Summary

Footage Information

CONUS Archive
132521
CALIFORNIA REAL ESTATE BOOM (09/27/1998)
LOS ANGELES, CALIFORNIA
Pkg*
9/27/1998
6:35
1:46
Los Angeles, California G. U. Krueger, Economist Alan Greenspan, Federal Reserve Chairman Richard Maize, Mortgage Broker Alan Mendelson, Reporting
home, real estate sign, home, currency, sot man, currency, people in room, Alan Greenspan, grocery store, mortgage rates, sot man, new minted money, SU reporter, homes,
THIS HAS BEEN A BOOM BEAR FOR CALIFORNIA REAL ESTATE
LEAD: California real estate is booming in 1998. Much of the reason for the recent boom, oddly enough, is attributed to the declining Asian markets. Reporter Alan Mendelson explains. SCRIPT: 1998 will go in the record books as one of the best years for real estate. Home prices shot up eight percent this year. But next year could see slightly slower sales and smaller price increases. You can blame the Asian financial crisis says the California Association of Realtors. (Sot) The Asian crisis has spread to Latin America, and Federal Reserve Chairman Alan Greenspan told congress that the contagion could slow our economy. (Sot) And if our inflation rate stays low, the next step for the federal reserve might be to cut our interest rates. Right after Greenspan spoke, mortgage rates fell one fifth of a percent, with the thirty year fixed rate loan, with no points going to six and a half percent. Mortgage brokers are looking for even lower rates. (Sot) The Federal Reserve might cut interest rates on Tuesday, but some analysts say a rate cut might not come until Christmas. (Reporter Standup) Meanwhile, realtors say that lower interest rates will continue to drive home sales, even if potential buyers have lost down payment money and confidence because of the slowdown in Asian business and the recent Wall Street sell off. That's your money, Alan Mendelson, Prime 9 News.
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