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
An accounting methodology for separately depreciating individual parts or elements of a building or improvement qualifying as business use or a depreciable asset under the IRS tax code. ...
Property taken over by the government because the owner has failed to pay taxes on it. The property may revert back to the owner when the taxes are paid. If not, the government may sell the ...
Neighborhood square somewhat resembling a park. It is often owned by town or row house owners situated near the square. ...
Covering studs on the outside. ...
(1) The exposed trim and molding surrounding a door or window. (2) Woodwork which encases a pipe or structural member. (3) Method of creating a form for the pouring of concrete. ...
percentage of land that may be used productively to the total square footage of the land. For example, if total square footage is 40,000 but only 30,000 square feet may be built upon ...
Same as term access right: The right of a property owner to freely go to and return from an adjoining highway without interference." rollover;"Same as term: Tax-free exchange that allows ...
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