Building for better times

By Harold E. Sand Executive Vice President Building Products Ceorgia-Pacific Corp.

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since the Federal Reserve Board brought an era of easy borrowing to an end, years of real hardship for Western build- ing products marketers.

first house, even if one-third of family income goes to make that payment. Ten years ago, three families in five could have met the test.

We are seeing the most difficult market of the past half century. But we do not agree with those who

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Story at a Glance

d.

b. He was Chairman of the Federal Home Loan Bank Board under Nixon. He created PMI, Inc., a private mortgage insurance company which Sears bought. A talented guy, he will put Sears right out front in the housing market. He is currently an active member of President Reagan's Housing Commission now recommending the restructuring of government houslng programs.

New residential construction has been crippled by rising prices. Three years ago, the median price of a new home was $58,300, a $410 monthly payment for principal and interest at prevailing mortgage rates. This fall, that typical house cost $73,900 and $891 per month.

As a result, less than one American family in four can afford to buY its

Good housing years in the West during lhe 1980s . . manufactured housing about to realize its potential resadential-repair will out' perform housing agriculture a growing market.