Housing: Rolling Readjustment

In San Diego, Builder William S Chamness, finding only one buyer for his tract of $31,000 homes, rented all but three of the remaining 67— for barely enough to cover his mortgage in terest and taxes. In Detroit, eager home buyers last week snapped up new houses faster than contractors could complete them, and builders were sold out three months ahead of production. In Phoe nix, where a four-year building spree has produced a 20% vacancy rate in apartments, economists are predicting that it will take two years to absorb the oversupply. Yet in Cleveland, realty men talk happily...

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