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Technology Stocks : Intel Corporation (INTC)

INTC 34.50

+2.6%

Nov 21 9:30 AM EST

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To: Frank Ellis Morris who wrote (86144)	7/26/1999 8:23:00 PM
From: John F. Dowd	Read Replies (1) of 186894

Frank: Here is another example of the unintended consequence of Alan the Clowns ramblings before Congress: WASHINGTON (CBS.MW) -- Fears of rising mortgage rates pushed buyers off the fence in June, boosting sales of existing homes 10.6 percent to a record 5.53 million annual rate, the National Association of Realtors said Monday. Sales rose in all regions of the country. May's sales were revised slightly lower to a 5 million pace from 5.04 million. The previous record of 5.42 million was set in March. "When buyers saw interest rates moving up this spring, they jumped off the fence and into the market to take advantage of excellent affordability conditions before mortgage rates moved higher," said Sharon Millett, president of the industry trade group. What does this do for inflation - right it makes it worse as lumber prices are forced higher for the next month or 2 and then Ag says hey look at that inflation in the building industry. Then he'll say and look at that the cost of money is going up. Save us from the meddlesom DC bureaucrats please. JFD

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