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Economic Perspectives, Vol. 4, No. May/June, 1980
Cyclical Downturn in Housing
Housing construction is in a sharp decline. In the first quarter of this year, starts were down almost a third from the rate of mid-1979, adjusted for usual seasonal patterns. The decline continued in the second quarter. With very high mortgage rates as a major factor pushing the cost of ownership up much faster than income, many potential buyers have been forced to postpone or cancel intended purchases.
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