Word: moneys
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Dates: during 1970-1979
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While the market for houses is slumping, sales of condominiums and cooperative apartments are holding up better. They account for only 2.3% of all U.S. housing, but in recent years they have become the hottest properties in residential real estate, and supertight money seems unlikely to put more than a temporary brake on demand...
...Volckerism continues to drive up the cost of money and tighten credit much further, the cheering will increasingly be mixed with catcalls. House Majority Leader Jim Wright of Texas is already bitterly denouncing the Federal Reserve for "pouring gasoline on a fire in a misguided effort to put it out." He argues that high interest itself is a cause of inflation because it increases the cost of buying a new home or constructing a new plant. Builders Union President Robert Georgine warned that President Carter's pledge to his workers to "not fight inflation with your jobs" would...
...attraction of co-ops and condos is simple: they offer the tax and investment advantages of home ownership, but usually for less money. Their appeal is strong among retired people squeezed by rising rents, young married couples and middle-income suburbanites stunned by fuel costs. "Going condo or coop" has become a buzz phrase in real estate, as San Francisco apartment buildings, Florida motels, and even a renovated Brooklyn church and a convent have become condominium or co-op flats...
...Money to buy condos or co-ops is becoming costlier and harder to find, of course, but the impact of the squeeze has so far been modest. In Chicago, the Baird & Warner real estate firm reckons that October condo sales were 6% ahead of the same month last year, but prices have eased from an average of $93,000 in 1978 to about $85,000 today. In New York City, both demand and prices remain high, and luxury four-room apartments are selling for an average of $ 160,000, vs. $ 100,000 a year...
...more Since the Federal Reserve constricted money, bond trading has been more Jackson Pollock than Rockwell. Says Merrill Lynch Vice President Peter Goldsmith: 'This has been the worst period the bond markets have ever experienced...