Word: mortgagees
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Dates: during 1980-1989
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Clark was known for courage and fortitude throughout his life. Just twelve when his father died, he sold hot dogs and did odd jobs to help pay the family mortgage in Provo, Utah. Later he put himself through Brigham Young University and the University of Washington dental school. Father of...
With average mortgage rates at just under 14%, the lowest level in 27 months, there has been a revival of home sales and construction. "Everybody's encouraged because sales are increasing and the phones are ringing," says Ray Baxter, president of the Houston Board of Realtors; home sales there...
Even the gloomiest figures, though, now offer some paradoxical cheer. The fourth-quarter dive in G.N.P. resulted largely from a cleanout of inventories of unsold goods, especially cars. That puts business in a position to raise production sharply and rehire workers once final sales turn up, as auto sales already...
Built by a consortium led by Henry Ford II, Ren Cen consists of a 73-story hotel and four 39-story office buildings. Since it opened in 1977, the center has lost $140 million, prompting the Detroit Free Press to call it "perhaps the country's largest white elephant...
Last April Ren Cen's owner, Ford Motor Land Development, announced that it was selling the center for $500 million. But the buyers, Chicago Lawyer Theodore Netzky and two partners, failed to raise money to close the deal and are still looking for investors. The mortgage holders, four insurance...