Homeownership Pt. 3 Vocabulary

Front

What does 'urban decay' mean?

Back

The process by which a city falls into disrepair.

Front

What does 'restitution' mean?

Back

The restoration of something lost or stolen.

Front

What does 'deferred' mean?

Back

To put off an action or event to a later time.

Front

What does 'stark' mean?

Back

Severe or bare in appearance or outline.

Front

What does 'democratization' mean?

Back

The action of making something accessible to everyone.

Front

What is the definition of 'gentrification'?

Back

The process of renovating and improving a house or district so that it conforms to middle-class taste.

Front

What does 'foreclosure' mean?

Back

The legal process by which a lender takes possession of a property when the borrower fails to make payments.

Front

What is 'equity' in terms of homeownership?

Back

The value of an owner's interest in a property, calculated as the current market value minus any liens.

Front

What does 'appraisal' mean?

Back

An assessment of the value of a property, typically conducted by a professional appraiser.

Front

What is 'mortgage insurance'?

Back

Insurance that protects the lender in case the borrower defaults on the loan.