Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 134, Ed. 1 Thursday, June 5, 1980 Page: 13 of 20
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t. Thursday June 5,19t0—13.
Home use
as bank
popular
By JOHN CUNMIFF
AP Bvtmeit Analyst
SEW YORK < API - A bouse
is a bank, a bank that millions
of homeowners during the
decade of the 1979s found would
outpay stocks, bonds and other
investments — with shelter
thrown into the bargain.
The owner didn't always
appreciate the fact, since much
of the payout couldn't be
realized until the owner sold or
remortgaged the property.
And. in the meantime, he was
forced to pay stiff carrying
charges
But now the use of house-
tanks seems to be even more
pronounced a way of life, ac-
cording to a study released this
wet* by the US- League of
Savings Associations,, which
represents many mortgage
lenders
No less than 80 percent of
repurdiasers in that period, the
league said, were able to retain
some of the proceeds from the
sale of the old home while
meeting downpayment
requirements on the new
residence
That is, they reaped
dividends from the sharply
higher value of the old home,
had cash for things such as
education, and used what was
left for the down payment on a
new and often more expensive
s residence
The study of 14,000 mor-
tgages made last year confirms
the trend Thirty-one percent of
the repurchasers Retained at
lead half the proceeds from the
previous home: the median
retention was 34 percent.
What use the money was put
to was not specified by the
league, which represents most
of the country's savings and
kan associations. But what the
withdrawals quite clearly did
was raise the household debt
burden.
The equity accumulation that
permitted the big withdrawals
resulted mainly and sometimes
almost solely from sharp in-
creases in values, from (44,000
ffi 1977 to 158,000 in mid-1979, a
nse of 14.8 percent a year.
Since most repurchasers
chose to retain sizable portions
of that money, they greatly
increased the pressure on their
household budgets. The new
homes cost much more to buy,
and much more to finance, too.
’ Nearly 46 percent of
repurchasers spent more than
25 percent of income on housing
in 1979. up dramatically from 38
percent in 1977,” the study
relates Twenty-five percent,
remember, was once the
maximum
When you consider that
dunng tins time the individual
investor shied away from the
stock market (the New York
Stock Exchange says millions
of them were lost during the
past decade i, and that the rate
of savings dipped to near all
&time lows, you can see what
homeowners were up to.
They are still up to it The
survey suggests they expect
inflation to continue to raise the
value of their homes and, of
course, their equity in them.
The bom is their savings
accounts and investment
portfolio.
Mortgage rate
begins to dip
WASHINGTON I AP) - After
dimbing steadily for 2% years,
home mortgage interest rates
finally are coming down.
The Federal Home Loan
Bank Board, which oversees
Ok nation's savings and loan
associations, reported Wed-
nesday that the average in-
terest rate on loan com-
natments fell from a record
MAR percent in April to 15.72
percent in May.
That was the first decline
since October 1977 and was the
Mnapest one-month drop on
record, the board said. The
comparable figure for May 1979
was MJ3 percent
The commitment rate is the
■Merest rate a thrift institution
agrees to charge on a mortgage
to be dosed at some future
date.
Conventional mortgage in-
terest rates rose to moh than
17 percent in some areas
this year, but have
i the developing W
for
me the efemmitfncnt figure
tor intare laam is dropping, the
u- interest rate on mortgages
Mrtrj&v>y wSt
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Keys, Clarke. Sulphur Springs News-Telegram (Sulphur Springs, Tex.), Vol. 102, No. 134, Ed. 1 Thursday, June 5, 1980, newspaper, June 5, 1980; Sulphur Springs, Texas. (https://texashistory.unt.edu/ark:/67531/metapth823855/m1/13/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Hopkins County Genealogical Society.