<P> Real estate economics is the application of economic techniques to real estate markets . It tries to describe, explain, and predict patterns of prices, supply, and demand . The closely related field of housing economics is narrower in scope, concentrating on residential real estate markets, while the research of real estate trends focuses on the business and structural changes affecting the industry . Both draw on partial equilibrium analysis (supply and demand), urban economics, spatial economics, extensive research, surveys, and finance . </P> <P> The main participants in real estate markets are: </P> <Ul> <Li> Owner / user: These people are both owners and tenants . They purchase houses or commercial property as an investment and also to live in or utilize as a business . </Li> <Li> Owner: These people are pure investors . They do not consume the real estate that they purchase . Typically they rent out or lease the property to someone else . </Li> <Li> Renter: These people are pure consumers . </Li> <Li> Developers: These people prepare raw land for building, which results in new products for the market . </Li> <Li> Renovators: These people supply refurbished buildings to the market . </Li> <Li> Facilitators: This group includes banks, real estate brokers, lawyers, and others that facilitate the purchase and sale of real estate . </Li> </Ul> <Li> Owner / user: These people are both owners and tenants . They purchase houses or commercial property as an investment and also to live in or utilize as a business . </Li>

Who are the key players in the business of creating and improving real property