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Homeownership
Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. The home can be a house, such as a single-family house, an apartment, condominium, or a housing cooperative. In addition to providing housing, owner-occupancy also functions as a real estate investment. Acquisition Some homes are constructed by the owners with the intent to occupy. Many are inherited. A large number are purchased as new homes from a real estate developer or as an existing home from a previous landlord or owner-occupier. A house is usually the most expensive single purchase an individual or family makes and often costs several times the annual household income. Given the high cost, most individuals do not have enough savings on hand to pay the entire amount outright. In developed countries, mortgage loans are available from financial institutions in return for interest. If the homeowner ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2008 Financial Crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners and financial institutions that led to the 2000s United States housing bubble, exacerbated by predatory lending for subprime mortgages and deficiencies in regulation. Cash out refinancings had fueled an increase in consumption that could no longer be sustained when home prices declined. The first phase of the crisis was the subprime mortgage crisis, which began in early 2007, as mortgage-backed securities (MBS) tied to U.S. real estate, and a vast web of Derivative (finance), derivatives linked to those MBS, collapsed in value. A liquidity crisis spread to global institutions by mid-2007 and climaxed with the bankruptcy of Lehman Brothers in September 2008, which triggered a stock market crash and bank runs in several countries. The crisis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance
Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Officially bequeathing private property and/or debts can be performed by a testator via will, as attested by a notary or by other lawful means. Terminology In law, an "heir" ( heiress) is a person who is entitled to receive a share of property from a decedent (a person who died), subject to the rules of inheritance in the jurisdiction where the decedent was a citizen, or where the decedent died or owned property at the time of death. The inheritance may be either under the terms of a will or by intestate laws if the deceased had no will. However, the will must comply with the laws of the jurisdiction at the time it was created or it will be declared invalid (for example, some states do not recognise handwritten wills as valid, or only in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreclosure
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has Default (finance), stopped making payments to the lender by forcing the sale of the asset used as the Collateral (finance), collateral for the loan. Formally, a Mortgage law#Mortgage lender, mortgage lender (mortgagee), or other lienholder, obtains a termination of a Mortgage law#Borrower, mortgage borrower (mortgagor)'s Equity of redemption, equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually, a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower default (finance), defaults and the lender tries to Repossession, repossess the property, courts of equity can grant the borrower the Equity of redemption, equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Housing Tenure
Housing tenure is a financial arrangement and ownership structure under which someone has the right to live in a house or apartment. The most frequent forms are tenancy, in which rent is paid by the occupant to a landlord, and owner-occupancy, where the occupant owns their own home. Mixed forms of tenure are also possible. The basic forms of tenure can be subdivided, for example an owner-occupier may own a house outright, or it may be mortgaged. In the case of tenancy, the landlord may be a private individual, a non-profit organization such as a housing association, or a government body, as in public housing. Surveys used in social science research frequently include questions about housing tenure, because it is a useful proxy for income or wealth, and people are less reluctant to give information about it. Types * Owner occupancy – The person or group that occupies a house owns the building (and usually the land on which it sits). * Tenancy – A landlord who owns ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eviction
Eviction is the removal of a Tenement (law), tenant from leasehold estate, rental property by the landlord. In some jurisdictions it may also involve the removal of persons from premises that were foreclosure, foreclosed by a mortgagee (often, the prior owners who defaulted on a mortgage). Depending on the laws of the jurisdiction, eviction may also be known as unlawful detainer, summary possession, summary dispossess, summary process, forcible detainer, ejectment, and repossession, among other terms. Nevertheless, the term ''eviction'' is the most commonly used in communications between the landlord and tenant. Depending on the jurisdiction involved, before a tenant can be evicted, a landlord must win an eviction lawsuit or prevail in another step in the legal process. It should be borne in mind that ''eviction'', as with ''ejectment'' and certain other related terms, has precise meanings only in certain historical contexts (e.g., under the English common law of past centurie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civic Engagement
Civic engagement or civic participation is any individual or group activity addressing issues of public concern. Civic engagement includes communities working together or individuals working alone in both political and non-political actions to protect public values or make a change in a community. The goal of civic engagement is to address public concerns and promote the quality of the community. Civic engagement is "a process in which people take collective action to address issues of public concern" and is "instrumental to democracy". Underrepresentation of groups in the government causes issues faced by groups such as minority, low-income, and younger groups to be overlooked or ignored. In turn, issues for higher voting groups are addressed more frequently, causing more bills to be passed to fix these problems. Forms Civic engagement can take many forms—from individual volunteerism, community engagement efforts, organizational involvement, and electoral participation. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodification Of Housing
Commodification of housing refers to the transformation of basic shelter, rental housing, and Owner-occupancy, homeownership into an investment vehicle or Speculation, speculative asset as opposed to a public good, human need, or the right to housing. Financialization of housing Instead of outright purchasing in cash, homes and housing units are often purchased with 15 or 30-year mortgage loanss. These can be Securitization, securitized and sold on a secondary mortgage market as packages of individual mortgages. The secondary mortgage market is considered to be the primary cause of the 2008 financial crisis as lenders made risky loans to Subprime lending, subprime borrowers who defaulted on their mortgage payments. Globalization has led to foreign nationals buying land and housing in many countries, including non-European Union, European-Union nationals buying 27,000 properties in Spain in 2023 and Chinese companies (both Mergers and acquisitions, acquisitions and companies orig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Generational Wealth
Old money is a social class of the rich who have been able to maintain their wealth over multiple generations, in contrast with new money whose wealth has been acquired within its own generation. The term often refers to perceived members of the '' de facto'' aristocracy in societies that historically lack an officially established aristocratic class (such as the United States). Wealth and class ''Wealth''—assets held by an individual or by a household—provides an important dimension of social stratification because it can pass from generation to generation, ensuring that a family's offspring will remain financially stable. Families with "old money" use accumulated assets or savings to bridge interruptions in income, thus guarding against downward social mobility. United States According to anthropologist W. Lloyd Warner, the upper class in the United States during the 1930s was divided into the upper-upper and the lower-upper classes. The lower-upper were those who did n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English-speaking Countries
The English-speaking world comprises the 88 countries and territories in which English is an official, administrative, or cultural language. In the early 2000s, between one and two billion people spoke English, making it the largest language by number of speakers, the third largest language by number of native speakers and the most widespread language geographically. The countries in which English is the native language of most people are sometimes termed the Anglosphere. Speakers of English are called Anglophones. Early Medieval England was the birthplace of the English language; the modern form of the language has been spread around the world since the 17th century, first by the worldwide influence of England and later the United Kingdom, and then by that of the United States. Through all types of printed and electronic media of these countries, English has become the leading language of international discourse and the lingua franca in many regions and professional fie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flipping
In finance, flipping is purchasing an asset to quickly resell (or "flip") it for profit. Within the real estate industry, the term is used by investors to describe the process of buying, rehabbing, and selling properties for profit. In 2017, 207,088 houses or condos were flipped in the US, an 11-year high. That number represents 5.9 percent of all single-family properties sold during that year Effects Bubbles A spate of flipping often creates an economic bubble which then bursts, such as during the Florida land boom of the 1920s. In the 2000s, relaxed federal borrowing standards (including subprime lending) allowed a borrower to purchase a home with little or no money down, which may have led directly to a boom in demand for houses. Because it was easy to borrow, many investors bought homes as property speculation with no intent to live in them. Since the demand outstripped the supply, prices rose, giving a short-term profit. This resulted in an inflationary spiral until th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodification Of Housing
Commodification of housing refers to the transformation of basic shelter, rental housing, and Owner-occupancy, homeownership into an investment vehicle or Speculation, speculative asset as opposed to a public good, human need, or the right to housing. Financialization of housing Instead of outright purchasing in cash, homes and housing units are often purchased with 15 or 30-year mortgage loanss. These can be Securitization, securitized and sold on a secondary mortgage market as packages of individual mortgages. The secondary mortgage market is considered to be the primary cause of the 2008 financial crisis as lenders made risky loans to Subprime lending, subprime borrowers who defaulted on their mortgage payments. Globalization has led to foreign nationals buying land and housing in many countries, including non-European Union, European-Union nationals buying 27,000 properties in Spain in 2023 and Chinese companies (both Mergers and acquisitions, acquisitions and companies orig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Relocation (personal)
Relocation, also known as moving, or moving house, is the process of leaving one's dwelling and settling in another. The new location can be in the same neighborhood or a much further place in a different city or different country (immigration). It usually includes packing all belongings, transferring to the new home, unpacking, and administrative or bureaucratic tasks, such as changing registration data. An expatriate is an individual temporarily or permanently relocating to a country other than their native country. The individual relocating would be considered an immigrant in their new country. Psychological effects On the Holmes and Rahe stress scale for adults, "change of residence" is considered a stressful activity, assigned 20 points (with the death of a spouse being ranked the highest at 100), although other changes on the scale (e.g., "change in living conditions", "change in social activities") often occur as a result of relocating, making the overall stress level po ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
