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1. Delineation of the .m,,,arket area--thc area within which dwelling units <br /> are competitive with one another. (Chapter IV) <br /> <br />The area's ,economy--pri0cipal economic activities, basic resources, <br />economic trends. (Chapter IV) <br /> <br />Demand factors--population, employment, incomes. (Chapter IV) <br /> <br />Supply factors--residential construction activity, housing inventory, <br />demolitions. (Chapter V) <br /> <br />Cur,r. en!,,,,market conditions--vacancies, unsold inventory, marketability <br />of sales and rental units, prices, rents, building costs, disposition <br />o£ acquired properties. (Chapter V) <br /> <br />(~uantitative and qualitative demand--prospective number of dwelling <br />units that can be absorbed economically at various price and rent <br />levels under conditions existing on the "as of" date. (Chapter V) <br /> <br />CONCEPTUAL CONSIDERATIONS <br /> <br />HOUSING: For purposes of housing market analysis, housing is considered <br />as a commodity in.the physics,1 sense; it is identified and measured in terms <br />of the dwelling unit or housing unit (house or apartment), which is also the <br />entity envisionvd in transactions consummated for the purchase or rental <br />of housing. In this sense, it is distinguished from, although inclusive of, <br />the legalistic concept (i. e., rights to the use of the commodity) and the <br />service concept (i. e., services rendered by the commodity), both of which <br />are not susceptible to convenient unit identification and measurement for <br />market analysis purposes. <br /> <br />HOUSING MARKET: In simple terms, the housing market is the composite of <br />negotiations between buyers and sellers (including lessees and lessors) in <br />free communication for the acquisition or disposition of individual dwelling <br />units which are in some degree of competition with each other. The units <br />may be regarded as linked in a chain of substitutability in varying degrees of <br />closeness depending on qualitative considerations and buyer preference, and <br />the market may be considered as consisting of clusters of substitutes cross- <br />linked in complex patterns. <br /> <br />IIOUSING MARKET AREA: A housing market area is the geographic area <br />"within which all dwelling units are linked together in a <br />chain of substitution"; or, in other words, the units are in <br />competition with one another as alternatives for the users <br />of housing. A housing market area is restricted to local <br />dimensions. <br /> <br />000o <br /> <br /> <br />