'Held hostage by market'; Sagging home sales put lives 'on hold'; Home sales are slowest in 5 years
June 25, 1990
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Two years ago, lawyer Joe King found the perfect Boston condo: a two-bedroom near the prized Back Bay.
Within walking distance were evenings at the Boston Pops, sidewalk cafes, art galleries and tree-lined streets with historic brownstones.
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More borrowers flock to 15-year mortgages
May 17, 1991
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The 15-year fixed-rate mortgage - long the neglected sibling of the 30-year mortgage - is suddenly getting attention.
Since borrowing picked up last winter when mortgage rates fell below 10%, more borrowers than ever have been opting for 15-year loans: - In a survey of lenders, 27% say the 15-year mortgage has increased in popularity in recent months, says the Mortgage Bankers Association. - Of loans financed through Federal National Mortgage Association in April, 18% were 15-year compared with 12% in January and an average 11% in 1990.
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Home is where the money is; Equity loans essential finance tool
Sept. 12, 1991
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When Neal Pauline buys supplies for his home improvements, he uses his home to pay for them.
He has a home-equity credit line.
The same credit line paid for a $6,000 1987 Subaru station wagon, an $800 brake job on his pickup truck and $2,000 in credit-card bills.
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Mortgage refinancing rises; Homeowners capitalize on rate cuts
Dec. 27, 1991
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Alan Greenspan, chairman of the Federal Reserve Board, is looking for a few more people like Aaron McKelvey.
McKelvey and his wife, Theresa, dumped the 12 1/2%, 3-year adjustable-rate mortgage on their Arlington Heights, Ill., home for a 5 1/4%, 1-year ARM. The payment on their $140,000 mortgage fell $500. "Talk about one pleased person," he says. "Last year we were so pushed for money we couldn't do anything."
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Debt ignites filings for bankruptcy
Dec. 31, 1991
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The number of bankruptcy cases filed in 1991-is expected to hit a record 1 million, mostly debt-laden individuals rather than companies, the American Bankruptcy Institute says.
Year-end numbers are not in yet. In the 12 months that ended Sept. 30, more than 845,000 people filed for bankruptcy, the institute says.
