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Economy / Housing / Interest Rates #255535

CBS Evening News for Friday, Nov 17, 1978
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(Studio) October figs. on hsing. starts, according to Commerce Department, reported Incr. in prime lending rate by Bank of America and CitiBank noted. Incr. in prime rate said to often effect other loans.
REPORTER: Roger Mudd

(Danville, New Jersey) Report is on effect of incrd. interest rates on home building Hsing. developer Ira Friedland's statements about effect of money squeeze on middle income people and their ability to buy homes noted. [FRIEDLAND - says people in upper income brackets can afford new homes, but reflection of economy will come in middle income bracket.] Details about interest rates on mortgages given. [Carol AMATO - discusses factors to be considered in purchasing house ] Bankers' refusals to lend on mortgages due to state limits on mortgage interest rates. like those in New Jersey, reported [Metropolitan Federal Savings spokesperson Glenn RADELL - says they stopped lending for mortgage on hses. in early November because they can't afford to lend at less than what they pay.] Effects of these measures outlined.
REPORTER: Ray Brady

Reporter(s):
Brady, Ray;
Mudd, Roger
Duration:
00:02:40

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