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
Clause in a mortgage that allows the borrower to pay more than the monthly amount and to retire the loan early without a penalty. ...
Stated rate of interest on the face amount of a loan or installment note. ...
Provision in a written agreement that depends on the occurrence of something else. ...
To default on a loan means to intentionally or unintentionally miss several consecutive monthly payments over the course of a few weeks or months. Most borrowers learn the definition of ...
An early term used to describe all types of real estate property, improvements to the land, and all rights accruing to the land. ...
Fee paid only if other criteria are met. ...
Same as term soil porosity: Extent to which soil has cavities or pores, thereby allowing water to pass through. ...
Statutes stipulating that the property of deceased individuals is distributed in a way that assumes that property during marriage is jointly owned and equally shared by the spouses ...
A judicial ruling in which the rights and claims of the parties have been considered. A final ruling on some aspect formed after all the facts have been taken into account. In Real ...
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