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
The term collusion may make you think about colluding from the start, and you wouldn’t be far from the truth. The definition of collusion is a secret, non-competitive, and, at times, ...
Request of a local government's planning body to alter the zoning requirements based on a justifiable reason. ...
An interest in property with the right o possession being postponed into the future until a certain even occurs. There are several possibilities where a future interest in property could ...
Tax deduction permitted upon the transfer of property from one spouse to another. The deduction is allowed under the federal gift tax for lifetime transfers or under the federal estate tax ...
Receipt given for a partial payment made on the sale of property. It shows the buyer has made a down payment. ...
Obtaining money and/or property from a deceased person whether by will or not. ...
Situation in which an owner of property sells the property to an investor and then leases the property back, usually for a 20- or 30- year term. ...
A contract not in writing. Oral contracts are legally enforceable except for those applicable to the sale of real estate. ...
Structure that has the same blue print and design as all the other homes in a given development; the opposite of custom built. ...
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