Sunday News from Lancaster, Pennsylvania • 39

SUNDAY NEWS Section Air.rsr in. iikw Personnel Pile D2 Wall Street Journal Sunday D5 Situ ks Scoreboard D8 Contact the Editor Eric Simp 2()l753 Gail RipfMX, 20IS621 sunnnesbiLsints(u bilnmes.com www.lancasteronline.com Robert Heady More bans means Home buyers beware The Peoples Money Why rates leaped for mortgages Despite lack of space, Hersheypark keeps bringing in big attractions to lure new business Bt Eric G. Si vrk Sunday News Staff Writer estark(3lnfmeucom HERSHEY Even amusement parks have to keep up with the Joneses. Hersheypark announced its new roller coaster Tliesday, one that is state-of-the-art and sure to create a buzz. Thats the goal, at least.

It added the coaster to increase attendence, Hersheypark General Manager Frank OConnell said after a press conference. If you dont do something new, something to keep the park fresh, people are potentially going to choose other entertainment alter- Ptioto courtesy Hersheypark Hersheypark officials hope their new steel rollercoaster will provide something fresh, to attract new customers and bring seasoned vistitors back again. The parks last steel roller coaster, The Great Bear, attracted 1.2 million riders Parks that can afford the targe, expensive rides are the ones looking for that competitive edge. Bv KATHLEEN PENDER San Francisco Chronicle After falling further than anyone expected in May and early June, long-term interest rates are shooting up with lightning speed, catching home buyers, mortgage refinancers and other borrowers off guard. Since June 13, the yield on the 10-year Treasury note has risen from 3.

1 1 percent to 4.39 percent, one of the steepest rises ever. The average rate on 30-year fixed-rate mortgages, which is pegged to the 10-year Tbeasury, has jumped from 5.21 percent in mid-June to 6.14 percent last w'eek, according to Freddie Mac. That jump in rates increased the monthly payment on a $300,000 home loan from $1,649 to $1,826 a difference of $177, or more than 10 percent. Many experts say that rates got pretematurally low in June and are just catching up to where they should be. Given the tendency of rates to overshoot the mark, they could go even higher.

We think the Fed blew it, says Bill Fitzgerald, managing director of Nuveen Investments. The Fed was stating that the possibility of deflation was remote, but it became a theme in so many Fed comments the market began to price it in. Investors who believed the deflation scenario bought D-easury bonds, figuring a bond yielding 3 percent today would kiok great if rates fell to 2 percent. Their purchases increased the demand for bonds and drove their prices higher. Bond yields which move in the opposite direction from price fell even lower.

Meanwhile, a number of central banks trying to depreciate their currencies against the then-falling dollar were also buying U.S. Ibeasury bonds, w'hich compounded the rate decline. Then owners of mortage-backed securities bought Iheasuries, which accelerated the drop. When investors buy a pool of home mortgages, they expect to collect interest payments on these mortgages for a certain number of years, known as duration. When interest rates fall, many homeowners refinance their home loans and these mortgages fall out of the pool.

As a result, the average duration of the pool declines. To make up for this lost duration, investors buy other securi- Please see HOMES, page D3 Tom OBrien, Amusement Business senior editor for parks and attractions Read the fine print Before you jump for joy over that credit card solicitation you just received in the mail, offering 0 percent for life on a new card, best you read the fine print carefully. That no-percent probably doesnt apply to new purchases you make with their plastic; its only for the balances you transfer from some other issuers card. And it doesnt really mean for your lifetime but until the transfer amount is paid off. More than likely, their low-rate, or zero-percent, come-on offers are goou for onlysixtol2months.

Zero-percent offers are the latest trick in the card companies book, as they send out nearly 5 billion mailings this year alone and are expected to earn over $27 billion from cardholders before taxes. Even though theyve lowered their average card rates by 5 percent or thereabouts in recent years, theyve raised their old fees and invented a ton of new ones. lifetime zero-percent Discover card forces you to make at least two new purchases a month, else the rate shoots up to the standard annual percentage rate (APR) of 13.99 percent. Plus, if youre late with one payment, Discover will cancel your zero-percent deal and charge you that 13.99 percent on the transferred balance. If youre late twice, that APR defaults to a hefty 19.9percent.

With J.P. Morgans Chase card, a late payment results in their preferred pricing rate which ranges from 10.24 percent to 19.24 percent. Theres another catch to 0 percent for life cards: Monthly payments will be first applied to transferred balances. In other words, youll pay interest on new purchases from the beginning unless your payment is big enough to cover the entire amount transferred and the cost of your latest purchases. Lori Stotsbery, personal financial analyst for Primerica Financial Sendees, a subsidiary of Citicorp (866-231-5349), says Consumers quickly jump from one credit card to another without reading the fine print.

They dont realize that if theyre one day late with their payment, the zero percent could be gone. And, if they leave their old card open after transferring a balance, it could harm their credit score. For instance, lets say someone carries a $2,500 balance on a 16 percent card. Heres what happens to their APR when the fees accumulate: 125 20 late fee (many charge 29) 19.4 percent APR. 20 cash advance fee (some charge percent APR.

percentAPR. Yet, many cardholders are happy to go on their merry way, simply paying the monthly minimum on their average $8,900 balance, and thats it. With that habit, a 14.94 percent card will take them nearly 30 years to pay off and total interest will amount to But if they paid a fixed $350 per month, theyd be debt-free in two years and seven months, and the interest would be slashed to $1,707. Study every offer with a fine-tooth comb, and pay on time every month because deadlines are getting shorter. Ib avoid a late fee, either mail your payment at least five business days to spare, or send the minimum due when the bill arrives and mail the rest later.

As Stotsbery advises: Remember, the bold print giveth, but the fine print taketh away. thatpark officials do not measure success by the number of clicks at the gate, but rather by figuring out what we needed in overall revenue, he said. That revenue can come from ticket sales, food, people staying an extra day and merchandise, OConnell said. Demand for excitement The demand for more exciting rides grows each year, and Hershey is looking for that edge. Parks that can afford the large, expensive rides are the ones looking for that competitive edge, Ibm OBrien, Amusement Business senior editor for parks and attractions, said in an Associated Press story about roller coasters, which ran on the Web site.

Our industry is such that if we arent reaching and stretching, well go out of business, said Dennis Speigel, president of International Theme Park Services, a Cincinnati-based consulting company, in the AP story about high-tech coasters. Thats what the consumer expects and wants. Judging from visitors feedback, the two biggest attractions at the park are water rides and Please see COASTER, page D10 Inside Coaster design has given other parks headaches, DIO It w'as time to come back with another big ride. Weve been trying to come back with something major every other year, and it was time to come back to a thrill ride again. This is something for everyone.

I think this will still draw a wide demographic. It is fast, but not too fast The roller coaster for 2004 will surely draw coaster enthusiasts, who will want to experience the worlds first hydraulic launch coaster featuring inversions, which will turn riders upside down. It will be the parks 10th roller coaster and the first steel coaster since 1998s Great Bear. About 1.2 million people ride the Great Bear each year, and OConnell said he expected similar numbers with the new ride, w'hich will be named from three choices: Steel Stampede, Renegade and Storm Runner. The public can vote for the name through Aug.

19 by logging onto He declined to say how many riders w'ere needed to make the venture profitable, adding natives and could go elsewhere, he said. Millions of people visit Hersheypark each year. More than 2.4 million visit in the summer; Springtiifie in the Park draws more than Halloween in Hershey brings in more than and Christmas Candylane, more than 350, (MX). With this many people at-tendng the park, officials know' they must keep producing new attractions. Like the yet-to-be named $12.5 million coaster that covers 4 acres.

In the minute ride, the coaster launches riders from 0 to 72 miles per hour in two seconds and gives them a free-fall down a 180-foot, 90-degree hill. Two years ago the park added Roller Soaker, a coaster water ride. This season five new things for family entertainment were added, including renovations to the Chevrolet Music Box Theatre. We try to provide something for everyone, OConnell said. Blame T.

ShahanSuw News A cowboy actor announced the new roller coaster at Hersheypark Tuesday during a brief presentation. The ride, which will cost $12.5 million, will open for the 2004 season and will be the 10th coaster at the park. Doggie paddle Underwater treadmill Hydrotherapy and aquatic exercise are the hottest new tools in canine physical rehabilitation. Todays latest therapy tool also uses a warm pool and adds an underwater treadmilL The treadmill will be featured in a $1 million expansion project that began last month at Smoketown Veterinary Hospital, 2497 Old Philadelphia Pike. The project should be completed in spring 2004.

The underwater treadmill unit will cost $44,000. Dr. Don Shellenberger said he will charge for the roughly 35-mmute procedure (20 minutes in the water and 15 minutes to dry off). I think this will fly, and people ill want this, said Shellenberger about the treadmill, which will be the first of its kind in this area and only the tlurd in the East (Springfield, being the nearest location). Less weight Dog therapists can reduce the amount of body eight the dog must carry as it walks on the treadmill by increasing ater depth.

the dog progresses, the P'tcfcpeartr DOGS, pct D2 Local veterinary hospital to install water treadmill for dogs Bt Eric: G.Stcrk Sunday News Staff Wrtier estarkflnpncm.com This spring Pepper will take the plunge, or rather slowly inch her way into the ater. Pepper is an 11-year-old collie-German shepherd mix who has never been in water besides taking a bath. It may be something she will detest, Ron Iaco-vino said, or she may love it. Well find out" For lacovino, an East Lampeter Township resident, it is worth the gamble if it helps his dogs quality' of life. Pepper has had surgury to repair ACL teal's in both hind legs.

A lot of people may do the same as me, and others may think Im crazy', he said. Im going to spend hatever it takes to keep her going. She is as gtxxl as a person. Shes been a faithful friend. With this in mind, Smoketown Veterinary Hospital is adding a facility for aquatic therapy fur veterinary rehabilitation.

1 Robert K. Heady is the founding publisher of Bank Rate Monitor. He unites reader mail on consumer money problems and solutions but catviot respond personally to all inquiries. Send e-mail to imdSfSsad.cum Smoketown Veterinary Hospital will be installing an underwater treadmill system for dogs, the first of its kind in this area. The system is produced by Femo Veterinarian Systems.

Dogs can exercise and rehab injuries in the tredmilL i An BBS.