It was 20 years ago today...
From the New York Times: Despite some of the lowest mortgage rates in years, housing sales fell 2.6 percent in September, the Government reported today. It was the second consecutive monthly decline. Some analysts, blaming slow personal income growth and high consumer debt burdens, said the drop in housing sales would be likely to depress overall economic activity in coming months. Sales of new single-family homes declined to an annual rate of 681,000 units last month, following a 5.4 percent decline in August, according to the Departments of Commerce and Housing and Urban Development.Sounds familiar, doesn't it? More talk of the housing bubble bursting. But wait...there's more. Here's the next sentence of the article:
The declines came despite the fact that fixed-rate mortgages can be obtained in many parts of the country for about 12.25 percent, down from a high of 15.2 percent a year ago. The rate now is the lowest in five years.The article was published on October 31, 1985...exactly 20 years ago today. Ah, how quickly we forget!
posted by Anonymous @ 9:41 PM
