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
Glass containing wire support to make it stronger. There is less chance of glass being broken into pieces and hurting people. ...
The United States has a law named “eminent domain” that grants local, state, or federal government the right to take ownership of a private property with or without the consent ...
Subdivided acreage with utilities usually situated within or adjacent to established communities. ...
A rule that the price of a house should not exceed about 2 to 2.5 times your family's gross annual earnings. Example : If annual gross income is $70,000, the highest price one could afford ...
Value that a speculator believes an investment will reach at some point in the future. ...
Owner of land allowing another to use space under the ground, such as to install a sewer or gas line. ...
Financing of a home based on how much equity the homeowner has in it. The interest rate is typically a variable one. ...
Highest bid to buy and the lowest offer to sell a parcel of real estate in a particular market at a specified time. ...
To obtain the right through authorization to act as a legal representative and agent for another. ...
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