Connecticut Housing Required Private Insurance of One- Finance Authority (CHFA) Has Been Half Point
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..,,K .i^.-'^airrstasJW ta'istTVETrrft.^^ r ‘t;ti‘'sare^. PAGE TWENTY - MANCHESTER EVENING HEftALD, Manchester, Conn.. Mon.. Aug. 21, 1978 Open Wed. Manchester Rising mortgage rates Thu. & FrI. Parkade NItes til 9 don’t deter home buyers The Weather Hy srsw VAI GHN Fish said the Connecticut Housing required private insurance of one- Finance Authority (CHFA) has been half point. Sunpy today with highs 80 to 85, around 28 llvriilil lii'iiorli'r a big help for some families in ob Realtors expressed hope that the Celsius. Clear tonight with lows 55 to 60. Sunny and Despite continually rising home interest rates and the cost of houses iianrl|THtf r Eupittitg Mrralh wanner Wednesday with highs in the 80s. taining loans at a rate of V h to 7% mortgage loan rates and soaring percent, but those loans limit the in will level off to make financing Probability of rain near zero through Wednesday. house prices, area residents are still come levels of the buyers and limit easier for buyers, but they expect the A fam ily NEWSpaper Since 1881 Outlook; fair, narm and humid Thursday and buying homes at a steady rate, accor the purchase price of a house to $50.- market to remain active into the fall. Home delivered copy 15 cents Friday; cloudy and cooler Saturday. National ding to bankers and real estate 000. Fish said his company has enough Vol. XCVII, No. 274 — Manchester, Conn., Tuesday, August 22, 1978 weather map; page 17. salesmen. Most«f the CHFA subsidy money confidence in the real estate market Newsstand copy 20 cents Most banks are approaching a 10 has now been used up, however, ac to open a new office in Manchester. percent interest rate on a mortgage cording to area banks. The company has been in Vernon Cir with a 10 percent down payment, or Jack Philbin, assistant treasurer of cle for nine years. Master Charge an increase of about one percent Connecticut Bank and Trust Co. and Fish said he sees no leveling off in Visa 8i from a year ago. assistant manager of Manchester's the demand for homes. He said it is But the most drastic increase has Youth Centre Main Street branch office, said an even market as far as the number Charges Public Works Union Would Picket, Too been in the cost of houses which, has of houses and the number of potential CHFA money was allocated to CBT Are Welcome soared 10 to 12 percent since branches throughout the state on buyers. ' January, according to Robert Brock July 1. That money was used up in Fish said he feels the house-buying By GREG PEARSON The public works employees of the . ’’The members present at the and that the possibility of the picket “ We don’t know anybody but It. also criticized the town for union — the American Federation of meeting said they and their wives line still exists. Charles McCarthy who’s happy with saying that the union is receiving an at Warren Howland Realty Co. The the first week of July and the bank activity has slowed down now to Herald Reporter average price jump in the 1976-77 has been notified that there will be no "normal," from what he termed a State, County and Municipal would support and walk the picket Local 991 members said that they it (the reduction),” the union said. increase in pay without mentioning year was 12 percent. more CHFA money until after the ‘‘ridiculous level" in January The union representing Public Employees, AFL-CIO, Local 991 — line with the police union," the letter have the same clause in their con It also said that there are about 50 the proposed decreases in benefits. The rapid increase in the cost of first of January 1979, Philbin said. through March of this year. Works Department employees said met Monday and this morning an from Local 991 about Monday’s tract about payment for accumulated items in the union contract that the McCarthy said, however, that he houses seems to be convincing Betty Petricca, vice president and Buyers are not terribly concerned today that it would join a threatened nounced its concern about recent meeting said. sick days as the police union. The town is not pleased with. feels there are only about 10 areas of buyers more than ever that they loan officer at the Heritage Savings about buying smaller, more energy police union picket line because of its contract negotiations. McCarthy responded by saying, “I town is trying to r^ u ce the clause to ‘These items are ones that were difference between the union and the should buy now. and Loan in Manchester also said the efficient houses. Brock said, however displeasure with recent negotiations The Manchester Police Union, have no information that the police cut in half the number of ac negotiated through the years by town at this point. He said that the For instance. Brock said, a poten application for the CHFA loans has they do like them to be insulated. with the Town of Manchester. Local 1495, said last week that it union is going to picket.” cumulated sick days that a retiring Town Manager Robert Weiss, the un town has raised many other concerns tial buyer of an average priced home been very active, more so than the Young couples, even those who in might picket the town’s Municipal Police union representatives met employee can receive payment for. ion said. in the early stages of negotiations, this year has discovered that he regular rate mortgages. tend to have no children, are still Charles McCarthy, assistant town Building because of a lack of last week with the town to continue Local 991 said that two other town “That doesn’t say much for Mr. but it has removed 80 to 90 percent of would have to save $400 a month to The activity in mortgage loans was buying four bedroom houses. ‘‘They manager and the town’s chief progress in recent contract negotia negotiations after they threatened to unions — the firefighters union and Weiss as a negotiator,” the union those. buy the same house a year from now. good until July, then dropped off view it as the best investment they negotiator, sa|d that the union’s com tion sessions. picket. A police union spokesman the Municipal Employees Group Inc. said in reference to the town’s “This letter doesn’t reflect the that "average ' priced house in the some, but the banks attribute it part can make. Where else can you make plaints do not reflect the progress of Local 991 members said that they today said that nothing new has — gave up the clause and now are attempt to remove some of the progress of contract negotiations,” Manchester area is now over $50,000. ly to vacation time. The mortgage 100 percent on your investment in a negotiations. would join such a picket line. developed in the past couple of days trying to get it back. items. McCarthy said. At that price, the increased interest loan activity has picked up again in year?" Brock added. rate is negligible. Brock said. the past week or so, Dave Slyne, loan Brock sees, the trend in more However, he noted how difficult it interviewer at People's Savings Bank expensive homes as effecting a is for a young couple buying their in Rockville, said. family's situation. It often means the Inside Today first home. They have to make a Faye Boyden, assistant vice presi wife works because she has to, he 1 Kenya Leader choice between what they really dent at Society for Savings, said the said. It also means that families are Manchester want and what they can afford. What mortgage loans dropped off by about spending a bigger and bigger portion they want usually costs around $50,- 25 percent in July, but the bank is of their income for housing. The Sept. 12 primaries will cost OOO! Brock said, but he said there is still approving 70 to 75 home The high cost of housing is at the town about $14,000 and will Dies in Sleep almost nothing in the Manchester mortgage loans a week. She said the tributed to the increasing costs in mean a lot of work for the area now under $40,000. interest rates went up four different land, labor and building materials. registrars of voters. See page 2. "It is a seller's market right now," New construction immediately NAIROBI, Kenya (UPI) - Jomo The cause of death was not an times from the end of May through The difference between Kenyatta, leader of the Mau Mau Brock said. nounced though Kenyatta, an oc July. means $65,000 to $75,000, Brock said. Manchester Memorial Hospital black rebellion of the 1950s who went Nationwide in 1975 the average togenarian who himself was unsure The rates on mortgages with a 10 He said the projections show that we and the state Commission on on to become president of one of the of his exact age, had suffered a series house was sold for $42,600. By May percent down payment at area banks the country is rapidly approaching Hospitals and Health Care is of heart attacks and other ailments this year, that figure had climbed to most moderate nations in Africa, are as follows: "six-digit housing," or houses about $350,000. See page 10. for the last few years. $63,000. died peacefully in his sleep today, the Savings Bank of Manchester, 10 costing $100,000 or more. government announced.