Building crisis. (Data).That housing prices have held up in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?"midmost of the stock market downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. is considered a blessing by many economists--and by the nearly seven in 10 families that own their homes. But it's a cause of concern for local pols and academics who worry for a living--and seek federal subsidies as a solution for every problem. In May, the U.S. Conference of Mayors descended upon Washington, D.C., in an effort to call attention to a purported pur·port·ed adj. Assumed to be such; supposed: the purported author of the story. pur·port  ed·ly adv. housing crisis. From
1991 to 2001, the mayors fretted, household income increased by 45
percent while the price of homes jumped 52 percent. "We have to be
able to answer the question, where are our children going to be able to
live?" Nicolas Retsinas, head of Harvard's Joint Center for
Housing Studies, told USA Today USA TodayNational U.S. daily general-interest newspaper, the first of its kind. Launched in 1982 by Allen Neuharth, head of the Gannett newspaper chain, it reached a circulation of one million within a year and surpassed two million in the 1990s. . If the mayors get their way, those kids will be living in federally subsidized housing Subsidized housing (aka social housing) is government supported accommodation for people with low to moderate incomes. To meet these goals many governments promote the construction of affordable housing. . Yet no crisis exists. Over the same decade that housing allegedly became less affordable, homeownership rates increased in every region of the country. [GRAPH OMITTED] |
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