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Townhouses Historically in the United Kingdom, Ireland and in some other countries, a townhouse (or a "house in town") was a residence of a peer or member of the aristocracy in the capital or major city. Most such figures owned one or more country houses in which they lived for much of the year. However during the Social Season (when major balls and drawing rooms took place), and when parliament was in session, peers and the servants moved to live in their townhouse in the capital. The Housing Bubble The United States housing bubble refers to the economic bubble in real estate in the United States. This follows the stock market bubble in the 1990s which was called, among other things, the dot-com bubble. A real estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets. Single Family Homes A single-family home (known as a detatched house in the UK) is a free-standing residential building, generally found in less dense urban areas, the suburbs of cities, the exurban region, and rural areas. Most single-family homes are built on lots larger than the structure itself, adding an area surrounding the house, which is commonly called a yard in American English or a garden in the British variety. Real Estate Economics Real estate economics is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of real estate prices, building production, and real estate consumption. The closely related field of housing economics is narrower in scope, concentrating on residential real estate markets. Both draw on partial equilibrium analysis (supply and demand), urban economics, spatial economics, and finance. Real Estate Appraisal A real estate appraisal is a service performed, by an appraiser, that develops an opinion of value based upon the highest and best use of real property. The highest and best use is that use which produces the highest possible value for the property. This use must be profitable and probable. Also of importance is the definition of the type of value being developed and this must be included in the appraisal, ie fair market value, condemnation value, quick sale value, etc. Real Estate Real estate Homeowners Association A Homeowners association is an organization comprised of all owners of units in the development. The vast majority of them are incorporated and are therefore governed by a board, which is a private government. Country Houses A country house is a large dwelling, such as a mansion, located on a country estate. Apartments An apartment (or flat in Britain and most other Commonwealth countries) is a self-contained housing unit that occupies only part of a building. Apartments may be owned (by an owner-occupier) or rented (by tenants).

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