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
Involves the transfer of property from one individual to another for a consideration in the form of sale. It is the most widely used type of real estate deed with a period of bargaining ...
Builder's ten-year guarantee that their workmanship, materials, and construction are up to established standards. The HOW provides reimbursement for the cost of remedying specified defects. ...
lender who charges an exorbitant interest rate, which is typically illegal because it exceeds the interest rate allowed in the state. A borrower may go to a loan shark if he cannot obtain ...
In commerce and business, margin as a general term is defined as by the difference between the amount of money spent on a product and the selling price of it. The margin usually appears as ...
Managing property directly at its location. The management functions may include showing prospective tenants the facilities, collecting rents, and doing upkeep on the property. ...
Landlords act of seizing a tenants property to satisfy defaulted rent payments. To distrain a tenants property the landlord must give proper legal notice and is often accompanied by ...
All expenses related to maintaining and operating a household. These expenses include the cost of rent or mortgage payments, taxes, utilities, maintenance and structural improvements. The ...
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. ...
Also called triple net lease. The lessee pays not only a fixed rental charge but also expenses on the tented property, including maintenance. ...
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