Home Affordability Index
Measure of the typical U.S. family's ability to buy a home, published by the National Association of Realtors. When the Index measures 100, a family earning the median income has exactly the amount needed to purchase a median-priced, previously owned home, using conventional financing and a 20% down payment. For example, an index of 140.9 means that half the families in the nation have at least 140.9% if the income needed to qualify for the purchase of a home with a median price of, say, $107,400. some experts maintain that every one-point increase rate results in 300,000 fewer home sales.
Popular Real Estate Terms
Appraisal approach where property values are estimated by comparing current comparable sales. See also market approach. ...
An anticipatory breach of contract is the action that occurs when one party in the contract shows their intention to not fulfill their contractual obligations to the other party. The ...
Warming method using sunlight. It involves special glass panels. ...
Taking back property when the borrower defaults on the loan. ...
Also called a teaser. The starting interest rate of an adjustable rate loan. It generally lasts between 1 and 12 months, at which time the loan rate increases based on prearranged criteria. ...
A court order issued to a defendant in an action either prohibiting or commanding the performance of a defined act. A violation of an injunction could lead to a contempt of court citation. ...
Occurs when the cost of repairing a component of a building structure exceeds the value of the structure and is therefore uneconomical to perform. For example, because of extensive ...
An estate constrained from some heirs and dedicated to others on the basis of a certain condition. ...
Among other things. Inter alia is an ancient method of referring to statutes without reciting all of their provisions. ...
Have a question or comment?
We're here to help.