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
Use of a parcel of land that will produce the greatest current value. ...
To acquit, exonerate, absolve, or discredit allegations. ...
The quality of life enjoyed by a person depending on factors such as spendable income, housing conditions, health and education. ...
Initial offer to buy or sell answered with a revised offer. For example, a buyer offers $500,000 for a home put on the market. The owner rejects the offer but submits a counteroffer for ...
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Defect in the tax law that either may provide a loophole to minimize the tax payment or result in higher taxes than there should be. ...
Pump installed in the sump of a building to pump out and drain any water or liquids that have accumulated. ...
Street having access only at one end and terminating with a circular turnaround area. The circular area permits automobiles to exit the street without having to use a home's driveway to ...
Individual who has a legal obligation to pay money to another. ...
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