Show r Standard-Examine- 3E Obituaries Classified 3E 14E Pension Funds Sunday August 1 0 Ogden Utah NEW YORK (AP) — The housing industry appears to have passed the crisis point in this year’s slump But hopes for a rapid and robust recovery are fading fast “We’re beyond the worst of it” said one industry official “but we’re not completely out of the tion in Los Angeles the nation’s largest “It has come back to some extent from the doldrums of the first half of the year” But many lenders fear higher rates will choke off a resurgence in demand woods” Prospects for a strong comeback appear to be dimming as home mortgage rates edge upward again “If rates continue to rise — and there is some evidence they will — it will pretty well stop a recovery in its tracks” said Jim Christian an economist for the US League of Savings Associations in Chicago The foundation for a housing revival was laid last spring when home mortgage rates dropped from the percent range to 12 about percent raising hopes that 17-to-- 18 builders and buyers would the market Some did but the recovery barely got off the ground before mortgage rates started heading back re-ent- er WHEAT IS LOADED into Union Pacific covered hoppers at Hugo Colo UP Photo Cuts Ample Wliea ft up In July the average home mortgage rate was 1225 percent as calculated by the league of savings associations a trade group that monitors industry trends But near the end of the month some large lenders in California “Car supply for the ting idle because of depressed wheat harvest is meeting the de- grain prices mand” according to Union Pacific still exist” said raised their rates to 125 percent “Some Railroad President John C Kenefick shortages “Not every elevator gets and analysts say that rate may Kenefick every car it wants exactly when it soon spread nationwide One major lender — Great West“And we’re doing it in spite of wants it but on the whole comern betSavings & Loan Association of record yields and some of the best plaints have been few and far Beverly Hills Calif — went a step weather for harvesting” he added ween this season” last week and boosted its Itailroad officials also pointed further Kenefick said Union Pacific is to rate 1275 percent ground in moving wheat at a pace 11 percent out that grain ison the because Those higher rates reflect the of there locations greater than last year when the some cost the rising industry railroad set a record by moving a lack of market Some elevator must pay to obtainsavings for lendmoney railroad the told have more than 144 million tons of all operators That underwas trend upward that more cars would not help their ing grains combined scored this rate week the when past Railroad officials said that Union particular circumstances because thrifts pay on money-markPacific over the last 12 months has the grain is not ready to be moved certificates jumped to 9117 added 1281 cars to its covered hopUnion Pacific said its highly suc- percent As recently as six weeks per fleet bringing the total to more cessful unit train program for ago the rate was 775 percent than 16000 grain is running ahead of last year Savings institutions also are payCars available were strategical- with 700 trains headed to the West ing more to obtain funds from the ly placed to meet the large Kansas Coast as compared to 497 at this secondary market In some regions the demand for crop and the 26 percent increase in time last year but added a note of the Nebraska winter wheat and the explanation housing perked up when mortgage 40 percent increase in the Colorado The unit trains are almost all rates hit the 12 percent mark “We’ve had pretty good deyield handling feed grains (corn and Earlier this year Union Pacific milo) Special rates and unit trains mand” said Dick Deihl president of Home Savings & Loan Associa actually had covered hoppers sit- - are also available for wheat OMAHA — six-mon- th 12 percent are perhaps too high psychologically for the housing industry to get back into the swing of things — too high both from the consumer’s point of view and the builder’s point of view” said Holly Hutchins of Potlatch Corp a major forest products concern The thrift industry which includes savings banks and savings and loan associations supplies about half of all home mortgage loans in the nation In normal times those loans are higher than those permitted at banks and thrifts institutions Thrifts’ deposits fell forcing them to acquire funds in the open market Those rates were tumbling in May and June but now they are climbing back up To offset that higher cost many thrifts are boosting their home mortgage rates For example Pacific First Federal Savings & Loan Association in Tacoma Wash will raise its home mortgage rate to 12 percent on Monday — up from 115 percent last month Bob Lasswell Pacific’s senior 980 vice president for loan operations said the rate may jump to 1225 percent before month’s end despite a recent upswing in housing activity in the Pacific Northwest Even a quarter-poin- t increase in a home mortgage loan can be large enough to discourage some homebuyers For example a borrower would have monthly payments of $52395 on a loan of $50000 at 1225 The payment on interest percent that same loan would jump nearly $10 a month at 125 percent interest and to $54335 at 1275 percent “It will take a rate of about 115 or 12 percent before large numbers of people will start coming back into the market” said Christian of the savings league “You go above that and people start getting cold 30-ye- ar feet” Most World Money Not in SJ S ? Which country is the banking center of the world? Which bank is the largest and which is the fastest growing? The US is generally conceived to be the center of world banking and finance and the dollar is the currency against which most others is rated But a report compiled by the American Banker indicates most of the world’s money may be elsewhere than in the US While the largest banking institution is the San Francisco based Bank of America the US has only 12 of the world’s 100 largest banks According to the American Banker the US has only two banks in the 10 largest only one in the second 10 largest and none in the third 10 France has four banks in the top including the second and third largest in the world along with the fifth and sixth Two of the top 10 in size are in London and two in Frankfurt Ger 10 many The fastest growing bank in the world according to the American Banker report is the Banco in Milan Italy which climbed from 182nd to 93rd in size during the past year a gain of 89 spots Among the second 10 Japan is the leader with five Germany has four and the US one Switzerland famous for its “secAm-brosia- no York with deposts of $705 billion Other US banks among the top 100 in order of their size with their world ranking in parenthesis are Chase Manhattan (14th) Manufacturers Hanover Trust Co of New York (31st) Morgan Guaranty Trust Co of New York (40th) Two Seminars ret” money and numbered acSmall business management counts has only three banks are scheduled tonight seminars 100 And the world’s among largest the biggest bank in Switzerland and Aug ranks only 30 in size The leader among the 100 largest is Japan with 24 followed by Ger- many with 14 the US with 12 and the United Kingdom with eight Twenty nations have banks in the top 100 in size The Bank of America tops the world’s banks with deposits slightly over $86 billion Second largest in the US and 7th in the world is the Citibank of New from 7 to 9 in the Weber County Library auditorium Tonight Cindy Sheriff of the Bon Marche will discuss interviewing techniques selecting and training employees and Dean Draney of the Job Service office will review special government hiring and training programs On Aug 14 Robert Hansen a local advertising executive will discuss media and other factors involved in advertising 14 tj' i I et “Rates above financed mainly by deposits from savers But when interest rates skyrocketed last February and March many people withdrew savings to invest in Treasury bills and other investments offering yields 1 - ?c 4 '£ V! 5 '"-f- S" 'i - "V ’“'' t ' V l v-- VX ? iTrrr°n itmn Jfc 11 wiifllB Model home shown here furnishings not included How to buy a new home with only $2000 down: For a limited time Lakeview Heights in North Ogden is offering beautiful new twin homes with an incredible finance package Qualified buyers may now buy these custom-crafte- d twin homes with as little as $2000 down at 12 APR No fees No points At the end of three years the homes can be refinanced through our own mortgage company We don't skimp on quality At Lakeview Heights we pride ourselves in offering an exceptional home At first glance you'll recognize that quality has not been spared in hardw'ood cabinets carefully fitted doors and moldings and energy saving double-pane- d windows cLakgTcw 'Heights tjT North Ogden Twin Size Illustrated SAVE WITH ORTHO FACTORY PRICES! 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