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Show PAGE 8 THURSDAY, JULY 31. BUSINESS EDITOR A Local Industry News & Notes Grace Leong V Dow Jones Nasdaq S&P500 Gold Silver Final Final Final 11,583.69 186.13 2,329.72 10.10 1,284.26 21.06 Per ounce $902.90 -- $13.50 Per ounce $17,422 -- $0,092 2008 gleongheraldextra.com 344-291- 0 THE DOLLAR EXCHANGING Yen Euro Pound Canadian dollar Mexican peso Wednesday Tuesday 108.10 $1.5574 $1.9814 1.0239 10.0402 108.10 $1.5586 $1.9794 1.0250 10.0604 People On the Move BYU's law school names new assistant dean Wendy C Archibald was appointed assistant dean for students and internal relations at Brigham Young University's J. Reuben Clark Law School Her appointment takes effect next month. Archibald graduated from the J. Reuben Clark Law School in 1993. She is a partner in the law firm of Archibald Mahoney, and she worked for three years as a staff attorney for U.S. Congressman Bill Orton. She is a past president of the J. Reuben Clark Law School Alumni Board. Dennis law librarian named chair of national group Sears, senior law librarian at Brigham Young University's Howard W. Hunter Law Library, was recently elected chair of the Foreign, Comparative and International Special Interest section of the American Association of Law Libraries. The special interest group consists of more than 400 law librarians from academic, law firm, government and corporate law libraries nationwide. Sears received both J.D. and M.B.A. degrees from BYU in 1985. BYU S. NATIONAL BRIEFING Provo company's tactics under Md. probe The Maryland attorney genHAGERSTOWN, Md. eral's office says it is investigating complaints of aggressive sales tactics for home alarm systems in the Hagerstown area. A spokeswoman tells The (Hagerstown) Herald-Mai- l the agency is investigating two complaints about representatives from Apx (AY'-pekAlarm Security Systems of Provo, Utah. One complaint was from a Hagerstown woman who says an Apx salesman refused to leave her home until she signed a five-yecontract worth $2,300. She says Apx then refused her request to cancel the deal. Washington County Sheriff Douglas Mullendore says others have complained that Apx salesmen entered their homes uninvited. The company hasn't immediately responded to inquiries from the newspaper and The Associated Press. Bush signs housing bill for mortgage relief WASHINGTON President Bush on Wednesday signed a massive housing bill intended to provide mortgage relief for 400,000 struggling homeowners and stabilize financial markets. Bush signed the bill without any fanfare or signing ceremony, affixing his signature to the measure he once threatened to veto, in the Oval Office in the early morning hours. He was surrounded by top administration officials, including Treasury Secretary Henry Paulson and Housing Secretary Steve Preston. "We look forward to put in place new authorities to improve confidence and stability in markets," White House spokesman Tony Fratto said. He said that the Federal Housing Administration would begin right away to implement new policies "intended to keep more deserving American families in their homes." Fed lets firms draw emergency loans WASHINGTON Focused on getting the nation's credit gears smoothly working again, the Federal Reserve is letting Wall Street firms draw emergency loans into next year and giving financial companies more options to help them overcome credit problems. The Fed's announcement on Wednesday marks its latest effort to get credit the economy's oxygen flowing more freely. A global credit crisis that erupted last August has hobbled the U.S. economy, already reeling from a housing meltdown. As financial companies have racked up multibillion-dolla- r losses on soured mortgage investments and credit problems spread to other areas, firms have hoarded cash and clamped down on lending. That has crimped spending by people and businesses, which in turn has weighed on the national econa vicious cycle the Fed wants desperately to break. omy To that end, the Fed announced that investment houses can now tap the central bank for a quick source of cash through Jan 30. Originally the program, started on March 17, was supposed to last until STOCKS OF LOCAL INTEREST Yesterday's performance of selected publicly traded companies SYM COMPANY AA ALCOA LAST CHANGE ABSY ABSOLUTESKY ABX BARRKX AEP AMER ELECTRIC AKj AMER INTL GROUP SYM COMPANY 1.48 MU MICRON TECHNOLOGY LAST CHANGE County housing glut shrinldng Supply of new homes under $300,000 price range decreasing Grace Leong DAILY HERALD A glut of unsold new homes along the Wasatch Front is starting to shrink as more homebuyers come out of the woodwork, according to a report released Thursday by a Salt Lake City based real estate research firm. But the number of new homes abandoned halfway through construction particularly those priced above is also rising, said $350,000 Todd Cook, Newreach's executive vice president of research. "As our research shows, builders are working their way through speculation inventory, which is good news; however, there are more new homes abandoned than we have seen before," Cook said. "This could keep the unsold home inventory in a flat state, although many of these abandoned homes are in higher-price- d ranges, so we should continue to see a decline in unsold homes, specifically under the $300,000 price range." In the second quarter, there were about 150 abandoned new homes in the north Utah county area, mostly in the cit h, - 4.7S 0.07 63.89 138 7.04 0.00 5.65 0.02 17.21 0.51 INC 0.03 0.00 MYGN MYRIAD GENETICS GOLD CP 42.41 0.17 NATR NATURE S SUNSHINE POW 40.15 0.74 NOVl NOVELLINC 26.76 0.91 NUS NU SKIN ENT INC 45.12 0.22 17.18 1.07 3827 0.96 18.88 0.35 3.57 0.03 MOO INC DEVICES AMD ADV AMGN AMGEN BAC BK OF AMERICA ' CP 4.23 0.02 NWN NORTHWEST 62.30 0.02 OMTR OMNITURE. 33.61 139 PCG PG&ECP NAT GAS INC 3321 0.05 PFE PFIZERINC 45.91 122 Q QWEST BRISTOL MYERS SQIBB 21.51 0.02 RZ RASER TECH INC 10.00 0.09 C CITIGROUP 18.81 036 SCOXQ SCO GRP INC (THE) 0.00 CMCSK COMCASTCLASPCL 19.99 1.03 SHLD SEARS HLDGS CORP 023 7928 COST COSTCO 63.00 122 S SMITH INTL INC 77.63 3.95 CVX CHEVRONCORP 8726 4.42 SKYW SKYWESTINC 14.70 1.04 BAM BROOKF1ELD BLL BALL BMY ASSET CP INC WHOLESALE DAL DELTA AIR LINES NEW DB WALT DNEX DIONEXCP ERIC LM ERICSSON ETR ENTERGY ADR CP COVEY CO 0.72 SNTO SENTOCORP 0.05 0.00 0.75 STR QUESTARCP 54.48 1.75 69.64 026 SY SYBASE INC 33.40 0.45 10.50 0.19 T AT&T 30.91 110.18 0.59 TGT TARGET 021 021 0.03 TRV THE TRAVELERS CO 44.46 1.16 0.57 UDR UDRINC 25.49 - 0.05 UNITEDHEALTH 2728 - a95 - FRANKLIN GEN ELECTRIC CO 28.97 HRB H R BLOCK INC 24.09 - 024 UNH HSK HENRY SCHEIN INC 53.35 - IBM INTL BUSINESS INTC INTEL JBLU JETBLUE AIRWAYS JCP PENNEY JC CO JWN NORDSTROM LEE LEE ENTERPRISES LUV SOUTHWEST Ma MCKESSON MER MLCOCMNSTK CP HOLD INC AIRLINES CORP MER-P-J MERRILL LYNCH MMSI MERIT MEDICAL MSFT MICROSOFT CP SYS 125 7.19 FC CP INTL IN 31.67 GE MACH COMM INC CP 45.89 GROU 0.19 USB USBANCORP 128.86 120 USEG US ENERGY CORP 2223 0.00 USNA USANA HEALTH SCJEN 31.03 1.01 3.03 0.01 38.15 2.63 17.08 087 021 138 23.06 0.69 3120 0.74 5.18 0.10 UTMD UTAH MEDICAL PROD 29.03 3135 0.00 VZ VERIZON 3434 29.19 0.15 WB WACHOV1ACP 3.44 0.41 WEN WENDYS 15.62 0.14 WFC WELLS FARGO 55.76 029 WMT WAl 26.91 0.66 WNI SCHIFF NUTRITINTL COMMUN INTL INC CON MART STORES 11.60 020 X UNITED STATES STEEL 20.19 0.04 XEl XCEL ENERGY 2623 0.12 7J0N SONS MC BANCORP 02S 58.56 1.11 6.04 0.03 166.85 1.09 2035 0.46 29.10 120 the third consecutive quarter with the greatest number of unsold homes, accounting for a whopping 233 units, followed by Saratoga Springs with 194 units and Eagle Mountain with 157 units, according to the report. But the number of unsold new homes and condominiums in Utah County fell to 951 unsold units in the second quarter from a year ago, and is down slightly from 987 units at the end of 2007. Based on the drop in the number of unsold new homes and the number of new homes under construction, the company estimates it may take 10.7 months to get rid of the county's new home inventory, assuming no new homes are that same seven-count- y area, the number of homes and condominiums under construction fell to 3,951 units, down 26 percent compared to 5,346 units at the end of 2007. Meanwhile, a combination of factors including slow home sales, oversupply and a worsening lending crisis could continue to weigh on prices of existing homes. same time last year, the drop in single-famil- y sales was actually smaller than the drop we saw in the first quarter," he said. "Other good news for the county is that our months' supply of active listings decreased to about 10 months compared to 13 months in the first quarter, a sign that our inventory may be year-over-ye- stabilizing," Parcell said. Costs cut with four day weeks David Ranii RALEIGH NEWS & OBSERVER High gasoline prices pushed Chapel Hill, N.C., marketing agency Koroberi to rethink the work week. This summer the agency's 30 employees can take every other Friday off reducing commuting time and expenses by 10 percent. The staff has dubbed the program "Green Fridays." "We have a lot of younger staff members, and they drive an average of 30 miles a day. It was becoming an issue for them," said Koroberi's president, Kathryn Olive. "What drove me over the edge is, we lost one of our really valuable staff members who got a new job because he couldn't afford the extra price of gas." The four-dawork week isn't a new concept. In a nationwide survey of human resource professionals conducted in February, 59 percent reported that their companies offer some sort of flextime, allowing workers to choose their work hours within limits. The conventional work week has come under siege as laptops, BlackBerry devices and their ilk untether more workers, said John Challenger, CEO of outplacement company Challenger, Gray & Christmas. Now gas has given the move toward four-dawork weeks added momentum. "It's a hot topic these days," said Lauren Cohen, regional manager for staffing firm Robert Half International. Utah recently became the v 7 f-- . !:. ' I' J u . ''""V ; - -- A y y 34.84 INC The median asking prices of all residential types in June dropped 6.3 percent to $372,000 from $396,824 a year ago, while median sale prices in June dropped to $222,000 from $223,000 a year ago. Sales of all residential types in June fell to 394 from 542 a year ago, while homes priced above $500,000 plunged to 21 in June from 44 a year ago. "That indicates that the economy prices are still a factor in people's buying decisions. It's more a lending issue now than a housing problem. Lenders have tightened restrictions so much that it's now hard to get a their speculation inventory, or loan. And with high gas prices, homes that were built on the people are more cautious," said speculation that there Would be Taylor Oldroyd, chief executive a buyer. of the Utah County Association In the second quarter, the of Realtors. number of completed, unsold Kenny Parcel!, president of new homes and condominiums the Utah County Realtors, rein those counties dropped 12 mained optimistic. "Even though our second percent to 3,173 units, comquarter sales in Utah County pared to 3,615 units in the were down compared to this fourth quarter of 2007. Over built. In the first quarter, the group projected it would take nearly a year to sell the county's new home inventory. "I think this is a sign that ies of Saratoga Springs and buyers are out there and are Eagle Mountain. willing to purchase homes. "That number is rising This should continue for the the reason is likely that with next year. The lower-price- d many of these homes that were homes, under $300,000, are close to equilibrium. Over started, the builder is not able to finish because of construc$350,000, there is still oversup-ply,- " tion loan release requirements. Eldredge said. This number should not rise Most counties, including Salt more than one more quarter, Lake, Utah, Davis, Wasatch, if at all," said Jason Eldredge, Weber, Tooele and WashingNewreach's executive vice ton, showed similar declines in unsold new homes, a sign that president of sales. Lehi conbuilders are working through tinues to lead the state for HARRY LYNCHRaleigh News & Observer uses his Friday off from work by doing yard work in work week. Mebane, N.C. Douglas is one of many employees nationwide moving to a four-da- y Replacements Ltd. employee Clint Douglas first state government in the nation to mandate a four-da- y work week for most of its employees, partly to reduce energy consumption. Companies that offer a four-daoption say it's a morale booster that helps keep workers. Many employees are eager to trade longer work weekdays to gain a three-da- y end and eliminate a commute. The North Carolina Department of Labor and Replace y ments Ltd. of Greensboro, which sells china and flatware, began allowing staffers to work longer hours the rest of the week in exchange for taking off the fifth day, or in some cases, taking every other Friday off. At least two N.C. agencies the Department of Transportation and Department of Environment have and Natural Resources permitted some employees to work an alternative four-da- y week for at least a decade. State government doesn't have a policy work for offering four-da- y weeks, said Margaret Jordan, spokeswoman for the state Office of Personnel. Agencies set policy based on their needs. "Schedule flexibility is clearly something they value and appreciate," spokesman Mike Hughes said. Scammers target people already in financial trouble Federica Narancio scams. In such a scam, the scammer demands cash back from an overpayment with what turns out to be a bad check. Or the scammer writes bad Frauds aimed at people in financial trouble rose sharply last year, according checks to someone who's paid a commission to cash them. to a consumer agency survey released Grant's group, which is an alliance of Wednesday. "Mortgage fraud and foreclosure scams public and private consumer-counselin- g g are among the and the agencies, joined two other consumer associations to analyze complaint trends in 25 worst complaints," said Susan Grant, the states. Among the 10 top complaints they director of consumer protection at the found were some traditional ones: InterConsumer Federation of America, which issued the findings. In mortgage fraud, a net sales fraud, scams involving car sales, supposed financial adviser charges fees to incomplete or poorly done construction work and sleazy credit and refinance home debt at a rate that's said methods. to be favorable but isn't. In a foreclosure Fake checks were the big surprise, scam, high fees and bad advice leave desGrant said. "We had several victims callperate homeowners worse off. Also surging, according to Grant, are ing our office just recently," said Pastor MCCLATCHY NEWSPAPERS fastest-growin- fake-chec- k Herrera, the director of the Los Angeles County Department of Consumer Affairs. "I even received a call from the public defender's office because they've seen a rise in the number of people they are defend k scams.' ing as a result of To respond to them, Grant said, the I Consumer Federation of America ere- ated a "fake check" working group with representatives from agencies, banks and credit unions to educate consumers and ' ' train financial institutions Older, younger and poor people and ! those with disabilities are the most affected by the scams, according to the federation's survey. They're victimized most often by mortgage fraud, foreclosure scams, Internet fraud, payday loans and shoddy construction work. fake-chec- high-intere- st |