Detroit Free Press from Detroit, Michigan • Page 26

4C DETROIT FREE PRESSSATURDAY, AUG. 23, 1980 Home mortgage interest rates are inching up again I ii, 'If i Based on its quarterly survey and counting heavily on the federal government to pack about two-thirds of this year's subsidized housing starts into the quarter-year that runs through September Advance Mortgage projects that housing construction during 1980 will total about 1.2 million units. That's slightly more optimistic than some forecasts, but still would make this the third lowest housing year since World War II and just slightly better than 1 975 and 1961. They interpreted the first fractional upturns as a clear signal," he said. A representative of the Builders Association of Southeastern Michigan said local builders were reporting some increases in visitor traffic to subdivisions.

"They say it's a better quality of traffic people seriously interested in buying, but who had held back in hope of even lower interest rates. It sounds as though these buyers have decided to make their move," said Rosalie Lamb. The federal government also raised home mortgage interest rates last week. Effective Wednesday, FHA-insured loans and VA-guaranteed loans went from 1 1 '2 percent to 12 percent. PARADOXICALLY, the turn-around in interest rates acted as a spur to sales in some markets, according to Mylod of Advance Mortgage.

"It converted some lookers to buyers particularly those who had been waiting for rates to bottom out. Robert J. Mylod HOMES, from Page 1C the quarterly national survey by Advance Mortgage calls attention to the local economic situation. "The drop in mortgage interest rates brought no recovery at all in Detroit, Chicago or Cleveland, or in other Midwestern markets which are heavily dependent on auto, steel or other durable goods. Only isolated segments of these areas reported sales activity," said Robert J.

Mylod, president of Advance Mortgage. Now comes the double whammy: Mortgage interest rates are making a U-turn. It began in a big way last week in California, when the nation's two largest savings and loan associations Great Western and Home Savings raised rates to 13 percent. They cited the higher cost of money, the strong demand for loans and the weak flows of cash into savings accounts. Before the week was through, two more large California-based raised rates from 12 percent to 13 YA percent.

VALUE LOCATION toa nrri PANCY nomhwii Your speda jnvjfatjon f0 Northville Condominiums A favorite Michigan area! You're really "out-ln-the country" here at LEXINGTON NORTH. The air teels clean er and fresher and the ambience Is more serene. Yet, 1-275 and fast moving 8 Mile Road will take you (within Minutes) to work, shopping or your favorite place of recreation. Just 18 miles to Ann Arbor and minutes to Detroit. ONLY 3 LEFT AT IMMEDIATE OCCUPANCY 2 car attached garage Carpeting Basements Air conditioned 1st floor laundry rooms Dishwasher Wood burning fireplace a A 2 and 3 bedrooms I 1 1 I QZ.

Interest to 2 baths IU4 0 Loans graceful Life Style Phone 348-8866 REDFORD VILLAS Condominiums from 32,245 Ask about our special discount program which can lower the price as much as $3,500 to $28,745. ANYTHING ACCEPTED IN TRADE. Hours )M Saturday 124 Sunday 12-1 IN SOUTHEASTERN MICHIGAN, the U-turn began in a small way three weeks ago, when several smaller-volume lenders, who had been charging lower-than-typical rates, nudged them upward. Pontiac-based First Federal Savings of Oakland went from 1 1 percent to 124 percent on a 30 percent down payment loan; Detroit Federal Savings went from 1 2 '4 percent to 1 2 y2 percent on 20-percent-down loans; Detroit Northern shortened its five-year loans to three years and hiked the rate from 11 percent to 12 percent, and also upped its rate on 30-year, 20-percent-down loans from 124 percent to 12 percent. Last Tuesday, First Federal Savings of Detroit raised its lowest rate from 12 12 percent to 12 percent on conventional loans with down payments of 20 percent.

As the week unfolded, several mortgage banking firms followed suit: The rate at Graham Mortgage went from 13 percent to 13 percent; Manufacturers Hanover moved from 12 percent to 13 percent; Lambrecht Realty's increase took the percentage from 12.8 percent to 14 percent. When Troy-based Standard Federal Savings opens its doors Monday, conventional loans with 20 percent down payments will cost 12 percent, but this largest (by dollar volume) local lender will continue to quote the 12 12 percent rate for loans with 30 percent down. Thursday aRapublle Dovaiopmanl Corporation FEATURES: IMMEDIATf POSSESSION Alt CONDITIONING ALL APPLIANCES CARPETING SOME CARPORTS AVAIL NEAR SHOPPING AND TRANSPORTATION HURRY These deluxe one bedrooms are almost the lost units available in beautiful low tax Red-ford. Time at the reduced interest rates is running out. 26720 JOY ROAD Between Beech Doty and Inksfer You Don 't Have to be Rich to Own Your Own Condominium TWIN LAKES CONDOMINIUMS IN BRIGHTON from $0Down' To 11 fit trie i Kri'c Ha in 1 1 enienniai rarm RANCH STYLE TOWNHOUSES WITH GARAGE JOY RO.

at our model for complete details, rmnifo' HW ticated shopping at the Riverview Plaza Mall; or delightful dining, minutes away, at the prestigious St. Clair Inn or Chuck Muer's quaint River Crab. River Colony quiet ambiance of small town living, less than an hour's drive from the busy-ness of Detroit. Visit River Colony this weekend, on the river road, north of St. Clair, Michigan, or call 364-6700 for further details.

River Colony the good life! This is your invitation to gracious living, extended by River luxury condominium the River Road, just north ot St. Clair, Michigan. Featuring both two and three-bedroom units, elegant River Colony overlooks the St. Clair River, where oceangoing freighters and ships from foreign lands move silently beneath your balcony. River Colony residents can enjoy golf, tennis and swimming just across the road at the St.

Clair Country Club; sophis Models open doily 12-7 except Wednesday Model 937-8980 Ideal Adult Community For 50 or Older No Resident Children Under 17 Office 642-1 180 IL 10 utmi $47,600 Individued Heat One and Two i 1-96 li Mllfori Rl (Exit 155) Soulb ti 10 Mill Ri Will li Rvsblii Rl Modilt Opti Sit. 1 Mm. eon 'til 6 i n. Wl. Frl.

loon III 4 m. Sundiy. 1-6 p.n. Clossd Tkurs. Bedroom Close to Expressway and Shopping Overlooking Serene Twin Lakes and National Wildlife Area mil Central Air flfj Conditioning II II II I Appliances ll I hW Carpeting MIL Phone 437-6887 PnsHtiiif CENTUM Cintnclon.

lie. Exclisivt Silu by CAR-MAR REALTY. INC. MUM "Wrwt else can you buy in Birmingham for Dorothy Wcddcll, Detroit Free Press "Williamsburg. The move I ever made." David Greene, Williamsburg buyer and owner of DcSolvcrdi "Spectacular location! Spectacular valuel" OPEN DAILY SUNDAY 1-6 CLOSED THURSDAY Call For Appointments Model Phone: 227-6392 $33,900 i Michigan Anderson of Snyder, Kinney Bennett -Andy ''sSk Us MWM Jiajs (lie last great real estate buy in Birmingham.

Condominium A Corporation 774-1551 office itchcock, owner of Snyder, Kinney Bennett 1 CHECK THESE V3Q FEATURES! 1 'Monthly payment of appiox. $315.00 includes taxes and assessment based on 11 one year land contract. iui4 Bedroom Price $31,000 VY Um 20 Down 6,400 principal tUB.flOO Now OF Appllanom lufl)) New CftrpMlnj New KtLolinn Tile Air Conditioning Private BUnigpi Swimming Pwd Cat Porta Playground. Much Mnrvi wvnuiijr rnjritiniib M'lin uim. mainuuiaiH uiiliut I FIHANCING AVAILABLE While they last remaining decorator-finished MODELS at BELOW BUILDER'S COST! SI ii i i i A I ii pall LAJLJILJL3C: XjJljy-MtCZ Mm CONDOMINIUMS CoolltlgB at Capita).

Oak Park. MI Telephone 1313) Developed by: Joseph Stelngold Coolidge Square Associates VILLAS of rh HOMES WITH IMPACT ri t3Ainjp0MV Only 5 left. ISFarmingtonHiitej with huge foyers, numerous mm0 closets and fiallery hallways all reduced $10.000 to $15.000 for immediate sale! You Won't Believe What You Get until you see these one-and-two-story, units, starting at $140,000: NO EXTRA COST for Mutschler cabinets NO EXTRA COST for Schlage locks NO EXTRA COST for deluxe appliances NO EXTRA COST for luxurious carpeting NO EXTRA COST for dozens of other custom extras Anthony S. Brown Eric Yale Lutz proud present their Williamsburg Williamsburg has opened to rave reviews. That's why approximately KX) townhouses have been sold in just the first 1 20 days.

And, there are lots of pcxxl reasons. First, of eourse, is the incredible location. Right in the heart of Birmingham, one of the most sought after addresses in the country. Then too, there's the special interest only financing of S4I I a month for a 3-year period. This "yes you can" financing plan means that, after tax and ownership savings, you can probably own a Williamsburg townhouse for less than you're wasting on rent.

Our two bedroom townhouses are just what today's sophisticated singles, couples and small families are looking for So hurry. Before our "sold out" sign goes up! From $59,900 '1 ftfc S3 fmmmmi 1 Mil I MOAI1 Th haotta" Btmcen Woods provitte mn tttgmnt titling (or eeery occasion. And crpllonml feature such large estate lata provide maximum Mine for your Investment. Ask about our special trade equity WOODS I.AIIHOUKI IrJi I I Mil I I1MAI1 NOR til program. Models Open 1 pm til 7 pm daily and 1 5:30 Sat.

Closed Thurs. Phone 661-2550 HOMES FROM $139,900 llUG MAVI Boron WoodH ''KWtfatXi will guwwite your north wiiiUrmhiiig'rif ilTimmf(iwm rK "choice of lot and price. tt 348-7330 or 3 34-4 1 1 4 it Come compare today! Quality, location and price plus our special low interest purchase program, means you can't afford to wait a moment longer We're oxn Monday, Tuesday til Wednesday from mn to 7 pm; Friday, Saturday Sundav, noon to 6 pm. (Closed Thursday) Model llionc: 6-16-5055 (MMHflD Ramblewood Subdivision 14 Mile and Halstead, Farmington Hills 'mPact Marketing Services Phone 354-4114 Brokers Welcome I j-j I ir".