Word: mortgagees
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Dates: during 1980-1989
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Place, a covered shopping mall in the heart of the California coastal city, he has shown a unique and uncanny ability to blend commerce and showmanship into a magnetizing force in the inner city. In the process, he has also sought to reshape current-day thinking about the functions and...
The only modestly bright spot in the housing industry was the sale of existing homes, which rose by 6% in June to an annual rate of 2.6 million. The increase, though, reflected the vagaries of home financing rather than any strength in housing. With interest rates high and banks short...
A couple of years ago, new homes for sale in California were snatched up almost as soon as they became available. In Santa Monica today, the average house stands unsold for up to 90 days. Ronald Reagan's plush three-bedroom Pacific Palisades house went on the market in...
Most affected by the high interest and slow sales are the California homeowners who cashed in on the sharply rising value of their property in the 1970s by taking out second, third and even fourth mortgages. In one fairly typical case in San Jose, a $34,000 first mortgage was...
Is housing dead? That same question was asked 15 years ago during a credit crunch when mortgage rates reached a then phenomenal 6.5% after hovering for years at around 5%. Even in today's market, experts are not about to dismiss the U.S. housing industry. High interest rates have...