Already battered by soaring inflation and a declining economy, the nation's housing industry recently has been jolted by another blow: skyscraping interest rates that are drying up mortgage money and threaten to depress construction even further. A continuing slide in housing would seriously diminish chances for an economic upturn later this year, and last week the Administration attempted a rescue. President Nixon announced a series of steps that would pump $10.3 billion in cash and credits into the sagging industry.
The program includes:
> Authority for the Department of Housing and Urban Development partially to subsidize interest rates on mortgage loans...
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