like savings and loan associations, are committed to real estate lending and can and do serve the national real estate market, although some specialization has occurred in their activities. In the United States, REITs generally pay little or no federal income tax but are subject to a number of special requirements set forth in the Internal Revenue Code, one of which is the requirement to annually distribute at least 90% of their taxable income in the form of dividends to shareholders. Other sources Individual investos constitute a fairly large but somewhat declining source of money for home mortgage loans. Experienced observers claim that these lenders prefer shorter-term obligations and usually restrict their loans to less than two-thirds of the value of the residential property. Likewise, building contractors sometimes accept second mortgages in partial payment of the construction price of a home if the purchaser is unable to raise the total amount of the down payment above the first mortgage money offered. In addition, homebuyers or builders can save their money using FSBO in order not to pay extra fees. See also Affordable housing Affordability of housing in the United Kingdom Australian property market Effective gross income Investment rating for real estate Land value tax Real estate trends Real estate business Real estate development Real estate bubble United States housing bubble Sunshine tax Notes References Bourne, L. S. and Hitchcock, J. R. editors., (1978) Urban Housing Markets :Recent directions in research and policy, University of Toronto Press, Toronto, 1978. Fallis, G. (1985) Housing Economics, Butterworth, Toronto, 1985. Kain J. F. and Quigley J. M. (1975) Housing Markets and Racial Discrimination, National Bureau of Economic Research, New York. Kawaguchi, Y., (2013), Real Estate Economics, Seibunsha, Tokyo. Kawaguchi, Y., (2001), Real Estate Financial Engineering", Seibunsha, Tokyo. Muth, R. (1960) “The demand for non-farm housing”, in A.C.Harberger, ed., The demand for durable goods'', University of Chicago Press, Chicago, 1960. External links Jose Francisco Bellod Redondo, University of Malaga, Detection of real estate bubbles: the Spanish case: performance of Spanish housing market between 1989 and 2009 (in Spanish), May 2011 Urban economics Real estate industry