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No sign of cooling in red-hot housing market
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10/24/2005
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Latest reports show rising sales, prices, building activity
If you were looking for signs that the red-hot housing market is beginning to cool, you would have been hard-pressed to find them in the latest batch of economic data.
Sales of new and existing homes, already at record levels, rose again in June. Adding together the two categories, single-family home sales have gone from a rate of about 6.5 million in mid-2002 to about 8 million last year to 8.7 million as of last month.
Residential construction also has been on a tear . Housing starts have been steady at a rate of more than 2 million a year for the past three months, which is considered strong although a bit below the rate of January and February, which was boosted by hurricane-related rebuilding in the South. Investment in housing rose at a 10 percent rate last quarter and was an important contributor to the economy's 3.4 percent growth rate .
he latest pricing data also offered m...
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The most expensive ZIP codes of 2005
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10/24/2005
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Five-digit tags indicate some of the priciest land in the U.S.
What's in a ZIP? In this case, some of the priciest real estate in the country.
From Beverly Hills to TriBeCa, from notorious enclaves of mansions and lush lawns to little-known niches of wealth, we looked at ZIP codes around the country to find the ones where home prices were the highest last year.
Many of these neighborhoods are rarified places, of course. They are close to beaches and golf courses and prime yacht moorings — or at least within spitting distance of the power centers that are the sources of great wealth. Thanks to their high tax bases, these areas also usually offer better schools, health care and public services — not to mention such amenities as better exotic car mechanics, caterers and gardeners. The homes are often proof of the good life, if not always good design. Penthouses and mansions abound, filled with the most expensive fittings, such as antique marble mantles, g...
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Real estate gurus: If only it were that easy
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10/24/2005
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Real estate prices are soaring, which means the real estate investment-seminar business is booming.
You've probably heard the pitches -- whether delivered live, on tapes, or late-night TV -- claiming you can buy property with little work and no money down, or promising that you can get rich in your spare time.
Ah, if it were so easy.
Real estate seminar salespeople emerge in times of rapid appreciation, says Steve Tripoli, a consumer advocate at the National Law Center in Boston. Many offer programs and practices that promise much, but deliver very little that is useful.
Not every teacher and book author out there is unworthy, of course, but searching through the pitches is challenging.
The good news
Many of the techniques these famous names tout to make you rich are doable, says Phillip Storms, certified financial planner and president of Westmont Companies in Aurora, Colo., a financial firm that specializes in real estate. They simply make it sound easier than i...
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