Condominium

Condominium is Latin in origin and means co-ownership. Condominium owners hold title to their units plus a percentage of the entire project in common with all other owners. The first condos appeared in the early 1900s as bank-owned trust apartments. Condominium sales surged after the National Housing Act of 1961 made federal mortgage insurance available to condominiums.
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Century 21

Real estate brokers Art Bartlett and Marsh Fisher established Century 21 Real Estate Corporation in Orange County, California in 1971. The company went public in 1977 as sales topped $1 billion. Century 21 was purchased by Hospitality Franchise Systems, which later merged with CUC International to form Century 21's parent the Cendent Corporation.
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Debt-to-income ratio

Debt-to-income ratio (DTI) is the first test of mortgage-worthiness. The DTI is the sum of a family's fixed monthly expenses (e.g., mortgage, car payments, minimum credit card payments, monthly child support, and student loans) divided by gross monthly income. Lenders prefer DTI be no higher than 36%.
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The Federal house style

The Federal house style was popular in the U.S. from 1780 to 1840. Derived from English architecture, Federalist homes had symmetrically arranged windows around a center doorway, narrow side windows flanking the front door, a decorative crown or roof over the front door, shutters, and decorative swags and garlands. Federalist details are often incorporated into newer American homes.
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Home foreclosures

Home foreclosures are having an impact on home value. As the rate of foreclosures climbs to historic high levels, industry experts are seeing the negative aspects of foreclosure affecting home values. A recent Woodstock Institute study found that each foreclosure within an eighth of a mile of a single-family home results in a 0.9% decline in the home's value.
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Fannie Mae

The Federal National Mortgage Association, or Fannie Mae, is a Fortune 500 company that operates as a government sponsored entity. Fannie Mae was established in the wake of the Great Depression of the late 1930s in order to provide banks with money to finance home mortgages via the secondary mortgage market, which helps maintain liquidity in the national mortgage market.
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The four Cs

Mortgage lenders consider the four Cs when making a real estate loan. Credit is the borrower’s likelihood to make regular on-time payments. Capacity is the borrower’s ability to pay based on their income and long-term debt. Collateral is the real estate that secures the loan. Capital is the down payment.
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Famous people in the real estate

Famous people who were in the real estate business: Civil War General William Tecumseh Sherman; television writer and producer David Kelley; New Hampshire Congressman Bob Smith; Three Stooges actor Moe Howard; and NFL quarterback Roger Staubach.
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Home insulation

Thomas Jefferson is reported to be the first to install thermal insulation during home construction for the specific purpose of better heating and cooling. Jefferson used a cellulose type of insulation comprised of wood, paper, and plant-base in his large Monticello estate built more than 200 years ago.
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New York housing crash

The Dow Jones Industrial Average plummeted 508 points on October 19, 1987, losing 22.6% of its total value. Black Monday hit New York City's financial industry and housing market hard. New York City's average home prices peaked at $183,000 in 1988, not hitting this mark again until 1997.
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Real Estate Investment Trusts

Real Estate Investment Trusts (REIT) are corporations that purchase, develop, manage, and sell property assets for the benefit of investors and shareholders. REITs were first created in the in the 1880s but were only available to wealthy individuals. The passage the Real Estate Investment Trust Act in 1960 opened REITs up to average American investors.
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Aging-in-place features

Home builders are including aging-in-place features in new homes in response to the emerging fifty-five plus housing market. According to a recent National Association of Home Builders survey, some of these features include at least one first floor bedroom, easy to use controls and handles, extra maneuvering space, no-step entrances, larger bathrooms with safety features, and improved lighting.
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Piggyback mortgage

A piggyback mortgage combines a standard first mortgage with a home-equity loan. Piggybacks are used as a way around paying private mortgage insurance, which is required when borrowers take out a mortgage that exceeds 80% of the home purchase price. Piggybacks are also used to avoid paying higher rates charged for jumbo mortgage loans.
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U.S. Housing

The housing sector of the U.S. accounts for about 15 to 20 percent of the U.S. Gross Domestic Product. U.S. households spend about 30 to 40 percent of their disposable income on housing-related expenses, generating hundreds of billions of dollars of economic output each year.
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Commissions on home

Commissions on home sales have declined over the past decade and now average 5.1%, according to estimates from Real Trends. Industry experts attribute the decline to more competition: more home owners are selling their homes; more companies are assisting homeowners in selling their homes; and websites such as CraigsList and Trulia are offering a range of services that ease the home selling process.
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Housing Act of 1961

President John F. Kennedy signed the Housing Act of 1961. The act specifically focused on urban renewal and building or renovating inner city public housing projects. The act also attempted to stimulate the lagging national economy by extending the FHA mortgage insurance program to cover condominiums.
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First modern skyscraper

The Home Insurance Building in Chicago, Illinois was the world's tallest building from 1885 to 1905. The building is considered to be the first modern skyscraper due to its steel frame construction versus stone material. The original ten-story building rose to a height of 138 feet. Two additional floors were added in 1890.
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"Smart" home

A "smart" home integrates electronic networking technology plus building environment systems so that the entire home can be controlled centrally or remotely as a single machine. Smart home technology offers a range of benefits, such as safety and security features, centralized control of the home, and remote access and convenience.
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Largest town in the U.S.

The Long Island, New York town of Hempstead is the largest township in the U.S. Hempstead dwarfs many central cities with its population of nearly 725,000 people and landmass of 142 square miles. The township has 51 unincorporated areas, 22 incorporated villages, 65 parks and marinas, and includes the world-renowned Jones Beach.
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Home heating

According to data compiled by the Department of Energy, natural gas is used by over half of all U.S. households for home heating, making it the most popular method for home heating. The use of electricity for home heating has doubled over the past twenty-five years while the percentage of households using oil or kerosene for heat decreased by fifty percent.
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Renters

According to the latest American Housing Survey, there were about 119 million housing units in the U.S. Approximately 32% of the occupied units were renters. The median monthly housing cost (rent, utilities, and garbage and trash collection) for renter occupied homes was $633, about 29% of renters' median income.
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High transaction costs

Real estate has relatively high transaction costs when compared to other investments such as stocks. A real estate buyer will typically spend 3% of the loan amount to buy a residential property and a seller up to 6% to sell one. Under normal market conditions, it takes about three to five years to earn back these transaction costs.
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Burglaries

A burglary with an average loss of $1,300 worth of property is committed every ten seconds in the United States. This equates to nearly 13 million homes, or one in every twenty, on an annual basis. Several studies have shown that a home without a security system is three times as likely to be burglarized as compared to one equipped with a security system.
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Settlement costs

Total home sale settlement costs range from 3 to 5 percent of the price of a home. Negotiable settlement costs include fees for courier, express mail and administrative tasks, processing and documentation fees, underwriting fees, and application fees. Buyers should obtain estimated closing costs while shopping for the best mortgage loan.
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The front porch

The front porch is an American icon. The covered area at the front of the house was born in the revolution era and became popular in the decades leading up to the Civil War. Porches were a place for family and friends to talk and pass the time. The advent of automobiles, television and the suburbs led to the decline of the front porch.
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Converted trails

Since 1939, more than 10,000 miles of abandon railroad corridors in the U.S. have been converted into trails. The converted trails provide for bicycling, walking, and other activities, as well as direct access between homes, work places, and other destinations. Some notable trails include the Burke Gilman Trail (Seattle), the Monon Trail (Indianapolis), and Boston's Minuteman Trail.
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Jumbo mortgages

Jumbo mortgages carry loan amounts that exceed loan limits set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Currently, this limit is $417,000. The jumbo interest rate is usually about a half percent higher than conventional loan rates.
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National Association of Home Builders Research Center

The National Association of Home Builders Research Center was founded in 1964. The center's mission is to keep America’s builders on the leading edge of technology while enhancing the quality and affordability of housing for all Americans. The center's staff includes scientists, engineers, social scientists, architects, planners, analysts, computer and marketing specialists, laboratory technicians, and builders.
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The Brady house

The Brady house from the 1970s TV series may be the most famous split-level home in America. The split-level home, and its cousin the raised ranch, were mass produced in U.S. suburbs during the 1960s and 1970s. Split-levels have 3 to 5 levels with two full levels above ground. The raised ranch is a two level home with a finished upper level and a finished or unfinished lower level.
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Urban geography

Urban geography is the study of cities, urban structure, city spatial patterns, as well as urban economics and policies. Urban geography forms the theoretical basis for a number of professions, including urban planning, retail store site selection, real estate development, crime pattern analysis, and logistical analysis.
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