REAL ESTATE: Houses to Live In

Suburban real estate, like everything else in the U.S., is having a spanking fine boom. Demands and prices for homes are at record levels; mortgage loans are being made on appraisals far in excess of the long-term property value. Yet only a minority of observers see a repetition of the record real-estate panic of the early '305. This time the boom seemed on much firmer ground.

Gloomiest observer was the Federal Home Loan Bank Administration. Over & over again during the past two years FHLB Commissioner John H. Fahey has warned that every type of financial insti tution has been making...

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