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Dream of a home turns nightmare
A four part Associated Press report shows the American dream of home ownership turning into a mortgage trap with high prices rising interest rates and complex loans. Builders buyers and lenders face a tightening market as demand remains but affordability collapses and many lenders lose money. The piece notes 1980 ownership levels, monthly payment figures, and shifts to new mortgage types while highlighting the strain on savings and loan associations and the impact on buyers. Several experts warn of a potential decline in ownership.
MENTIONED IN THIS ARTICLE
Louise Cook
Associated Press
Rollin Barnard
U.S. League of Savings Associations
Bob Sheehan
National Association of Home Builders
Barnard
U.S
Savings and Loan Associations
Richard Pickering
Federal Home Loan Bank Board
Departments of Commerce and Housing and Urban Development