Economic Topic That Effects Me Essay

1125 words - 5 pages

When some people are asked to describe a certain economic situation or topic that effects them right now, people usually answer with stock market woes, or investments woes. These two answers are good examples of economic topics that affect everybody who is trying to get ahead in the world. I have a particular dilemma to deal with when it comes to making an economic decision, which is to sell my house or to keep it.Looking at today's housing market you would think that a desicion such as mine is easy to make. Well, it is not as easy as people think. According to Bradley Ball, who tracks the mortgage insurance industry at Prudential, he says " Home prices have been on the rise for decades, with annual gains averaging 6% to 7% over the past five years. Mortgage originations, predictably, also have been similarly robust, up about 9% to 10% a year since 2000." Therefore, I may make a profit unless I get some insider info as to when the market will level out or come down. Then I will end up in the same situation as I was before the housing market went up, but the only difference is there will be more money involved.I had my house appraised about six month ago and I was told that it's worth 245,000 dollars. I purchased it 4 years ago at 122,000 dollars, resulting in a rate return of about 200 percent. I am faced with selling now or kicking myself later because I refused to sell. It is not easy though," According to data released by the National Association of Realtors (NAR) on Aug. 25, July's existing-home sales reached an annual rate of 6.12 million (seasonally adjusted), up 5% from June and 14% from July, 2002. " I face tough competition not only from other sellers, but from new homes as well. New homes are up 21 percent, which is a new record. I not only need to make my home seem more appealing than an older one, but I am also forced to compete against new ones as well. Even though new homes are up a staggering 21 percent, the NAR says that in July the housing inventory is at 2.39 million, which is down about 4.4 percent from June. " Combine motivated buyers with low supply and you get home prices on a tear. The national median price for existing homes jumped 12.1% in the past year, to $182,000 from $162,000, according to NAR. That's the biggest increase since November, 1980, says David Lereah, NAR's chief economist. Prices are the highest in the Northeast, where the median home price was $194,000, up 16.3% from a year ago. In the South, the median price jumped even faster -- at a 17.6% rate -- to $178,000." Talk about competition, I have spent the last 6 months improving my house to a point where I am able to sell my house at the price it was appraised at.I also face the fact that my house may not sell as quick as I once thought. " Most troubling for the long-term health of the housing market would be if homes become too expensive for first-time buyers. A typical entry-level buyer in the second quarter could afford a home of $118,800, yet the median...

Find Another Essay On Economic topic that effects me

the one of great well Essay

7100 words - 28 pages _______ current dollar estimates to obtain constant dollar estimates. 3) Setting and evaluating economic policies - Bank of Canada's monetary policies - Assessment of public policy- food prices, etc. Topic 3-Econ 245 Page 57 4) Economic analysis and research by economists - explore effects of inflation - causes of inflation - regional disparities in price movements CPI is based upon prices (including taxes) paid by consumers in private retail outlets

International Economic Policies In The 1990s

1124 words - 4 pages A book review -The book reviewed in this essay, International Economic Policy in the 1990s, was to focus on some of the most recent concerns about international trade. Its author, William R. cline, seems to have some good insights about the topic as it seems that he researched, taught and lectured about this field of study. The author tried to be as objective as possible and tried not to be biased by referring to the different opinions about

international business guidelines

1618 words - 6 pages School of Business Management BM0471: Essentials of International Business ICA 1 (100 marks / 15% weightage) ICA1 - IB TOPIC RESEARCH Learning Objectives  Introduce students to the importance of keeping abreast with world's affairs that are constantly evolving. Students will learn to appreciate how events in the international arena might have an impact on International Business in the political, economic, socio-cultural and

Different Ways Industries Affect Cities: How Heinz Has Impacted Pittsburgh

2456 words - 10 pages I-Search My topic is Heinz Ketchup. As some of you may know I have a strong connection to Pittsburgh. During my most recent trip to Pittsburgh I realized that I didn’t know much about Pittsburgh besides sports. I thought a great way to learn more about Pittsburgh would be to do a Pittsburgh related I-Search project. Initially I was going to write a paper and title it The History of Pittsburgh, but people told me that it was a bad idea and

Art Rev 1

1012 words - 5 pages common in all five. This article taught me all kinds of new things about child abuse. I was never informed on how badly children are mistreated. I just knew it was not good. For example, affects on a child. Not only psychological effects but physical too. Sometimes, when reading this article and thinking about people you can put two things together and everything makes sense as to why that person is the way they are. It makes you think

Financial Liberalization

7130 words - 29 pages in writing a report. A well-defined topic reflects what is going on to be discussed throughout the report. The topic "Impact of Interest Rate Reforms or Liberalization on Financial Development & Economic Growth" selected by me is duly approved by the respective supervisor. The report has discussed how the interest rate liberalization enhances financial development and thereby causes economic growth.The Title of the report "Impact of Interest

Why Marijuana Should Be Legalized

3282 words - 14 pages article mentions the social movements that were created, and the public's view on the topic. In addition, it includes studies that were made on the effects marijuana has on health. This source was useful for me because it provides information not explained in detail in most of my other sources. My other sources mostly focused on recent events about my topic, but this article provided in-depth explanation of historical events. The goal of this article

Paradigms of Knowing in Communication Research

949 words - 4 pages results were readable and the article help future write further study about the topic. The article helps me learn more about a topic I did not know about. It also helped teach me many ways to look at a topic from someone else is view. By looking at this topic I notice the different levels on anxiety and the way it effects people. I also notice the paper linked many topic such as view from a sociologist perspective by connecting it to results. It also

The Relation Between Gender Equality and Economic Growth

3772 words - 15 pages rate trend is positive and the demographic structure more balanced in countries where gender equality in the workplace is more developed… These countries… point to…higher labor activity and a more robust economy” (Mortvik 14). United Nations Population Fund also claims that empowerment of women has positive effects not only on economic growth, but also on health and productivity of families and communities, so it brings improvement to social

Microeconomic Policy: A Learning Diary

7823 words - 31 pages economic efficiency.Topics 3 - 5 - Cost-Benefit AnalysisWork PlanOnly one week has been set aside for this topic. I'm sure if I get stuck into the work this work plan will be very achievable. As stated before I really want to gain an understanding when I study the topics, so that shall be my focus. From the outset there seems to be a little bit of mathematical formulae in this topic. The approach to this will be to attack it from the start and try

Child Abuse

1130 words - 5 pages impact on later economic efficiency. It seems to be more scholarly than for the general public, however they too can gain some knowledge about the topic through this website. The website in itself is very eye-catching. There are commercial advertisements on the site, along with images with proper citations. The authors seem well educated on the topic in that they carried out experiments and studies with cited sources to support their claim. The

Similar Essays

About The Economic Effects That September 11th, Had On The Us Economy, And Whether Or Not Sanctions Would Be A Good Idea For The Us To Use Against Afghanistan

1415 words - 6 pages , we're going to ruin its economy. Unfortunately most did not achieve the goals they were set out to do. In case studies of sanctions, analysts (yes I hate them as much as you do) found that when sanctions were imposed to impair the military of the country, they almost always fail.Of course there are many factors that affect the success of an economic sanction. Studies have found that Sanctions work best when:1.The goal is not an extremely

John Steele Gordon's An Empire Of Wealth

953 words - 4 pages his degree from Vanderbilt, and more than twenty years writing on the same subject matter. Though, the significant bibliography at the end of the book tells that he actually did research the topic thoroughly. Range of the book The book is arranged chronologically, beginning with the economic situation during the colonial period. It attempts to detail nearly every economically significant event through the 21st century, and closes after the

Marijuana Essay

577 words - 2 pages article, because like my other essays it is on of the most commonly used drug in the nation. This means that situations concerning this topic I will probably effect me sooner than other topics. I have been in this school for less than a whole semester and have been asked, multiple of times, if I wanted to smoke weed with them. That is why I chose this topic because it is going to give me more knowledge on the subject and what negative effects come

Exponential Population Growth As A Potential Downfall Of The Economy

571 words - 3 pages The aim of this research paper is to analyse the impact of population growth on long run economic growth. Several intersecting factors can help account for the effects of population growth on economy. Our world’s population has increased dramatically over past centuries due to fertility dynamics and immigration. Many economic models fail to explain this relationship as there are too many variable that must be taken into account, and without