Although it is not obvious, as it is not often publicly placed on the market, church property is bought and sold as often as any other property. Congregations grow, downsize and move as much as anyone.
As rising mortgage rates drive up the costs of buying a home, consumer demand has soared for these recently-introduced mortgages, offering the security of a fixed interest rate but with relatively low monthly payments in the loan’s early years.
Between 2000 and 2006, residential real estate prices have soared. Home prices across the country have appreciated by 30 percent or more – in some booming cities, as much as 50 percent. Plenty of people have been buying, thinking they are making a great investment. In truth, however, many have been speculating – buying without regard to the underlying economic factors but still expecting to make a huge profit.