Habitable
Suitable for occupancy. Local building codes ensure that structures are habitable through requirements for building permits and certificates of occupancy. Anyone wishing to construct a new building or make a major addition to an old one must obtain a building permit which binds the builder to minimum standards of construction. Before a new structure can be occupied, the owner must obtain a certificate of occupancy to certify that the building has passed a final inspection by local officials. Though building codes differ from locality to locality, most areas have regulations regarding fireproofing structures, electrical wiring, and plumbing.

Hazard Insurance
An insurance policy on property to protect the insured against loss due to physical damage to the property.

Homeowner's Association
The organization made up of all the unit owners and which is responsible for maintaining the common areas of a community. The homeowner's association also decides on matters affecting the common areas, such as whether an individual unit owner may put up window boxes or plow a garden. Most homeowner's associations have a right of first refusal, or right to purchase a unit at market value before the owner seeks other purchasers; however, this right may not be used to discriminate against prospective buyers on the basis of race, color, creed, national origin, sex, handicap, or families with children.

Homeowner's Insurance
A package insurance policy available to anyone who owns a one-family house, condominium, cooperative, mobile home, or who resides in an apartment. It is quite common for a homeowner to purchase and maintain insurance coverage for his or her residence. For a relatively small and certain amount of money the homeowner buys protection against a potentially large and unpredictable loss. Numerous types of policies are available. The homeowner can buy a standard fire insurance policy which insures only against fire and lightning, whereas for an additional premium, the coverage is broadened to include damage from wind, hail, smoke, explosion, riot, vehicles, and falling aircraft. Or one can purchase protection against burglary, injuries suffered by parties while on the property, and damages the policyholder causes to the property of others. Besides being able to purchase any number of separate policies, one can also purchase a package policy called a homeowner's policy that includes all of the above mentioned risks. A homeowner's policy can be purchased by anyone who owns and occupies either a one- or two-family residence. The advantages to purchasing such a policy are numerous: (1) only one policy is purchased, (2) only one premium has to be paid, (3) the coverage is for a wide variety of perils, and (4) the cost is considerably less than if the same perils were covered through individual policies. What properties are covered? First, the house or the dwelling is covered. In addition to the living quarters, this includes such structures as garages or other additions. Other structures referred to as appurtenant structures are covered such as a tool shed or a detached garage. However, buildings located on the property that are either rented to others or used for commercial purposes are not covered. Personal property including all household contents and personal belongings is covered. This would include losses both at home or away from home. Pets are not protected, nor are automobiles, which have their own special insurance. Another added feature of a homeowner's policy is the coverage of additional living expenses. which is intended to cover the increase in living expenses incurred while a house cannot be occupied because of damages caused by an insured peril. What perils are insured against? The number of perils insured against under a homeowner's policy depends upon what form is purchased. Three forms are available: (1) the Basic Form (HO-]), (2) the Broad Form (HO-2), or (3) the Comprehensive Form (HO-5). The Broad Form, which is the most common, insures against eighteen different perils. 'Me Basic Form insures only against the first eleven, whereas the Comprehensive Form covers the eighteen perils, plus additional coverage. While the HO-5 is often referred to as an all-risk policy, it still has certain exceptions listed in the policy. Is there a policy for renters? For those who rent, the Tenant's Form (HO-4) of the homeowner's policy is available. It insures contents and personal property against the same perils included in the Broad Form. However, since a renter does not own either the dwelling or other private structures on the property, the dwelling is not insured. Such a policy does, however, provide coverage for additional living expense.

Homeownership Rate
The number of homeowners residing in their own home divided by the total number of households. Late in the month following the end of each quarter, the U.S. Census Bureau releases an estimate based on a quarterly survey. A record homeownership rate of 67.6% was reached in the fourth quarter of 2000.

House Price Index
A quarterly measure of the change in single-family house prices. The HPI is a repeat sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties, and is based on mortgages purchased or securitized by Fannie Mae and Freddie Mac. Homes with mortgages above the Fannie/Freddie conforming loan limit (in 2001, it's $275,000) are not included in the sampling, nor are homes insured or guaranteed by the FHA, VA or other federal government entity. This index is distinct from the similarly constructed Conventional Mortgage Home Price Index published by Freddie Mac. Indexes are available for the nation, nine Census regions, each of the 50 states and the District of Columbia, and 329 Metropolitan Statistical Areas (MSAs). Released by the Office of Federal Housing Enterprise Oversight (OFHEO) on the first business days of March, June, September and December for the previous quarter.

Housing Starts
The Census Bureau's monthly count of the number of private residential structures on which construction has started. Data for a particular month is released about two weeks into the following month. Data on permits issued is also released. The reported figure is generally a seasonally adjusted, annual rate.