"When they couldn't sell cars, housing sold pretty well. And when they couldn't sell housing, auto sales were good. Now things have changed." Thus Detroit FHA Director Dwight Hamborsky last week gloomily described what is happening to housing—when both autos and houses are selling poorly. The change was sketched more precisely by Dr. George Cline Smith, vice president and chief economist of the F. W. Dodge Corp., addressing the Joint Economic Committee. "During the postwar years," said Smith, "housing has tended to behave in a contra-cyclical manner. That is, it has done well...
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