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Show Monday, March 9,1992 no: HERALD, Provo, Utah, - Page A? Housing ‘afiordability’ up, spirits not REGIONAL Weather ' NEW YORK (AP) - With in- rtunities are out there — stable “If it wasn't for the fact that so terest rates down into the single me prices and very affordable many people still feel reticent about the economy, these conditions literally would be opening the door to homeownership for thousands of families and individuals," said Helfant. While increasingly active. buyers haven’t yet stormed the doors zit-gin and prices stable, housrng interest rates," declares Dorcas they say, isagreattimetobuya Helfant. president of the National Association of Realtors. But she and her colleagues now house But as it is with so many economic arrows, the direction in which the affordability indexes point is not always the direction in which the economy moves. Buyers don‘t always do what they’re that there are a minimum of two considerations when deciding on a purchase. They are ability, of course, but willingness too. And lots of people aren’t willing. According to the Realtor afford— “supposed“ to do. ability index, which stood at 124.7 ordability indexes haven't been better in nearly 18 years. Now, Tuesday, March 10 recognize, if they didn't before, This is a lesson that traditional in January, 3 family earning the economists have been slow to learn median income had 124.7 percent during the past year or so, when of income needed to qualify for a they declared that consumer buy- conventional, 80 percent loan on ing would bring the country up out the median existing home. In January, that family earned of recession. Consumers didn't listen to them. $36,742, while the median-priced “Incredible home buying op- existing home was $102,300. S Final test burn starts tuesday ARAGONITE, Utah (AP) —— contractors, will monitor the About 2.5 million pounds of toxic chemicals will be burned begin- plant’s perfomtance during the test period. ning Tuesday in the final test of Utah’s first hazardous-waste inci- aerator. The test burn, which will last until March 30, precedes the planned opening of the $74 million III-anesfimfl SHOWERS RAIN T—STORMS FLUNWES W CE SW Pr. “WV 61“.!" Via Associated Press Fair tonight, Tuesday By The Associated Press "anth 4 Wtwwmw,~ .;«_-mp_,~t;..,~ ”m; w my: a «mi. UTAH Salt Lake, Ogden and Provo: Tonight and Tuesday fair. Cooler tonight. Lows in the mid-20s to lower 30s. Highs in the mid-SOs. Statewide: Fair tonight and Tuesday. Cooler tonight. Highs in the 50s. Lows in the mid-20s to lower 30s. Clearing and cold tonight. Fair and warmer Tuesday. Highs Tuesday in the 505 to mid-605. Lows in the 205 to mid-30s. Fair with a slow warming trend Wednesday through Friday. Highs Wednes— day 50s and lower 60s warming to upper 505 and 605 by Friday. Lows Wednesday 205 and lower 303 warming to upper 205 and 303 by Friday. Dixie: Tonight and Tuesday fair. Cool tonight but warmer Tuesday. IDAHO Northern Idaho: Fair through Tuesday. Patchy night and morning fog. Highs in the 505. Lows in the upper 205 to ; lower 30$. Aptus facility as a commercial op station this summer, said company spokesman Malan Foster. The incinerator is located just off Interstate 80 in Tooele County, about 70 miles west of Salt Lake City. Southwestern Idaho: Sunny through Monday. Patchy night and morning fog. Highs in the mid-505 to mid-60$. Lows 203 and lower 30s. Snow fell in Colorado and Wyoming today, while resi. dentsof the Northeast awoke to unseasonably warm weather. A blizzard that began Sunday I in Colorado continued overnight and 8 to 14 inches of snow were expected in the Denver Stocks little changed in early trading through Tuesday. Patchy night and morning fog. Highs in the mid—40s to the mid-505. Lows in the teens to the mid-205. NEVADA Northern and central Nevada: Fair skies tonight. Lows in the upper teens and 203. Sunny and warmer Tuesday. Highs in the 505 east to lower 60s west. Southern Nevada: Fair skies tonight. Lows in the mid-305 to mid-405. Mostly sunny and warmer Tuesday. Highs in the mid-60s to mid-703. COLORADO Clearing skies from west to east this afternoon through tonight. Areas of fog mountain valleys tonight and Tuesday morning partly cloudy elsewhere. Lows tonight teens and 20s. Highs Tuesday upper 30s and 405. NEW YORK (AP) — Stock prices were little changed today, marking time after last week’s de— cline. The Dow Jones average of 30 industrials edged up .90 to 3,- 222.50 in the first half hour of trading. Gainers just barely outnumbered losers in the early tally of New York Stock Exchange-listed issues, with 606 up, 602 down and 586 unchanged. Volume on the Big Board came a.m. on Wall Street. Analysts say expectations con— tinue to solidify among investors that the economy has begun a sustained recovery. The latest evidence buttressing monthly Labor Department statis— tics showed faster-than-expected growth in payroll employment. NEW Loews lime-'9'- m m+16 change , Mai-tn 53w .. selected ”MW-m m Gigs—w McDml ask—V. MchD mew. Temperatures in the North- m Alcan W east were forecast in the 405 and 50s, well above normal. Sunshine was expected from Florida to Virginia. Highs in the 805 in Florida and in the 705 in the Ann: 20% Heal" 5 Anna sass—v. Nn m4; 2% gm NtSeml lass—w Arm AlntGr A'I‘lfl‘ We $2? “HI“4% NwVall 13324»; V4 .. m m +1. 577- .. Southeast were predicted, m average. ' .01 288's: 'c 'as a a E33583; 8-333-533333-8-38-3 339 3 E3 aéséfiéfi-a aéaéa§§a§a tie-Elfin 33- .13 '5 .10 EE clr '8 «inY a 3-2'2-3 333353-3333 eé-s E—a s a s 3593 a 333 33‘; Eéaéa E; a a s .333332‘288585::238588832888=$38883388588388288828 g 33.33833238$38283888$§888$§$888$86388382382138.2126 Hi..ln.Prc.0tlk h! 228 3 '82 Temperatures day's high and overnight low to a a.m. EST. t:asc:scuuuauaa arts-scams:-:eIsatearat:areasesxazsrutzcaassaaaaass . prevrous csalataatxeaeascaa33:33::=aaeuszaaaagaa:ssaa=:saacnaas By The Associated Press - 10 in 1992, stimulate construction of 215,000 new homes, and pump $20 billion into the economy overnight." “We are terribly disappointed," he said. If a stimulus bill isn't passed. he says, “they" will pay the price. “They” are not only the frustrated buyers, he says, “but in excess of 100 people in Congress." proving, brokers note, enthusiasm for stocks has been muted by rising interest rates. With the increase in Treasury bond yields from less than 7.5 percent to just under 8 percent in recent weeks, many observers see bonds as an attractive alternative now to the stock market. $41 million settlement reached WASHINGTON (AP) —— A New York law firm has agreed to pay $41 million to settle accusations by the federal Office of Thrift Supervision that some of its lawyers misled regulators in their representation of the now defunct Lincoln Savings and Loan Association. The federal agency that oversees savings and loans had sought $275 million from Kaye, Scholer, Fier— man, Hays & Handler and had moved to freeze the law firm’s as— sets pending settlement of the case. A press release from the law firm said Sunday the $41 million will be paid over a five-year period and that part of it will be covered by the firm’s insurance carriers. The firm also agreed to bar two of its partners, Peter M. Fishbein and Karen E. Katzman, from representing financial institutions. Fishbein was a managing panner and primary attorney for Lin- coln. Katzman was a lawyer on the Lincoln account. - The government had asserted that the firm’s actions in represent- ing the Irvine, Calif., 8&1. operated by Charles I. Keating Jr. “constituted unethical and improper professional conduct. ’ ’ COMING MARCH 15 Elie Built) aerate PROGRESS EIITION 42H m shits m to ——% ans—V. 4, «H m an--. NflkSo about 5 to 15 degrees above Am «M 332 Adieu 55%”. m nmuerque Buchert, of course, believes that bargain or no bargain, many young buyers still need a financial boost over that door sill. But he has still another reason, provided by NAHB economists. That $5,000 credit, he says, would put 415,000 unemployed construction workers back to work fin noon New York Stock Ex— m it YORK m (AP)Mon.'s Rain was forecast today in Alabama, Tennessee, Kentucky and Indiana. the House Ways and Means Cornmittee. Some critics of the plan look at those affordability indexes the NAHB also maintains one - and ask: How much more stimulus do first-time buyers need? Aren't they already getting the biggest housing bargains since the 19705? that case came on Friday, when But if growth prospects are imn ed to stetch from southeastern Texas through Illinois. Lower temperatures overnight were expected to turn the rain to sleet. then snow in some regions. the stimulus provisions adopted by to 22.94 million shares as of 10 . feet were expected in the foothills and some mountain areas. In Wyoming, 6 to 10 inches of snow were expected. Snow was also forecast from northern New Mexico through Minnesota, and in Wisconsin. Thunderstorms were expect- AlbanLNX- numerous other locations. Southeastern Idaho: Fair area by late morning. Up to 2 Mind-{e tndrca “The whole industry will be astounded if we don’t meet the requirements,” said Foster, noting the incinerator uses a German cials, along with several private suggest they should be doing. These days. ability means not just the cash but courage and faith in the future too. The affordability index also omits a very important consideration these days: The formula doesn‘t include the debts of these median income people, and as any mortgage seeker knows, existing debt often kills an application. But there is even more missing from affordability equations, ac— cording to Robert “lay" Buchert, a small Cincinnati builder who is currently serving as president of the National Association of Home Builders. As he sees it, the missing ele— ment is the downpayment. “I have 15 to 20 couples come to my model homes on Sundays, but only three or four qualify,“ he said. Many, he says, simply can't save the downpayment. ”These people are so close, " he says wistfully. “Ifthey can getjust $3,500 or $2,500 they can make first-time buyers as much as a $5,000 tax credit. Chances for that proposal, first mentioned in the President’s State of the Union Message, appear grim. It was not even included in mes. Federal Environmental Protection Agency and Utah Department of Environmental Quality offi- technology that has been proven in Blizzard strikes Colorado By The Associated Press It will take about 90 days to analyze the data collected during the test. If the plant is working properly, it will be allowed to begin commercial operations. With the capability of burning 70.000 tons of waste annually. the plant is expected to receive most of its business from out-of—state compa- of Realtor offices, as the statistics it." 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