Most homeowners are not gambling for pleasure.

Mortgages are available at outrageously high interest rates.

Moreover, commercial real estate is beginning to follow the downward trend in residential real estate.

Real estate booms have been going on in these countries major cities for years.

The commercial banks main losses were incurred in the residential and commercial housing market.

This apparent paradox is explained by a combination of high corporate saving and low levels of residential and non residential fixed investment.

Until now, the future course of real estate prices has been merely a matter of diverse opinion.

The level of real residential investment is still less than half its level before the recession began.

Latin Americans have long regarded real estate as a long term asset and as protection against inflation.

Moreover, real estate prices will most likely stop rising rapidly indeed, they may even decline.

The dramatic run up of home prices made it too easy to count on real estate values to continue to rise.

Those bubbles may keep expanding, or may burst, leaving many homeowners mired in debt.

International investors are not likely to want to invest in these cities unless expectations of a price decline are built into the futures markets, as people in Tokyo understand from their own bitter experience.

Moreover, commercial real estate is beginning to follow the downward trend in residential real estate. After all, who wants to build offices, stores, and shopping centers in the empty ghost towns that litter the American West?

Some, observing the crash of the sub prime mortgage market, say, Don t worry, it is only a problem in the real estate sector.

Last but not least, US tax policy hardly encourages private sector savings, especially giving the preferential tax treatment of real estate.

Residential

As a result, refinancing of mortgages will grind to a halt, leaving no money to draw out of housing to sustain Americans consumption binge.

Acquisition and rental of real property

Blocks have names.

Social housing.

Moreover, this same sharp turnaround occurred in many countries and for many assets, including oil prices, gold, and, in some countries, residential real estate.

Residential density The number of people living in an urban area area of residential land.

Because even many financially sophisticated homeowners will find direct participation in derivative markets too daunting, the next stage in the development of real estate risk management will be to create suitable retail products.

My name's Crawley. I I manage the estate for Maxim.

Living on the income from an estate.

Monsieur Nutal, the real estate agent.

Real estate, stock market.

I'll meet you in front of the estate.

Current housing and living conditions

(d) Prefabricated housing units

Prefabricated housing units

Housing units under construction

Palestinian people 5 May 1993 25

Palestinian people 5 May 1993 23

We are now in the late stages of the biggest real estate boom in US (or world) history, driven by frenzied market psychology.

Residential buildings total 1.2 million and the average residential space is 38 m2 per person.

All of these blocks have names, and the streets are just the unnamed spaces in between the blocks.

If the foundations of economic growth lie in advances in science and technology, not in speculation in real estate or financial markets, then tax systems must be realigned.

But if the momentum toward better risk management continues, it will be the last real estate cycle in which homeowners are unable to protect themselves.

The Obama administration s efforts to deal with the real estate market have been a dismal failure, perhaps succeeding only in postponing further declines.

My declared major became real estate.

Huh? Tax information?

Landlords, of course, are another matter.

We got all kinds of nostrums and remedies.