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Unit 4:

The Real Estate Market

QuestionAnswer
Short-term fluctuations changes in business and economic activity that occur within the year. These changes in the economy affect financial and real estate markets.
business cycle expansion (recovery or boom) and contraction (recession or bust)
expansion contraction
peak upper turning point of a business cycle
trough lower turning point of a business cycle - gives buyers the best opportunity to purchase real estate, allowing absorption of oversupply to take place.
peak when real estate supply growth slowly begins to exceed demand growth - most real estate participants do not recognize when a peak occurs because transactions are at their highest level of activity.
contracts sales growth slows - During contraction, the entire region can experience bad loans, foreclosures, unemployment, and even recession.
__________ are periodic, irregular up-and-down movements in economic activity that take place over a period of two to six years. Cycles
The characteristics of the expansion stage in a real estate market include: speculators and increased accessibility to credit.
Which of the following are changes in the market in a consistent direction that occur over a long-term period? Trends
command system decisions regarding allocation are centralized
market system the allocation decisions are relegated to buyers and sellers
In reality, there is no pure command or market system, but rather a combination of the two.
market may be defined as trade in a specified commodity.
This lack of similarity causes the real estate market to be inefficient and disorganized.
Market segmentation the process of identifying and analyzing submarkets within these larger markets.
submarket geographic, economic, or specialized subdivision of a market.
petrol dollars when oil is purchased from the OPEC countries. Fuel issues throughout the world affect availability of funds
Euro currency used by 13 countries in the European Union. When the dollar rises in value, the reverse is true. This also has an important effect upon tourism.
Profitable Investment Opportunities. Multiple residential units in fast-growing urban areas are popular with foreign investors. Companies such as Barratt American (English ownership) have become major builders in the United States.
Created by: Kids3