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April 1, 1990
Mortgage rates were down on Monday, down on Tuesday, up on Wednesday, up on Thursday, and down on Friday.
Volatility could be traced to markets in Japan, where the yen continued to crash in response to a bad stock market, skyrocketing land prices, sneaking inflation, but despite good export earnings, a speed record on the bullet train, and rice blight.
A surprise report of a surge in the Wholesale Price of Refrigerators (the "fridge factor," to insiders), up 79%, much more than expected, didn't help much.
The pace of New Housing Demolitions gained 3.5% in February, but was slowed by bad weather in Texas. Commissioner of Demolition in Houston, Billy Bob Cartwheel said "Once we finish flattenin' southeast, downtown will be back bigtime."
Theories of weak consumer spending were contradicted by early April news that all six automobiles built in the United States last month were sold at full price.
Congressional sources tried to combat accusations of excessive cost in the S&L bailout. Losing his audience in a long explanation, a Senator said "Taxpayers should feel like they are just being asked to contribute a big toaster."
It's springtime, and an active housing market has brought a lot of local news.
Lois Purtell and Jodie Ruthrauff have colisted a $17,000 condo. Showings by appointment, one week notice, and qualified buyers only, please.
Gail Lyons is a founder of the Realtor's National School for Kamikaze Pilots. Acknowledging high rookie fallout in real estate sales, she said "At least they will have a better chance of hitting something on the way down."
P.J. Roach is working with his first buyer since 1986, and is a little depressed that the customer hasn't bought one of his 82 listings.
Capitalizing on his direct mail prospecting success, Reg Gupton has begun a campaign in Japan. Though working better now, initial efforts were hampered by language confusion. Phonetically, "buyer broker" sounds in Japanese very much like a traditional insult to an enemy's ancestors which requires suicide by the sender.
In what may be an optimistic report, The National Association of Realtors announced expectations of 50% annual appreciation in respose to its Buynowsellnowbuynowsellnow Campaign. It also forecast a return of the 12% commission "because foreclosures are so hard to sell."
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