[Galago-i18n] NUMBER ONE Success System

[Tommy Lee]

http://www.noss123.com/



In most jurisdictions mortgages are strongly associated with loans secured
on real estate rather than other property (such as ships) and in some cases
only land may be mortgaged. Arranging a mortgage is seen as the standard
method by which individuals and businesses can purchase residential and
commercial real estate without the need to pay the full value immediately.
See mortgage loan for residential mortgage lending, and commercial mortgage
for lending against commercial property.

In many countries it is normal for home purchases to be funded by a
mortgage. In countries where the demand for home ownership is highest,
strong domestic markets have developed, notably in Spain, the United Kingdom
and the United States.

Real estate bubbles are invariably followed by severe price decreases (also
known as a *house price crash*) that can result in many owners holding
negative equity (a mortgage debt higher than the current value of the
property). As with any type of economic bubble, it is difficult for many to
identify except in hindsight, after the crash. The crash of the Japanese
asset price bubble from 1990 on has been very damaging to the Japanese
economy and the lives of many Japanese who have lived through it [3], as is
also true of the recent crash of the real estate bubble in China's largest
city, Shanghai [4].

Unlike a stock market crash following a bubble, a real-estate "crash" is
usually a slower process, because sellers prefer not to sell their own
homes. Other sectors such as office, hotel and retail generally move along
with the residential market, being affected by many of same variables
(incomes, interest rates, etc.) and also sharing the "wealth effect" of
booms. Therefore this article focuses on housing bubbles and mentions other
sectors only when their situation differs from housing.

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