Mortgage interest rates during the past month trended down. Fixed-rate financing around 7 percent for 30-year mortgages was widely available, while 15-year fixed-rate loans could be had for rates in the 6.25 percent range. Starting interest levels for adjustable-rate mortgages (ARMs) were in the 5-percent range -- but ARM rates can change over time.

Wall Street averages largely fell between May and mid-July as weak earnings reports as well as economic woes in Japan, Argentina, and Europe encouraged investors to seek security. In this case, "security" means more money for long-term investments such as bonds -- good news for home buyers and those seeking to refinance.

Where We Keep Our Equity

A study by the Opinion Research Corporation International (ORCI) has found that "for households with net assets of $100,000 to $250,000, home equity is an especially important source of wealth. The value of their homes represents 43 percent of their wealth (compared to 17 percent in retirement accounts and 6 percent in stocks, bonds, and mutual funds)."

Interestingly, even those with modest incomes can accumulate significant assets. According to the study, 26 percent of families with incomes between $10,000 and $25,000, and 38 percent of those with incomes between $25,000 and $50,000, have at least $100,000 in net assets.

When asked to rank sources of wealth, only 40 percent identified home equity.

"Contrary to the belief of many, those with modest incomes can, over time, build wealth," noted Stephen Brobeck, Executive Director of the Consumer Federation of America and a sponsor of the study. "The easiest way to do so is to buy a home, faithfully make the mortgage payments, and be cautious about borrowing the accumulating home equity," he added.

What's A Fixture?

Why do some things stay with a home and some things go?

It's a question which comes up all the time, and the answer generally looks like this: What stays and what goes is largely a matter for buyers and sellers to negotiate.

In general terms, "fixtures" are items which stay with the home, are firmly attached to it, and are intended to remain with it at the time of sale. The classic example concerns microwave ovens.

A built-in microwave is typically regarded as a "fixture" because it is built-in and firmly attached to the property. If you took the microwave out there would be a big empty space where it had been installed. A microwave oven sitting on a kitchen counter is different -- it's not built-in and it's not firmly attached. Pull the plug and away it goes. The movable microwave is probably not a "fixture," instead it's personal property.

Why "probably not?" Because a buyer's offer might require the countertop microwave to stay as a condition of the sale. If the seller agrees, the microwave remains.

The bottom line: To prevent arguments, agreements between buyers and sellers should carefully reflect what stays with a home -- and what goes.

How Have New Homes Changed?

It's not your imagination. They're not building homes the way they used to. According to the National Association of Home Builders, between 1987 and 1999 typical new homes changed in many ways:

*The average new home in 1987 had 1,905 sq. ft. By 1999, new homes had grown to an average of 2,250 sq. ft.

*While homes were getting larger, lots were shrinking. A typical lot went from 17,600 sq. ft. to 12,910 sq. ft. during the 12-year period.

*More homes had carports and garages (88 percent in 1999, 82 percent in 1987), while the proportion of homes with two-car garages rose from 65 percent in 1987 to 81 percent in 1999.