European Stars And Stripes (Newspaper) - October 13, 1986, Darmstadt, Hesse Monday out motor 13,198$page 4 the stars and stripes monday Oci Owna 1w� Texas Home foreclosures skyrocket Highland Park Texas a mansions arc joining thousands of mod est tract houses on the auction Block a economic hard limes sir up a blizzard of foreclosure notices in virtually every neighbourhood in Texas. In the Dallas suburbs of Highland Park and University Park speculators who once struck Gold by redeveloping lots Are left holding $500,000 palaces thai nobody want to foreclosures have been posted in the Park cities Unis year compared to 14 for All of 1985, Accord ing to foreclosure listing service inc. In River Oak and Hedwick Village Houston neighbourhoods where Mer cedes Benz automobiles Are More com Mon than crab grass mansions Are being marketed at fire Sale Rales by hard pressed owners who seek to get out with credit and reputation foreclosures in Houston increased from 9,075 in 1984 to 17,393in iqs5, said Nikki Brandt of Dacca publications a Houston firm that reports unreal estate activity. She said thai i rough eight months of 1986, there were16.70 foreclosures in the area. More than 40,000 properties have gone on the foreclosure auction Block in the last two years in Texas a the Energy agriculture and real estate industries slump and several times that number have been posted or notified of intent to Are All Over the place says Ken Edelman of Bacca. They re in jus about every neighbourhood you can think of in the Park cities for example Many of those in trouble Are Energy company executives said William Brueggeman professor of real estate at Southern methodist University s Edwin l. Cox school of business but the More significant problem is that it was an extremely hot Market Fornix solid Yean and an incredible Price appreciation was going on in the Park allies he said. Twenty percent a year for six years is not out of said sky rocking valuations left Many Small older Homes sitting on lots Worth hundreds of thousands of dollars. Developers scrambled to buy thersites and raze the old houses to build modern spacious Homes usually on Bor rowed Money. The houses then sold for$500,000 to $700,000. For a two year to three year period there was a brisk Market but they basically overdid it he Market softened and Banks started Bywater senior vice president at inc first Bank Park cities foreclosure rate in the area is at an All time of these foreclosure situations involve people who did not have the financial wherewithal and were speculating in the Park cities said Schneider bought a rundown House across the Street from her Homeland planned to rebuild on the lot for a tidy profit. But the property she Bough for $200,000 in August 1985 was posted for foreclosure last stayed with that one As Long As pos sible she said. But even the Banks said there is Only so much you can Schneider a 15-year real estate Veter an adds i have never seen a Market like said that although scores of houses in River Oaks and other lavish Houston neighbourhoods have been posted for foreclosure Moat of the Noo own in find a Way out of their pram emt or manage to Salvage Someth Iai Rod their an example be said resident May live in a $500,000 hone thai has a$250,000 Lien. When Roreck Monrre it posted be May sell it for $400,000, pay of the loan and still pocket $150,000, Hii credit s r win win win situation said Edelman. The seller get Home Mone Yback the buyer gets a bargain end the Lender can retire the , though such bargain sell ing can affect the Basic value of Homes inthe neighbourhood. A resident with a High mortgage could then find i Mitef owing More for his Home than it is Worth. That situation is common said Edel Man in the More modestly priced $80,000 to $100000 often have a less Nappy end ing there. The Guy can t sell it so they la usually Tell the Bank to Lake it and hut Walkaway he said. The Home then joins hundreds of others in an auction tale. Red tide causes massive fish kill in Texas Corpus Chris Texas up tourists on North padre Island beaches retreated Inland sat urday from the Strach of dead fish killed by a re tide of microscopic organisms floating southward on Gulf coast tides officials of the folks Here decided to leave today said Daniel Boling a National Park Ranger for the padre Island National seashore. The weather s really not too bad but dead Fishon the Beach Are a Little unappealing. The first 10 15 m Iles of Beach have a pretty Good beaches stank. For the time being they la the fish be left where they Are exposed to the air where they can deteriorate quickly. That s How the Marine biologists have told us is the Best Way to Deal with in he Scarlet undertow had not stained the Sand. There s no visible discoloration from the Beach but it can be seen from the air Boling red tide Drifting southward Down the Texas coast for More than a month saturday reached the Little Shell Beach area of padre Island National seashore about 30 Miles South of Corpus Christi Park rangers said. Hundreds of thousands of dead fish mostly mul Lel and other Small species had washed ashore in a strip 4 feet to 10 feet wide and More than 10 Miles Long said Max Hancock head Ranger at the National Hagen regional director of the Texas Parks and wildlife department in Corpus Christi said flyover late Friday showed intense concentrations of the red tide organism in Corpus Christi is no Man made Way of coping with the tide Hagen said. The organism exists naturally in the Environ ment. There s nothing to do to handle it but let nature Lake its course he said. Officials were hoping nature would Lake a hand and an approaching cold front would make the Waters i hospitably Chilly less than 60 temperatures retard the Bloom stage of the Plankton like organism though it has been known to last through the Winter in Florida. What the National weather service has called one of nature s More lethal practical jokes the microorganism that produces the red tide Pitico discus brevis reproduces rapidly in warm Saline Waters flowering into a Scarlet Bloom that float just below the water s surface. When it Dies it floats to the surface emitting a toxic Gas fatal to Man varieties of fish. Shellfish Are not affected by the toxin but do re Tain in in their bodies prompting the Texas depart ment of health to ban harvesting oysters mussels and clams from he Mouth of the Colorado River to port Mansfield unlit further notice in humans the Gas irritates the eyes and nasal passage it s not so much of a smell but when you inhale there s a burning sensation said Tony Kinzelt Corpus Christ resident. The red tide first appeared in Cany september tithe port o Connor Matagorda Bay area about half Way Down the Texas Gulf coast and since has slowly progressed southward. It s kind of like somebody taking a paint Rushand streaking in through the Bay Hagen said. Colorado Ftp vhf big fish kit at Bay Mouth of the Colorado Lver Antonio Bay Gutt of Mexico a200terttjbonofredtktea half mate wide moves South along Texas coast from Freeport to padre Christi 0 me 30 area of red Island Zapiai Mihuc " -1 Massachusetts again tops Fri s Auto theft list the. Phi mid inn. Which hid a rate of 865.9 Sto i think the strike Force b Doin what ported Tolea by their a once again the Fri says Massachusetts u the no. I state for Auto theft. According to the Fri 50,346 car were stolen in Massachusetts in 1985, up 2.87 percent from 1984.in the past nine Yean Massachusetts has Ted the nation in ear thefts every year that year the distinction went to Michigan rat Len cars per 100,000 resident. Massachusetts feel to the Cost place with 840 per 100,000. Mac but 1985 rate was 864.8 per 10c.ooo. Secretary of Public safety Charkav Barry Tays the state has been Uytana to contain Auto theft with a a year of by Force made up of state and local police and Fri agents. " thin the strik forc is g in my for of Vear or Leaf and a half. Itasca de in goal Ledger of Ossy Barry said Auto theft Fia Wes fro Boston inflated statewide figures be fore 1985 by including Many Cani by tie police and win qary re san so at Rivea la tithe Federal tool Tatta � Telie Yew forthe state fiure for to
