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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 26, 1974
Page
2
An AP survey shows mortgage costs up and new homes down across the nation. Banks limit loans while government measures seek relief, yet buyers like Terry and Anita Robinson face high down payments and 10 percent rates, delaying plans for years.
Builders and bankers warn high costs and rising mortgage rates threaten homeownership. C A Duncan Sr of Farm & Home Savings Association cites affordability loss as Americans turn to higheryield savings and Treasury notes. Other executives foresee condos replacing single homes by 1980. Government data show July new home price at 41,700, up from 36,700 in March 1973.
Secretary Lynn warned that large federal housing support risks inflating capital markets and raising interest rates. He cited $6.6 billion in subsidized mortgages and $10.3 billion in other credits this year and urged softer money markets for genuine housing recovery.
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