Word: sumichrast
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...draconian measures have first hit the housing industry. Last week the National Association of Home Builders called an emergency meeting in Washington to bewail the high mortgage rates. The group's economist, Michael Sumichrast, darkly predicted that housing starts, which ran at a 1.9 million annual rate in September, will soon be cut in half. The soaring cost of money, he claimed, has already forced 10 million Americans to abandon temporarily plans for that dream house...
...interest rates already average more than 10% nationwide, and may have to climb as high as 11% to stay roughly in line with other rates; but in states containing just under half of the U.S. population, usury laws limit many mortgage lenders to 10% or less. NAHB Economist Michael Sumichrast believes that these lenders, unable to earn a competitive interest rate, will simply stop making house-buying loans...
...price of an average new house from about $30,000 to almost $36,000 in the past year. The industry's deepening slump is of critical significance because there has rarely been an economic recovery that was not paced by a surge in housing starts. Yet Michael Sumichrast, the National Association of Home Builders' chief economist, sees no relief in sight until inflation's back is broken...
Housing starts are down. They declined by 12% from May to June to a seasonally adjusted annual rate of 2,119,000 houses and apartments. Michael Sumichrast, chief economist for the National Association of Homebuilders, offers one obvious reason: "Mortgage money has dried...
...surprise was the rebound in housing starts in May, after a three-month slide from unsustainable peaks. Starts last month jumped a startling 15.5%, to an annual rate of 2.4 million. Housing experts termed the increase an aberration. Says Michael Sumichrast, chief economist of the National Association of Home Builders: "It isn't a question of whether housing activity will slow down-it's a question of how deep the downturn will...