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In Boston, year-over-year prices dropped, [24] sales fell, inventory increased, foreclosures were up, [25] [26] and the correction in Massachusetts was called a "hard landing" in 2005. [27] The previously booming [ 28 ] housing markets in Washington, D.C. , San Diego, California , Phoenix, Arizona , and other cities stalled as well in 2005.
Extreme regional differences in land prices. The differences in housing prices are mainly due to differences in land values, which reached 85% of the total value of houses in the highest priced markets at the peak. [14] The Wisconsin Business School publishes an on line database with building cost and land values for 46 U.S. metro areas. [14]
Year-end: A total of 2,203,295 foreclosures were filed on 1,285,873 properties during the year, up 75 percent from 2006. More than 1 percent of all households were in some stage of foreclosure during 2007, up from 0.58 percent in 2006. [88]
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Non-profit housing developers build affordable housing for individuals under-served by the private market. The non-profit housing sector is composed of community development corporations (CDC) and national and regional non-profit housing organizations whose mission is to provide for the needy, the elderly, working households, and others that the private housing market does not adequately serve.
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.