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House finds $20,000 home unaffordable for many in U S
Washington AP report says half of Americans cannot afford a $20,000 mortgage. 28.4 million households or 101.1 million people lack capacity for such payments, prompting Patman to critique tight money policy and inflation as housing needs rise. The piece notes 9 percent rates would push total cost to about 58,000, with few government or private options available.
MENTIONED IN THIS ARTICLE
Washington
Congress
House Banking and Currency Committee
Wright Patman
D-Tex
Lindsay
New York
John Lindsay
Patman
Home Owners Mortgage Loan Corporation
National Development Bank
Federal Reserve Board