Reno Gazette-Journal from Reno, Nevada on March 19, 1993 · Page 43
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Reno Gazette-Journal from Reno, Nevada · Page 43

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Reno, Nevada
Issue Date:
Friday, March 19, 1993
Page:
Page 43
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Friday, March 19, 1993 7D Mortgage refinancing on the rise, trade group says Reno Gazette-Journal WASHINGTON (AP) The lowest interest rates in 20 years are spurring the highest volume of mortgage refinancings ever, a banking trade group said Thursday. The Mortgage Bankers Association of America said its weekly surveys showed that refinancing activity, which has been on the rise for three months, reached a record during the week ended March 12. At that time, the association's refinancing index stood at 1523.1, surpassing the previous high of 1428.4 set during the week of Jan. 17. 1992. But both the Mortgage Bankers data and results of another survey released on Thursday suggested rates may be edging up again. Refinancing means trading in existing mortgages with high interest rates for new loans with lower rates. That usually translates into lower monthly payments for homeowners. Warren Lasko, association executive vice president, said refinanc ings saved homeowners $16 billion last year. "We are projecting similar savings this year and this increase in spendable income should give a significant boost to our recovering economy," he said. Refinancing activity has not been limited to homeowners. Businessmen and corporate lead ers have been taking advantage of the low rates to cut interest costs. The Mortgage Bankers survey found that refinancing activity represented 62.1 percent of all mortgage applications during the latest reporting week. That was 3.4 percentage point higher than the previous week. The remaining 37.9 percent of applications were for new mortgages to purchase homes. Overall, applications totaled $4. 1 billion during the week ended March 12, a 10.5 percent increase over the previous week and 1 12.9 percent above the comparable week a year ago. Chrysler plans to introduce line of larger models in May DETROIT (AP) Flush with the success of its trio of midsize sedans, Chrysler will bring two large, luxury LH models to showrooms in May. But don't equate luxury with price: Chrysler claims the sub-$30,000 stickers on its New Yorker and LHS sport sedans will fall somewhere between traditional domestic big cars and performance-oriented imports. The cars also give Chrysler two more chances to improve its brand image. "We're in under the competition by between $4,000 and $10,000, and even more depending on which imported cars you look at," Chrysler president Bob Lutz said in an interview Thursday. "That's part of a conscious strategy. The excesses of the '80s are well over. Conspicuous consumption is passe." New New Yorker: At $24,294, the New Yorker name is the only thing the car carries from its predecessor. The roomy, six- passenger car is literally an extension of the Chrysler Concorde, midsize LH sedan aimed at the slightly older buyer to whom ride comfort is paramount. Like the $29,046, five-passenger, sporty LHS, the New Yorker is 207 inches long compared with a 200-inch length for the Dodge Intrepid and 202 inches for the Eagle Vision and Concorde. All five cars share a 1 1 3-inch wheel base and huge interiors because of Chrysler's cab forward design. Crowded market: Chrysler's price advantage may be shortlived, however. Slumping sales of many models in the overcrowded luxury car segment have led to lease offers heavily subsidized by the factory as much as $10,000 a car. "So many of the Japanese companies have crowded into the same segment," Lutz said. "I've got to tell you that market between $35,000 and $45,000 just isn't that has taken some of the styling cues for its new cars, like the limited production Dodge Viper roadster before them, from the past. John Herlitz, director of Exterior Passenger Car Design, said Chrysler wanted to mate the cab forward design with something suitable from the past of automotive design. The search stopped at the Type 57 Bugatti from the 1930s. "It had an extremely rakish windshield for the time and a very rounded roof profile, both in side and plan view," he said. A scale model showed the design fit well, so Chrysler went ahead and incorporated it into computer design sketches. For the Chrysler brand, whose current mainstays like the Fifth Avenue and Imperial land yachts are destined to disappear, the goal is to sell premium luxury models. Even the Chrysler brand minivan, the Town & Country, has upscale touches. GAMINGTOURISM Thousands show for Dunes closeout LAS VEGAS Thousands of people are turning out for what can best be described as a giant garage sale at the Dunes Hotel. The sale at the Strip resort is expected to run 45 to 60 days. Light fixtures, carpeting and everything in between is up for sale. Some people waited as long as two hours to get into the Dunes, which was closed Jan. 25 following its purchase by Mirage Resorts Inc. James Long, vice president of National Content Liquidators Inc., said he expected a large crowd when the sale began Wednesday. His firm, which also conducted the Landmark sale, decided to charge $2 admission on opening day to deter those who might not be buyers. Tourists may help pay for Fremont canopy LAS VEGAS Some of the tourists lured to downtown Las Vegas by a glittering 100-foot-high canopy covering Fremont Street will end up paying part of the $63 million tab for the project. The Las Vegas City Council has voted to seek authority from the Legislature to raise the room tax on most downtown hotels by 2 percent. Officials estimate that is enough to back a $10.7 million bond issue. Downtown casino owners already have pledged $ 1 8 m ill ion toward the high-tech light and sound show, which its designers are calling the "Fremont Street Experience." Now they've agreed to back the room tax hike. The city, through the Downtown Redevelopment Agency, will chip in about $27.6 million for street improvements and a parking garage, and will ask the Las Vegas Convention and Visitors Authority to help finance the remaining $6 million. The project will be a 100-foot-high, 3.5-acre canopy over four blocks of Fremont Street. Rhode Island panel OKs anti-gaming bills PROVIDENCE, R.I. A Senate Committee heard testimony from the lieutenant governor, senators and citizens groups and unanimously approved two anti-gambling bills one that would ban casino gambling in Rhode Island and another that would allow voters to decide the issue. Both bills, presented by Lt. Gov. office s&mi cms Mvioii, Also, get it in gear to win gear at 1-80 Smokeshop & Campground. Each Saturday during the month of March, 1-80 Smokeshop & Campground will hold a 1 p.m. drawing. Eight big winners will win Adventure Gear like tents, backpacks, boats and sleeping bags. Visit 1-80 Smokeshop & Campground today and sign up to win the gear to begin your adventure. Need not be present to win. 'Must be 21 years of age or older. See Marlboro Adventure Team Display and official Gear Catalog for details and other restrictions. Adventure Team Miles must be redeemed by August 31,1 993. Postage and handling required. SURGEON GENERAL'S WARNING: Smoking Causes Lung Cancer, Heart Disease, Emphysema, And May Complicate Pregnancy. Groceries Gas Diesel VW " f 7 Discount Cigarettes 30 miles East of Reno Exit 43-Interstate 80 Wadsworth, Nevada (702) 575-2181 Robert Weygand, were amended by the Senate Special Legislation Committee to exempt facilities permitted under state law prior to Jan. 1, 1993. Weygand said that while the state would see some immediate economic gain, casino gambling would cost more in the long run. The state "would surely lose very quickly in the cost to law enforcement, the cost to social services and other costs associated with social decay," he said. Vegas City Council OKs sports book ban for bars LAS VEGAS The Las Vegas City Council has approved a regulation that would prevent sports books from opening in neighborhood bars and lounges. The state Gaming Control Board previously voiced its opposition to such operations, saying the idea of books in neighborhood bars could spread statewide if the idea takes hold in Las Vegas. The city council approved a measure that closed a loophole in the city's gaming regulations that allowed seven taverns to apply for a sports book license. Wire service reports nterest ield 12.683 i 'Minimum $1 0.000 investment. Consumer Contracts Buy Back Guarantee Secured Liquid Pnncipal Bonded P & I Paid Monthly GEOMETRIC FINANCIAL SERVICES, INC. 324-1110 AIR POLLUTION CONTROL HEARING BOARD The District Board of Health of Washoe County is accepting applications for a 3 year appointment to the Air Pollution Control Hearing Board. The Hearing Board reviews appeals of individuals issued notices for violating the Air Pollution Control Regulations and makes recommendations to the District Board of Health for possible penalties. Applicants may be from any field of expertise. Interested individuals should submit their resume by: March 31, 1993 Washoe County District Health Department Air Quality Management Division P.O. Box 11130 Reno, Nevada 89520 For further information, call: 328-2491 Marlite Walltile fTvshea "rotated - Vos tub creas M9995 1 KENS WALLBOARD & WALL TILE W Con .-7 CCO w Reooce wri new wO- te 9e uta oumcxng Cean uo cexnoee -co P REWARD If ou don't smoke. I can offer important savings on fire insurance. Claim our reward from: X D-D E BASIC D D E A BEHIND CALL SCREEN Just think of it as a Do Not Disturb sign for your phone. With Call Screen from Nevada Bell, you can keep people from calling when you don't want to be disturbed. It lets you block incoming calls from up to ten numbers that you select, so you can keep some calls out and let other calls in. Call Screen is just one of the easy-to-use Custom Calling 2000 features from Nevada Bell. Like Caller I.D., Call Return, Select Call Forwarding, Priority Ringing, and Repeat Dialing. They all '. have the same basic idea: to simply help your phone work better. THE BASIC DEAL Now when you order Call Screen or any Custom Calling 2000 feature, you'll receive your first month free. Then enjoy Call Screen in your home for just $2 a month. Or order two or more Custom Calling 2000 features and save an additional 25 off your feature rates. Great savings are available for businesses, too. Call Nevada Bell at 857-2000 today, and keep disturbing calls from disturbing you. Custom Culling 2fKM) services are aixiiiahle only within Xevada Bell's CallScrrensen.mil area An imlallalion lee uill apply NEVADA 3 BELL A Pacific Telesis Company lb- JOHN DRAKUUCH 2205 N. McCarran Sparks, NV 356-6322 'A 1 j

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