American Real Estate- An Overview
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Written by: christinaxio@ymail.com
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Word Count: 586 |
Date: Fri, 3 Feb 2012 |
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Hey there! I turned around it was my old friend standing besides lamp post spreading hands for a hug, I couldn’t recognize him at the instant but suddenly picture got clear and I hugged him. After conventional welcome we settled down at coffee shop and I was very much eager to find out what is he doing with such expensive clothing and car in such a short span of time because he used to be financially disturbed person back in school like 8 years ago. I was very much pleased and equally surprised to find out that he is a real estate agent in Boston USA and he have earned half a million dollars in 4 years. After high school he went to US for job and found himself a course in real estate and after some odd jobs he got in with some big real estate agency in town as an intern. He grew organically by working as intern and got promoted as junior consultant. He worked hard to grasp the every insight of real estate “industry” in town and with the passage of time now he himself is an agent with mediocre estate agency operating in some counties of Boston. Real estate is a name which is considered to be the property owned by individual for living or rental income.
Generally rental income is the target of the purchaser or re sale at higher rates but it might not be considered to be the most lucrative venture due to lead times and payback in case of rentals. Industry is a name of environment where common businesses occur on a very large scale enough to influence economy. Real estate in US was seen as property tax, mortgage payments and bank loans. The housing bubble in Florida, Michigan, California, Chicago, and New York has brought about a sea change in the real estate scenario of USA. The housing bubble has been the result of significant increase in valuations of properties within the domestic territory of United States.The real estate industry in the United States mainly deals with three types of properties namely commercial land, residential property, and industrial real estate. The real estate scenario is not same in all the US states. The property valuations and ownership patterns are different for different states of US. The real estate industry of the United States offers diverse opportunities of employment. Real estate management, development, and financing employ skilled professionals from the respective fields.
The activities of real estate industry also include evaluation of acquisitions, activities involving divestitures and development, designing real estate strategies, finding out different financing options. However, there has been a slowdown in the US real estate market over the last couple of years. The process of slowdown became prominent between year 2005 and 2006. The real estate dealers suffered from huge financial loss due to decrease in sales volume and declining real estate prices.The slowdown in the US real estate industry has brought about some adverse changes in the economic scenario of the country in the recent times. Unemployment level has increased. Consumers’ spending and residential construction have also suffered from the recent slowdown in the US real estate sector. The US government however, is hopeful about improving the real estate scenario of the country in near future. Effective market correction is expected to bring about some favorable changes in the real estate sector of the United States.
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Source: American Real Estate- An Overview
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