REAL ESTATE: Free & Clear

REAL ESTATE

U.S. home owners are expected to hew away at their funded debt this year. Best estimates are that they will trim their mortgages by a staggering $4 billion. This will be 10% more than they paid off last year, and almost four times as much mortgage debt as they retired in 1939. Thus U.S. citizens, long abusively criticized for squandering their fat wartime earnings in nightclubs and swanky shops, actually have been behaving as wisely and thriftily as so many Ben Franklins. In three war years they will have reduced their...

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