Housing and Housing Markets

Urbanization is the process by which people move from rural areas to urban areas.

Suburbanization is the process by which people move from urban areas to suburban areas.

Gentrification is the process by which a neighborhood changes from being low-income to high-income.

Redlining is the practice of denying mortgages or insurance to people in certain neighborhoods.

A housing bubble is a period of rapid increase in housing prices, typically followed by a sharp decline.

A housing crash is a sharp decline in housing prices.

Foreclosure is the process by which a lender takes possession of a property when the borrower defaults on their mortgage.

A short sale is the sale of a property for less than the amount owed on the mortgage.

The Federal Housing Administration (FHA) is the government agency that insures mortgages.

The Veterans Administration (VA) is the government agency that guarantees mortgages for veterans.

The Federal National Mortgage Association (Fannie Mae) is the government agency that buys and sells mortgages on the secondary market.

The Federal Home Loan Mortgage Corporation (Freddie Mac) is the government agency that buys and sells mortgages on the secondary market.

Eviction is the process by which a landlord evicts a tenant.

Rent control is a law that limits the amount of rent that a landlord can charge.

Section 8 is a government program that provides financial assistance to low-income families for housing.