Word: dreaming
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Dates: during 1980-1989
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...most important and challenging issues in America today," seems eager to help first-timers catch up with the runaway cost of housing. When Jack Kemp was sworn in this month as Secretary of Housing and Urban Development, the former Congressman promised grandly, if vaguely, to "help recapture the American dream for first-time home buyers...
...That dream has been steadily receding for many Americans, primarily young people. Since 1979, periods of high interest rates and fast-rising prices in many parts of the U.S. have caused the rate of home ownership in the 25-29 age group to drop from 44% to 36%. For those in their 30s, the rate fell from 61% to 53%. The increase in home prices has far outpaced the ability of young people to save the necessary down payment. A prime reason is the price of rents, which have risen even faster than home prices in many cities. Now interest...
...fundamental desire of Americans to own their own property, by luck or by pluck, has inspired some creative ways to reclaim the dream. In fact, the rapid increase in prices has prompted many potential buyers to hasten their search, since waiting would put them farther behind. In their zeal to raise down payments, young buyers are raiding their retirement accounts -- and duly paying the penalties -- or ceding part of the equity in their homes to outside investors. Others are turning for help to state-financed programs and innovative private and nonprofit housing developers...
...Opportunity Program. Eleanor Santosuosso, 45, will soon move -- along with her husband, three sons and her mother, 75 -- into a four-bedroom town house that the family won the right to buy for $97,000 in a lottery last year. Says she: "Even my mother says she has always dreamed of owning a home. She figured it was an impossible dream. Now it has come true...
...have been shoehorned into overcrowded shelters and camps since last year. At Port Isabel, the refugees, clutching their meager possessions, line up to be fingerprinted and questioned by immigration officials -- and then wait some more to find out if they will be allowed to partake of the American Dream...