"On the surface, it looks good: The stock market has recently broken through the 3200 level, the Federal Reserve Board has cut the discount lending rate by half over the past year to a 27-year-low of 3.5 percent, the average 30-year, fixed-rate mortgage has reached an 18-year low, and the housing affordability index has reached its highest level in 17 years. So why is housing still in the doldrums?"
Smolski, Chester, "Smaller Homes May Spark Recovery" (1992). Smolski Texts. 249.
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