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| March 2005 |
A Publication of ELLIOTT®
& Company Appraisers |
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HOUSING
PRICES GREW AT 25-YEAR HIGH IN '04 |
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 The Office of Federal Housing Enterprise reported that the average
price of a single family home financed through Fannie Mae or Freddie
Mac grew a whopping 11.2% in 2004, the highest annual gain in that
category since 1979.
Despite the dramatic increase, the rate of growth appears to be
slowing down. In the fourth quarter of 2004, prices rose only 1.7%,
growing at about one third of the rate generated in housing prices the
rest of the year.
The metropolitan area that showed the greatest increase in homes
values last year was Las Vegas, where housing prices grew an amazing
36.2%. Anderson, SC, was the metropolitan area with the slowest such
increase, at 1.1%.
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CONDOMINIUMS SELLING LIKE HOTCAKES
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 The record for sales of condominiums and
cooperative units was broken for the ninth consecutive year, according
to the National Association of Realtors (NAR). In 2004, sales of these
units reached 970,000, up 8% from the previous record of 898,000, set
in 2003.
The average price of condos and co-ops passed the $200K milestone last
year. By the fourth quarter of 2004 the average value of these units
had risen to $203,200, which was 16.7% higher than it had been at the
same time in 2003. Meanwhile, according to NAR figures, a typical
single family home was selling for $187,500.
"The condo market has clearly matured over the last decade, accounting
for a market share almost as big as the new home market," said David
Lereah, chief economist of NAR. "This market has been appreciating
faster than that of single family homes."
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QUOTES OF WIT &
WISDOM |
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"The test of courage comes when we are in the minority.
The test of tolerance comes when we are in the majority." —
Ralph Sockman
"Thanks to the Interstate Highway System, it is now
possible to travel from coast to coast without seeing
anything." —
Charles Kuralt
"To achieve the impossible dream, try going to sleep."
—
Joan Klempner
"You can’t build a reputation on what you are going to
do."
— Henry Ford
"The easiest way for your children to learn about money
is for you not to have any."
—
Katharine Whitehorn
"A hero is someone who understands the degree of
responsibility that comes with his freedom."
—
Bob Dylan
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