day they hit the market - before other buyers. Automated HomeAlert emails you new listings that fit your personal home search criteria and gives you access to all the Denver Colorado real estate listings. It's easy - Just submit your email address and home search criteria. Your email is not shared or sold to anyone. You incur no obligation or cost for this free Denver real estate service. Our Privacy Policy: We respect your privacy. All information provided is strictly confidential and you can unsubscribe at any time. Colorado HomeFinder will never sell or share your information with any outside parties. Click here to review our Privacy Policy . 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Arvada Aurora Berthoud Boulder Broomfield Castle Rock Denver Englewood Erie Estes Park Evans Evergreen Firestone Fort Collins Fort Lupton Fort Morgan Frederick Golden Highlands Ranch Johnstown Lakewood Lafayette Littleton Longmont Louisville Loveland Lyons Nederland Niwot Parker Severance Superior Thornton Wellington Westminster Windsor Please select if necessary Arvada Aurora Berthoud Boulder Broomfield Castle Rock Denver Englewood Erie Estes Park Evans Evergreen Firestone Fort Collins Fort Lupton Fort Morgan Frederick Golden Highlands Ranch Johnstown Lakewood Lafayette Littleton Longmont Louisville Loveland Lyons Nederland Niwot Parker Severance Superior Thornton Wellington Westminster Windsor Please select if necessary Arvada Aurora Berthoud Boulder Broomfield Castle Rock Denver Englewood Erie Estes Park Evans Evergreen Firestone Fort Collins Fort Lupton Fort Morgan Frederick Golden Highlands Ranch Johnstown Lakewood Lafayette Littleton Longmont Louisville Loveland Lyons Nederland Niwot Parker Severance Superior Thornton Wellington Westminster Windsor Contact Information Name: * First Name: Last Name: E-mail: * (Valid email address is required to receive listings) Re-enter E-mail: * Phone Contact: * Home Phone: Work Phone: Information that will help us serve you better Your level of Interest: * I have a HIGH interest in buying a home and am ready to start visiting homes now. 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Home Equity Loan Debt

Refinance Mortgage, Home Loan, Home Equity, Home Purchase, Debt Consolidation - LowerMyBills Loans Home Refinance Loan Home Equity Loan Debt Consolidation Loan Home Purchase Loan Commercial Mortgage Automobile Loan Find a Real Estate Agent Debt DebtWizard Debt Consolidation Loan Online BillPay Login Take the Tour Insurance Automobile Insurance Life Insurance Health Insurance Homeowner's Insurance Renter's Insurance Credit Credit Cards Free Credit Report & Score Phone & Internet Cellular Phone Long Distance Service Internet Access Satellite Select One Home Refinance Home Purchase Home Equity Debt Consolidation Property State Select One Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Home Description Single Family Multi-Family Condominium Townhouse Mobile Home Manufactured Home Your Credit Profile Excellent Good Fair Needs Improvement Poor Enter Your Email Address & Receive Our FREE Newsletter Full of Savings Tips and Special Offers Tips & Advice Browse over 200 FREE financial tips . Definitions Expert Answers Financial Tools How-To Advice LowerMyBills in the Media Calculators Home Refinance Calculators Home Equity Calculators Debt Consolidation Calculators Home Purchase Calculators (WEB05-B) (Q-1) (T-1850) (P-1336) (S-1)