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Industry Glossary
Data Dictionary Services
Industry Glossaries:
 
Home Building
                 
 Construction Loan
Category
 

 

Home Building
 Existing Home Sales
Category
 

The number of previously owned homes that are sold within a given period of time.

 

Home Building
 Fannie Mae
Category
 

Fannie Mae (formerly Federal National Mortgage Association) was created by the U.S. government in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). Fannie Mae buys mortgages on the secondary market, pools them together, and sells them as mortgage-backed securities to investors on the open market. The Secondary mortgage market helps to replenish the supply of lendable money for mortgages and ensures that money continues to be available for new home purchases.

 

Home Building
 Freddie Mac
Category
 

Freddie Mac (formerly Federal Home Loan Mortgage Association) was charted by the U.S. government in 1970 to purchase mortgages , securities, and then reissue securities and bonds backed by those mortgages in the secondary market .

 

Home Building
 Mortgage
Category
 

A long-term pledge of real estate property to a creditor as a security for a loan.

 

Home Building
 Home Equity
Category
 

The part of the home that is owned by the borrower without the mortgage debt. This is the difference between the home's appraised value and the balance of all related mortgage loans.

 

Home Building
 Government -sponsored entities (GSE)
Category
 

A group of financial service corporations created by the U.S. Congress to facilitate the reduction in interest rates for specific borrowing sectors of the economy for student , farm , and home loans.

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Home Building
 Housing starts
Category
 

The number of housing units ordered but not started during a given time. Housing starts are reported on a monthly basis and expressed as a seasonally adjusted annual rate (SAAR).

 

Home Building
 Manufactured housing
Category
 

A home built in a factory then shipped to a lot where it is placed on a foundation.

 

Home Building
 Modular home
Category
 

Housing sections built in a factory and sent to a home site for assembly. These homes are lowered into place by a crane. Modular housing is built to state and local codes.

 

Home Building
 Multifamily housing
Category
 

A residential structure containing more than one housing unit.

 

Home Building
 Single family home
Category
 

A residential structure containing one housing unit.

 

Home Building