Manchester Budget: Smith Blames

20 - MANCHESTER HERALD. F ri„ March 4, 1983 BUSINESS Local bankers, realtors think so Have mortgage rates finally bottomed out? By Raymond T. DeMeo gages, however, and according to houses that have been on the firms but still a one-office opera Herald Reporter H-' DeMarchi itdoesn’tintendto do so. market for a long time. It’s still a tion, sold 27 homes in January. Cloudy, mild While the decline in home "I-d o n ’t think buyers At l3'Ato 13% percent, depend buyer’s market.” “ That was our best month in 2>A mortgage rates hasn't been as ing on the size of the down Like many bankers, Blanchard years,” says Blanchard. today, Sunday i P rapid as the drop in rates on other shouldwalt. I'vesaidit payment, SBM is selling more doesn’t think mortgage rates are However, like Mrs. Sullivan, installment loans, there's no ques going to fall much more than they — See page 2 before and I'll say it mortgages than it did at 15 percent Blanchard worries about what will tion that mortgages today are but nowhere near as many as it did already have. “ I don’t think buyers happen when the federal govern fUanrbrBtrr m m lh considerably cheaper than they again. Now is the time in the early 1970’s. “ We’re pretty should wait. I ’ve said it before and ment tries to finance its deficiti were a year ago. busy, but we could be busier,” says I ’ll say it again. Now is the time to to buy." “ Someone’s got to pay for it,” he Local banks now offer fixed and DeMarchi. buy.” ' says. Apparently some people agree t ' variable rate mortgages in the 13 Heritage’s Mrs.Sullivan reports Robert Blanchard Economic progress is unpredic percent range — about four points no great demand for Heritage’s with Blanchard, because local real table, and experience has taught below the rates of early 1982, and loans, and says the CHFA program estate agents report that the people in the mortgage business to two points below what they were is “ still the best deal going.” housing market is showing definite be skeptical. “ It hasn’t been this offering around Christmastime. CHFA loans are processed by most signs of stirring from the doldrums gan abandoning the fixed rates in in which it’s been held for the past good in a long time, and I don’t Town hii^s How much lower will rates drop? local banks, except Manchester Pope hears U.S. attacked favor of variable-rate mortgages, two or three years. Blpnchard & think this is going to be long-lived,” I State Bank, a commercial lender Several local bankers believe the which offer them the ability to keep Rossetto, one of the larger local says Blanchard. mortgage rate decline has nearly pace with fluctuations in the that doesn’t sell many home mortgages. bottomed out, and that people interest rate market. By Phillip Pullella who've been waiting to buy a house 2 for force, United Press International should move now before sale REALTORS, however, bemoan FROM THE consumer’s point of view, the big question is whether prices start to climb up again. the near-demise of the fixed-rate MANAGUA, Nicaragua — Pope John Paul II today’s rates are the best deal “ I really have mixed feelings mortgage at banks. They point to arrived in Marxist-ruled Nicaragua Friday and was they’re going to get, or whether about mortgage rates,” says Betty the popularity of subsidized mort Area mortgage rates both white met with a bitter attack on the United States for using they’ll make out better if they wait Petricca Sullivan, vice president gages like those offered by the “ blood and fire” to deny human rights in the region. a few more months for rates to at Heritage Savings & Loan Connecticut Housing Finance Au Connecticut Bank & Trust:. and 2% points, 20 percent down; drop even further. Three members of the ruling junta, including Association. "Pretty soon the thority (CHFA), which still has One-year variable rate at 13 One-year variable rate at 13% coordinator Daniel Ortega, who was wearing green federal government is going to fixed-rate money available at IPA ’’People are still holding out, percent and three points, 20 percent, two points down Bv Alex GIrelll military fatigues, greeted the pope with formal percent interest, as evidence that holding the bag if rates head for rates to come down, Herald City Editor start borrowing again, and once it percent down Savings Bank of Manchester: handshakes at Managua’s Sandino airport. 5 the market demands a return to upward again, doesn't want the ley keep on waiting, the borrows, it will drive up the price Connecticut National Bank: One-year variable rate with 25 Under a blistering sun, Ortega read a 25-minute- the fixed rate. loans in its portfolio, so it sells the house they want is Two new police officers, both white males, have of all credit,” she says. Fixed rate at 13>/4 percent and two percent down at 13’,'4 and no points; long speech, equally praising the Sandinista revolu Among the banks in the area that them off to the secondary market. go up — either way they been hired by Manchester and efforts to hire a The fear that increased govern points, 20 percent down; One-year with 20 percent down 13% and % tion and strongly attacking what he called the still offer fixed-rate loans are Robert F.DeMarchi, assistant 's. Sullivan says. minority officer have failed despite what ment borrowing will tighten credit variable at 12% percent with 2% point; with 10 percent down 13% “ distorted policy” of the United States in Central Heritage, First Federal Savings of vice president for mortgages at the Blanchard, owner of administrative officials described Friday as an and drive interest rates back up points down; higher rates, both percent and % point; with five America. East Hartford, and Connecticut Savings Bank of Manchester, Blanchard & Rossetto Realtors of elaborate effort to broaden the hiring base. afflicts many bankers, especially fixed and variable, if less than 20 percent down 13% percent and % “ Holy Father, you visit a Central America shaken National Bank of Hartford. predicts that mortgage rates "will Manchester, says home prices in Only two minority members, both black males, those who were burned badly in percent down. point. by hunger and thirst for justice of the people, and by Heritage offers its fixed-rates at be stable for a while,” as the the area have remained stable so made it to the final stage of selection. One recent years by being locked into a t First Federal Savings: Fixed the powerful who with blood and fire deny the people Society lor Savings; Fixed rate 13‘/i percent, with 2>/i points at banking community waits to see far, despite increased demand rate at 14% percent and 2 points, 20 withdrew and the other was rejected. these rights,” Ortega said, raising his voice portfolio of long-term, fixed-rate, at 13 percent and 2% points; closing. Today, this seems like a what happens next in the volatile spurred by the availability of percent down; One-year variable The final stage involved an interview by Police repeatedly. low-interest mortgages. 2%-year variable at 12% percent pretty good return, with commer money market. lower-cost mortgages. rate at 12% percent and two points Chief Robert D. Lannan as well as a lie detector “ Today, as yesterday, the United States is and 2 points; 5-year variable at 12 As rates started climbing, cial bank’s prime lending rates Unlike Heritage, SBM keeps all ” I would say there’s been very down, 20 percent down test and an FBI check on the applicant’s intervening more and more in defense of an unjust and percent and 3% points; minimum banks, worried about a repeat now in the 10 to 11 percent range. its mortgages in its own portfolio. little appreciation, if any,” he Heritage Savings & Loan Associ background. lost cause,” Ortega said in reference to U.S. policy in five percent down on all loans. performance of this disaster, be- But Heritage, wary of being left It doesn’t offer fixed-rate mort- says. “ There are still a lot of ation: Fixed rate at 13% percent The upshot of the complicated selection process El Salvador. is that the town is left with two vacancies not The Sandinistas erected billboards outside the filled, one of them as the result of a decison of airport saying, “ We are in favor of revolution Officer Gary Sellitto to resign. including Christianity,” echoing the Sandinista junta In Brief Chief Lannan is reluctant to make the selection NEW FACTORY coordinator’s theme. Public Records from the three applicants still available, all white The pope, shielded from the sun by an umbrella, Interstate ORDERS males. Therefore the adminstration will seek listened passively as Ortega went on praising the UPl photo Bills opposed authority from the Board of Directors for a new Sandinista government. Soasonally adjustod In bffilons of dollars round of testing, but will suggest that the agility The Greater Manchester Chamber of Com Warranty domlt Field Rood, $85,000 (based on N ica ra ^ a was the second stop in the pope’s POPE LISTENS AS U.S. IS ASSAILED Mary Romeo and Jose conveyancetox). test be given before the written test. merce in a recent poll of its Board of Directors phine Romeo to James M. Gretchen J. Wood to Ro General Manager Robert B.

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