| Show I The Salt Lake Tribune Sunday September 2 1990 C3 Shaky Housing Industry Leading US Into Recession Home Builder Says 11 11 t ' ' Orlando Sentinel ORLANDO Fla — The Persian Gulf crisis was the last straw for a teetering economy pushing the nation into a recession that will last through early next year the executive vice president of the National Association of Home Builders said Speaking to the Southeast Builders Conference at the Marriott Orlando World Center near Walt Dis- ney World Kent Colton said housing already on shaky ground will lead the way in the economic decline "Hopefully it will be mild" Colton said adding he anticipates falling interest rates in the first quarter of next year may fuel a recovery For the next several months how ever Colton expects interest rates to rise — a half percentage point or more — as oil prices increase fuel s e If housing units for the year Colton said the loss of those 220000 housing units will add to the nation's economic woes The production decline will result in a loss nationwide of 300000 jobs $8 billion in wages and $3 billion in taxes over the next year he said The current downturn in housing activity is not the usual cyclical slowdown of the past he said Builders this decade are facing new challenges that threaten housing production on an ongoing basis Colton said environmental and infrastructure concerns and growing sentiment across the hig inflation fears Interest rates generally have been in the 10 percent to 105 percent range A half percentage point increase could push rates to as high as 11 percent Housing has weakened this year as the US economy has softened Also financing difficulties have hampered the industry The national trade group has steadily revised downward its estimate of housing production for 1990 largely blaming a "credit crunch" brought on by the thrift crisis and accompanying regulatory zeal by thrift regulators Builders nationwide have complained of great difficulty in getting acquisition and development loans for their projects The latest production forecast calls for 12 million units this year At the beginning of the year builders were projecting 142 million By Jack Snyder gestion and foul the environment he said Builders must convince a majority of citizens nationwide that "some level of sensible growth" is necessary to sustain the economy Colton said In an interview prior to speaking to the conference Martin Perlman president of the National Association of Home Builders said he is seeking a meeting with President Bush to urge more attention to housing issues long-ter- to the housing industry threats "We used to produce the American dream" Colton said Now builders are largely viewed as people who cut down trees cause highway con percent up from 9875 percent last week "Interest rates have gone up rather quickly and that certainly puts people on the sidelines" said Mark Obrinsky senior economist at the Federal National Mortgage Association "Whenever we have that much uncertainty people don't go out and make big purchases" Nationally the average interest fixed-rat- e mortrate for gages stands at 1029 percent up from 998 percent at the end of July and not far from this year's peak of 1067 percent in March according to the Federal Home Loan Mortgage Corp "Current interest rates now are about as high as they are likely to go" Field said "Hopefully they'll soon start moving down to where they were 30 days ago but it all depends on what happens in the prove after last month's upbeat report on home sales" said Daryl Delano senior economist at Cahners Economics the Newton Mass-base- d economic and research arm of Cahners Publishing Inc a business and trade magazine publishing firm "Now it appears that housing won't be doing much of anything in the next few months especially in light of the uncertainty that has been created among consumers by the recent increases in oil prices and the Middle East crisis" A return to higher interest rates for home mortgages in August brought on by Middle East events and an increasing lack of investor confidence in the economy does not bode well Delano said "In just the last two weeks interest rates have risen anywhere from a quarter to a half percentage point" said E Ronald Field executive vice Sheldon president of Chicago-base- d Good Mortgage Services the mortgage brokerage arm of the Sheldon Good & Co real estate firm Chicago Title Insurance Co reported the average interest rate for fixed-rat- e mortgages in the Chicago area last week was 1025 By Stanley Ziemba Chicago Tribune Sales of new single-famil- y homes & declined nationally in July as uncer tainty about the economy kept many : buyers from venturing into the market the government reported last : week New-hom- e sales slipped 23 per cent from July 1989 the US De: partments of Commerce and bus: ing and Urban Development said : With declines having occurred in five of the first seven months of this : year new homes are being sold at an annual rate of 548000 units 124 : percent below last year's pace : Economists noted the July decline while not huge was disconcerting for two reasons First after five consec utive months of declines sales final: ly had shown a slight increase (06 percent) in May and a significant in crease (47 percent) in June Moreover July's sales declined despite the fact interest rates on 30- ' home mortgage year fixed-rat- e loans fell by about 010 of a percent the course of the month That ' should have spurred sales "We thought things would im apo 272-443- 8 GUARANTEED 298-928- 2 1014 485-590- 0 1012 MORTGAGE WESTGATE AMERICAN CONCORD MORTGAGE Sunwood Homes W :West Lots As Low As 7650 South 7th East $51000 East Lots As ON LY4141HoM Low As -- - $i 61500 966-748- pi 0 UNBELIEVABLE FINANCING WAY BELOW MARKET RATES E 11643 & 5717935 I t3190) Large 3 bedroom condominiums with garages car) heated pool tennis volleyball weight room hot tub clubhouse RV parking I-- ' purchased by WITH THIS AD: UMIT TO I 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YOU OWE Itototed IT TO YOURSELF! 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Brick duplex in Sandy has assumable loon wireasonobie down Both units ore 3 bedrms & laundry& Call UNDA loll at yard Greet rental for investor& 9642111 TANNER CENTURY 21 MCAT JANET C GROW CENTURY 21 GOLD MEDAL 7 as trustee for the I' C1990 Century 21 Real Estate Corporation trademarks of Century 21 Real Estate Corporation and '' NiAl 2 CENTURY 21 BARRYELIEN 8 i MERCIAL11 SNAKE INVER HATHAWAY-GENT- (201) RETREAT IN IDAHO Home beautiful area near hunting fishing skiing Cedar wdecking hot tub sauna ook cabinets 2 12 ocre& Call nowl $150000 CENTURY 21 NANCY HATHAWAY-GENT- (208) 1 5 UNIT COMMERCIAL BLDG Positive cash flow New brick building OwnerBroker In growth will furnish details Call CRAWFORD CENTURY 21 ALL WEST CRAWFORD area financial SALMON RIVER PROPERTY 17 acres Cabin sheds garage Panther Creek on operation Very best inventory and MOM $225000 CENTURY 2i COOK REAL ESTATE Turn-ke- 0 53032e8 LYNNE BUSINESS OPPORTUNITY PATTEN (201) 7542524 Great money maker! 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This 3 bed bungalow is on a quiet greet close io bowl sully fenced and CONDO IN ISLAND PARK IDAHO Lovely 4 bedroom 3 both mostly furnished bedding appliances etc Pool golf sauna hunting and fishing All right there $125000 : NEW HOME IN BENNION $61900 3 bedrooms 2 both rambler Main floor laundry bay window close to LORI 10 IIVO RV rYeas - r t PLUS LOW MAINT DOWNTOWN -- -- - Quiet stable westside area very private fenced yard immoculate 0 531-70- 0 '' I 150 East 9650 South Sandy euarbtan Trait - 3 BEDROOM $52500 rambler with both down for expansion Ready for a family Large fenced yard Coll CRAWFORD to see CENTURY 21 All WEST BENNION Extra clean 'pJIi 8 All WEST ASSUME WM1 CONTRACT CENTURY '4 263-888- 1 9-'0- " - 101110100-000- ' 2 KITCHENS 5 BEDROOMS!!! 580000 for this big home 11297 Redwood 32 ocre lot Good for 2 related lc:mines buy it with a parent of IXOther etc 5664200 2554361530-- 3291 GREAT STARTER HOME & MORE 2 dovm Building 4 bedroo m 2 nex t do er Med to 'be a c onvenience store ' could be used tor a number of egtneo 2554888 66006' 967-195- 0 ft 3634888 00'' Three Utab's Vumber One MIDTOWN - - CENTURY 21 JUDY TWAT HOUSING OPPORTUNITY ALL WEST RULON Home Budder UNION PARK - : 524-521- 6 4 6 BEDRM & house for the growing family 100 room Make Southmoore Park MAIN OFFICE (801) WHITE BRICK RAMBLER ' 1 $57000 $48506 September 13 1990 10:15 am At the bulletin board by the County Clerk's Office 240 East 400 South Salt Lake City UT 3 Sale Dale and Time: Sale Location: 79 APR SO PENMOUSEI 595-150- 0 Title Insurance Protects You 6 - 1 Telephone Number for HUD contact - 900 North Redv4 mt! Road heirs—Amy's OK! GREAT JUMBO RATES Address: 7531 South 3345 West West Jordan UT Salt Lake County Description: 1118 Son 2 bedrooms bath 2 car garage FHA Case Number: Minimum Bid Amount: Appraised Value: 263-310- 0 Marketed by Mpenwood Realty JERRY On paper about the former owner's 12 1 Utah Housing Available 466-707- 0 I 10 7 YR BALLOON 2 STEP Davis County Courthouse Farmington UT 10-ye- Westpointe pi) C Daily! i Free Landscaping E From $400mo P HOW Warranty El 8 Locations D Models Open Daily El From $500 Down with "Work for Down" Plan Strawberry Place 572-790- 14 Wt 7 Models Open 14 Communities 6 Model Mine Centers: 1 8 M ZI Address: 208 South 300 East Bountiful UT Davis County 3 bedrooms bath car garage Description: 2027 FHA Case Number: Minimum Bid Amount: Appraised Value: $55370 $65500 Sale Date and Time: September 12 1990 10:15 am Sale Location: One the front steps of the 885 East 11400 South 3100 South 500 East There was Ell 10 12 NOTICE: This ad does not constitute a legal notice Interested parties should refer to the legal notice for such information Foreclosure is still pending and owners have the right to reinstate the mortgage prior to the foreclosure sale and if so the sale is cancelled Prospective buyers are cautioned to seek the advice of an attorney The advertiser is not responsible for any errors that may appear in this ad at High Pointe 7985 South 10th East 5600 West 5600 South 5 Opening! d Broken Ridge Locations! Suncrest 12 te dbl 565-944- 9 7 TERMS OF SALE: These properties are not available for normal inspection such as our PD properties The properties are still owned by private individuals and permission of the owners may be required for on-siinspection otherwise persons could be liable for trespassing Cash or certified funds for the entire amount is required at the time of sale Broker's commission or finder's fee will not be paid for successful bidders Daily! Fairfield Cove 4300 South 3600 West 969 2500 WOW! Lots of 7800 South 2800 West CALL FOR DETAILS 48 HR CREDIT APPROVAL 9 Models Open l Dream BALLOON sale attending lenders are prepared to bid the advertised minimum bid amount Any amount that is bid equal to or greater than that price will mean a successful sale Cape Cod 4535 South 5600 West Home 10-ye- ar M El 723 The property(s) listed below are homes in foreclosure and will be sold at a Public Trustee Sale to the highest bidder At the 12600 South 460 East Warranty WHY RENT? $50000 Home For Your Money 964-997- EVUOtt: WHEN BUYING IS We Build More HOW 2 WK CLOSING El 12 Cloverwood Estates Confidence! SOVEREIGN COLLECTION of HOMES 10 ATTENTION: HOMEBUYERS & INVESTORS $44000 to $115000 True 25 SPECIAL NOTES FORECLOSURE SALE Draper Meadows 1 Intl - - We Cover The Valley! True Value! standards anti-growt- h FOR ADVERTISING INFORMATION CALL June Homes Come True a MM:grIggligAMNPM""Virt°11111111111111111111111 An estimated 47000 new homes were sold in July at a median price of $121000 the report noted In June 51000 homes were sold at a median price of $127000 The average price for a new home in July was $150500 down from $152000 in Dream 9875 HERTIAGE SAVINGS world" Ivory Makes Ittl 10375 572-926- American Banker WASHINGTON — A nationwide survey has found the delinquen cy rate on home mortgages rose only slightly in the second quarter to 452 percent against 441 percent in the first quarter Experts warned however the percentage of overdue loans might continue to increase well into 1991 as the US economy weakens and unemployment grows : Economists said the increase was not substantial with the rate still considered low by 1980s standards and well below the 607 percent record set in the first quarter of 1985 The quarterly survey of 400 mortgage lenders was released last week by the Mortgage — Bankers Association of America Delinquencies rose for conventional FHA and VA mortgages but much of the increase was confined to loans overdue by only 30 days — considered the least severe category of problem loans The rate of overdue loans of 60 days or 90 days or more remained largely unchanged since the first quarter ' Of 78 banks surveyed only six said they had tightened standards for approving applications from individuals for residential mod gages over the last three months one respondent said it had eased ADJ RATE 0 11700 South 700 East By Robert Trigaux Ill 486-480- Mortgage Delinquency Rate Up Choose Your (nation 30 YR FIXED CAPITAL CITY BANK 30-ye- 30-ye- said Perlman Houston homebuilder Noting Bush has said he wants to be the education president Perlman said he will urge him also to be the housing president "A country can have the best education system in the world but if you release them from the schoolhouse to no house you've lost them" Perlman said LENDERPHONE Uncertainity Slows New Home Sales in July QM administration He said builders today have the ability to produce affordable housing if the government allows them to do so Perlman contends about 35 percent of the cost of a home stems from unnecessary government regulation and archaic building codes The affordable housing issue also is being aggravated by sentiment across the country he added "You can't say not in my backyard and still house America" Perlman said 1"arlialrecliMMONOMilMOMUM- anti-growt- h country pose severe Housing had virtually no priority during the Reagan administration and that's the case so far in the Bush REALTY (303) IDAHO'S "" REAL ESTATE puss 46614 ON AGENCY CREEK IN SALMON Isoicted adlacent to govt land Log home restored oddihom on 352 ocres CENTURY 21 C001111 MAL ESTATE LYNNE PATTEN (201) 7564524 BEST! Large fresh water canyon springs by Twin Falls 34 secluded acres fronting 34 mile river hunting fishing development CENTURY 21 TWIN FALLS GEORGE (208) REALTY 1 Equal Housing Opportunity de EACH OFFIfF IS INDFPFNOENTI1 liOnttfikWMOiMIIMIAVibiiw WV MEM ON Jtvautv 'Witness building fixtures and ievento4y Hem street loceene ko past lorry wee years CENTURY 21 COM PIA ESTATE IFIVI POWERS (201) 1142121 q Me tit iND ()yIN ill's) |
