Word: mortgagees
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Dates: during 1980-1989
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Is the Great American Housing Party over? In 1981 U.S. mortgage rates began declining from a peak of 16% to less than 9% earlier this year. During that span the previously stagnant building industry boomed, and millions of U.S. consumers rushed to buy new homes or cash in their old...
But he enjoys one element of the race. "The fun of the campaign," he insists, "is to actually say to someone, 'Look, I really believe we could restore a 5% prime rate.' " He gasps, as if to fill in the listener's incredulous response. "Now, someone is going to say...
In a package that he said "errs on the side of prudence," Lawson announced a drop in the standard income tax rate, from 29% to 27%. By shrinking the government's borrowing plans from $11 billion to about $6.4 billion for the forthcoming fiscal year, Lawson predicted that mortgage and...
The news is no less bleak 750 miles to the northeast in Deadhorse, a town of prefabricated modules that hunkers next to the oil fields at Prudhoe Bay, north of the Arctic Circle. The Prudhoe Bay Trading Post recently held a sale. DON'T SNOOZE, YOU'LL LOSE, the sign...
Of more immediate concern to most households is the level of consumer installment and mortgage debt, which has ballooned from $1.2 trillion in 1980 to $2.2 trillion now. In the past three years consumer debt grew some 40%, while personal disposable income climbed only 22%. About 15 million U.S. households...