Word: homeownership
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...Candidate Walsh: He's a smart man, and it's hard to believe that he doesn't understand the real consequences of his proposed "means test" and "homeownership" emphasis. Whatever their benefits, Mr. Walsh's proposals would also eliminate rent control for most apartments, turn hundreds or thousands of limited-income residents out on the street, and leave them, as they serach for new housing, to run for their lives. Is this what Cambridge wants as its housing policy? R. Philip Dowds
Patricia Roberts, 32, a Federal Reserve Board researcher in Washington, decided that homeownership even before marriage was the best way to beat inflation. As a single person, her $24,000-per-year salary put her in a relatively high tax bracket, and she lacked the tax benefits of owning a house. The trouble was that she could not meet the steep mortgage payments required for homes in the expensive Virginia suburbs. Her friend Suzanne Reed, 30, who works for the House Republican Research Committee, was in a similar bind. "It finally dawned on us," says Roberts, "that we just couldn...
...women then decided to become joint owners of a $111,000 town house in an Arlington, Va., development that designs homes for unrelated buyers who double up to beat the high costs of homeownership. Similar developments are cropping up in Phoenix, Denver, Houston and Montgomery County, Md. The sharing is usually done by two young singles, but friendly couples and unrelated senior citizens beset by loneliness, as well as inflation, are also doubling up. The obvious cause of the trend is the decade-long escalation of housing costs and mortgage interest rates. At present, the average-priced new home sold...
...will end the year at around an 8.6% annual rate, vs. 13.2% for the last quarter of 1980. The small surplus in world petroleum markets is now keeping a tight grip on oil prices, and that will remove one of the key causes of recent inflation (see box). Homeownership costs, which account for about one-fourth of the consumer price index, are up from a year ago, but the increases are tapering off because sales are slow. Good crops and heavy livestock production so far this year should moderate food price increases in the months ahead. Finally, a stronger...
...Ford Test Engineer Bob Mogridge, 35, who was let go last week, the pain of unemployment is multiplied by the aggravation of homeownership. With engineers already flooding the local market, Mogridge would eagerly move to another city if he could afford it. In Detroit's depressed real estate market, however, his four-bedroom house is all but impossible to sell at a price that could provide him with equivalent housing elsewhere. "The house is like a ball and chain around my foot," complains Mogridge...