THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Tuesday, December 6, 1994 TAG: 9412060346
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 51 lines
American home buyers ignored rising mortgage rates in October and boosted sales of new houses for the fourth straight month to the highest level of the year. Higher borrowing costs apparently are being offset by growth in jobs and incomes and a switch from 30-year, fixed-rate loans to less expensive adjustable-rate mortgages, the Mortgage Bankers of America said. Sales rose 1.3 percent in October to a seasonally adjusted annual rate of 726,000, the Commerce Department reported Monday. The report also showed much stronger sales in September than originally estimated. (Associated Press) U.S. automakers see November sales increase
U.S. car and light-truck sales among Detroit's automakers rose 5.4 percent last month as some consumers moved up their purchases in the face of steadily rising interest rates. November's sales may have reached an annual rate of 15.8 million to 16 million - the most since January 1990 - once results of all import makers are added in, analysts said. Sales gains for light-duty trucks, including vans, pickups and sport-utility vehicles, once again outpaced passenger car sales, a trend seen for most of this year. (Bloomberg Business News) AT&T asks regulators to approve rate hike
AT&T Corp. is seeking approval for increases in monthly telephone rates that would amount to about 35 cents per customer and bring the company an additional $274 million inO annual revenue. The company said it asked federal regulators to approve the increase, which would take effect on Dec. 16. The increase is one of the broadest sought in recent month by the nation's largest long-distance carrier. Most distance ranges and time periods would be affected, and prices on some optional calling plans would likely increase slightly. (AP) Bankruptcy cases down for second straight year
The number of U.S. bankruptcy cases fell 6.6 percent in the fiscal year ended Sept. 30, the second straight annual decline and just the second drop in a decade, the government said. Bankruptcy filings totaled 837,797 last year, down from 897,231 in fiscal 1993, when bankruptcies declined 8.2 percent, the Administrative Office of the United States Courts reported. (AP) by CNB