Word: payments
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Dates: during 1980-1989
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...clinic helps patients in financial trouble by arranging low-rate debt payment schedules or, more often, declarations of bankruptcy...
...have caused the rate of home ownership in the 25-29 age group to drop from 44% to 36%. For those in their 30s, the rate fell from 61% to 53%. The increase in home prices has far outpaced the ability of young people to save the necessary down payment. A prime reason is the price of rents, which have risen even faster than home prices in many cities. Now interest rates are rising as a barrier once again. The average 30-year mortgage rate climbed to 10.56% last week, vs. 9.84% a year ago, as the Federal Reserve tightened...
...generally highest. To buy a $244,000, three-bedroom house last year in suburban Orange County, Elise and Rick Petree, engineers with a combined annual salary of $70,000, used an increasingly popular technique known as equity sharing. A private investor put up $22,950 for their down payment, and a local firm called CoEquity, which pioneered such deals in the area, provided $12,200. The Petrees invested $10,000 and now make $2,220 in monthly payments, including $1,872 to the mortgage lender, $229 to the investor and the rest to CoEquity. The investor, typically a wealthy individual...
State governments have taken the lead in giving first-timers some help with financing. Earlier this month, Michigan Governor James Blanchard proposed the first state plan to help future home buyers save money for down payments. The program, which Blanchard hopes to begin this summer, will allow state residents to buy bonds that not only pay tax-free interest but are also guaranteed to keep up with housing costs. For example, a family that wanted to buy a type of house now costing $75,000 but likely to climb in price to $105,000 in five years would invest...
...newspaper charged that the lenders were deliberately redlining -- or boycotting -- Atlanta's black communities. After hunting for a year for an affordable home in a pleasant neighborhood, Gray took out a 9.25% fixed-rate mortgage. Even then she needed help from her parents to make the $2,500 down payment on her $50,000, three-bedroom home. But without the bank program, she says, "I would still be in my parents' home...