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Even if you don't think you do, you already know plenty about commodities. Want us to prove it? No problem.
What makes oil produced in Saudi Arabia different from oil exported from Nigeria? It's the same thing that makes the corn you ate at last summer¿s barbecue different from the corn used to produce ethanol. Stumped? Well, don't feel bad, it's a trick question. The answer? Absolutely nothing. Corn is corn no matter where it comes from -- just as wheat is wheat and natural gas is -- right! -- natural gas. (Though the quality may differ, the make-up is uniform.)
So, in less elaborate terms, corn and oil (and all other commodities) are homogenous goods that can be processed, resold and more often than not, used as an input to the production of other goods or services. These goods are traded on a commodity exchange, thus setting the price-per-barrel (or other metric unit) used to value them.
Now pay attention, here's a question that indeed does have an answer: What is the difference between a commodity and a stock? While a stock can tank and become worthless, a commodity cannot have its value be wiped to zero. One other difference: Most commodities are traded in futures, meaning traders buy and sell where they think the price of a product will be at a certain point in the future. Stocks trade based on the value of the underlying company at that point in time.
Home / Personal Finance / Financial Planning / Real Estate & Mortgage
Friday, March 21, 2008
VOTE: How Much Would You Pay for These Homes?
Adam Shapiro
FOXBusiness
During the recent housing turmoil and credit crunch, a record number of homes across the country have entered foreclosure, according to the Mortgage Bankers Association. The result has been a drop in home values, a larger selection of properties on the market, and auctions attracting thousands of interested buyers and investors searching for a bargain, at a time when many shoppers are scared away.
On March 8 and 9, auction company Real Estate Disposition Corporation held a two-day event in Washington, D.C., to sell more than 700 area homes. Most were located in the city's suburbs, with starting bids well below previously-stated values.
Click here to watch a video on the home auction
Some 4,000 people came to the event with bidder signs in hand. But during such a challenging time in the housing market, did these buyers see what many others do not? With prices falling, is it time to snatch up a bargain? Is now the buying opportunity? Or did bidders get carried away?
FOX Business visited the following three homes, each about 20 miles from downtown Washington,
D.C., then followed their sales at auction.
Now we'd like to hear from you! How much would you pay for the homes below? View some video tours of the homes, place your bid below in our online poll and see how others voted. We will reveal what these homes actually went for at auction on Friday afternoon on FOX Business.
Then, you can decide: Is this a buying opportunity?House #1 - Accokeek, Md
Final Price at Auction: $320,250
Starting Bid:
$159,000
Previous Value: $477,900
Square
Feet: 2276
Bedrooms: 5
Baths:
3.5
Lot: 0.27 acre
House #2 - Bowie, Md
Final Price at Auction: $472,500
Starting Bid: $199,000
Previous Value:
$570,000
Square Feet: 3108
Bedrooms:
7
Baths: 3.5
Lot: 0.25 acre
House #3 - Upper Marlboro, Md
Auction Selling Price: $551,250
Starting Bid: $219,000
Previous Value: $699,555
Square Feet:
3576
Bedrooms: 4
Baths:
3.5
Lot: 0.29 acre
Market Snapshot
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