VOL. 110 | NO. 109 | Tuesday, June 4, 1996
6-4 Real Review LJ
Market commentary. Last week, mortgage rates on 30-year fixed-rate conventional and government loans rose by more than one discount point. Comments by Federal Reserve officials generated fears that the economy is overheating, according to Albert Santi, branch manager for Signet Mortgage.
Also occurring last week was the regional purchasing managers report. The report showed the market to be growing and put more pressure on the market, Santi said.
On Monday, construction spending was expected to be up .3 percent but came in at up 1.4 percent. The purchasing managers index was expected to be up .8 percent to 51 percent but came in at a reading of 49.3 percent, which was good news to the market, he said.
Factory orders will be released today and are expected to be down .9 percent.
On Friday, the most important economic event for the week will be released the employment report, Santi said. It is expected that unemployment will be at 5.5 percent with payrolls up 160,000. Later in the day, the consumer credit report will be released and is expected to be up $8.1 billion.
The market continues to be bearish and a conservative policy is to lock in loans rather than ride the market, especially for closings in the near term, Santi said.
Transactions. Claridge Apartments Inc., a Tennessee corporation, borrowed $1.35 million from Home Savings Bank FSB, a U.S. corporation, securing the loan with lots 118 and 117, Plan of Memphis, according to a trust deed filed May 24 in the Shelby County Registers Office.
Zanone/Pitts Investors I LP, a Tennessee limited partnership composed of Philip R. Zanone and John T. Pitts Sr., borrowed $1.2 million from Trust One Bank, securing the loan with 3.7 acres of property on Central Avenue, according to a trust deed filed May 28.
Loeb Bros. Realty LP, a Tennessee limited partnership, borrowed $1.4 million from Wisconsin National Life Insurance Co., securing the loan with 2.3 acres on Poplar Avenue, according to a trust deed filed May 23.
Wolfchase Galleria LP, a Delaware limited partnership, borrowed $65 million from the Union Bank of Switzerland, New York branch, securing the loan with 76 acres on U.S. Highway 64 and North Germantown Parkway, according to a trust deed filed May 30.
Hyneman & Bronze LLC, a Tennessee limited liability company, borrowed $875,000 from Nashoba Bank, securing the loan with 24 acres on Brunswick Road, according to a trust deed filed May 29.