HOUSING: An Unsubsidized Slump?

IT had long been obvious that the construction industry could not continue in 1973 the blistering pace of last year, when it started a record 2.4 million dwelling units, but economists and builders originally expected only a mild and healthy decline that would halt incipient overbuilding. Now, however, the National Association of Home Builders fears that starts will fall 20%, to around 1.9 million, the lowest since the recession year of 1970. That would be about twice as sharp a drop as first anticipated, and enough to put a painful crimp in...

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