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Housing Slump Deepens In Record Downturn Says Bankers
AP reports the U S housing and mortgage market entering its worst downturn on record as inflation and tight money squeeze banks. Builders note rising material costs and scarce supplies while lending widens to top executives, with some VIPs using influence to secure mortgages. May building permits fall 43 percent year over year, total permits projected near 1.45 million. Mortgage rates hover near 12 percent at most banks. Nixon administration allocates up to 10.3 billion to bolster housing via S&L lending and FHA programs.
MENTIONED IN THIS ARTICLE
Lee Mitgang
New York
Boston
Seattle
Annapolis
John M. Wetmore
The
Mortgage Banks Association
Glenwood
Hill
Chicago
Commerce Department
Michael Sumichrast
National Association of Home Builders
Nixon
U.S. Treasury
Savings
Federal Housing Administration
Savings and Loan Associations
Federal Home Loan Bank Board