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Steve Lander has been a writer since 1996, with experience in the fields of financial services, real estate and technology.
His work has appeared in trade publications such as the "Minnesota Real Estate Journal" and "Minnesota Multi-Housing Association Advocate." Lander holds a Bachelor of Arts in political science from Columbia University.
Property comes in two general classes: real property and personal property. Property in general is frequently looked at as an asset, both in accounting terms as well as in its ability to be liquidated for money.
In some cases, property is liquidated to provide a source of funding to buy other property; in others it may be liquidated in bankruptcy.
For example, retail sales of a toy manufacturer’s product peak just before Christmas each year.Next month, since you owe less money,you pay less interest, which means more of your money goes to the principal.This process continues through the life of the mortgage until you finally make a last payment that contains almost no interest and completely pays off your balance.Mortgages were originally interest-only loans that needed to be refinanced every five or so years.After the Great Depression, self-liquidating loans became more prevalent due to support from the Federal Housing Administration and the growth of the savings-and-loan industry.
Money is recognized currency, and you can use it to buy almost everything else, making it completely liquid.