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

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.

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 .

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

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.

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.

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).

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

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.

A residential structure containing more than one housing unit.

A residential structure containing one housing unit.