Foreclosure, Foreclosures, Foreclosed, Foreclose

The repossession of a home by the bank, caused by the homeowner's failure to make his or her mortgage payments.

Interest

The cost of borrowing money. A person who takes out a loan for a certain amount from a lender will eventually pay back the original amount borrowed (the principle), plus an additional percentage (the interest).

Principle

The amount of money borrowed in a loan. A person who takes out a loan for a certain amount from a lender will eventually pay back the original amount borrowed (the principle), plus an additional percentage (the interest).

Referendum

An election in which the public decides whether or not a particular proposed measure should become law.

White Flight

The movement of millions of white citizens from inner-cities to suburbs. After World War II, many American cities lost large proportions of their white populations, as many white citizens moved out of decaying urban neighborhoods and into brand new suburban subdivisions. Various forms of discrimination made it much more difficult for minorities to join the exodus to the suburbs; the result was often a division between suburbs (disproportionately white and affluent) and inner cities (disproportionately Black and poor).