European Stars And Stripes (Newspaper) - October 7, 1988, Darmstadt, Hesse                                $10,000 out the window investment agent takes the Money and runs by Mary Neth staff writer he promised a big return far her  agent who said he represented a investment company was very  was no Way she could Iosub. He said the woman a Dod civilian employee Ell to was Lime to do More than think about investments. She whole him a Check Lor $10,000. He cashed it the company now tells her it knows nothing about her investment. This agent did nol have the required solicitation permit to do business with the military Community. Ii the woman had asked to see the required permit and teamed the agent did not have it she would not Likely have parted with $10,000. Now in is questionable whether she will Over see tier Money again Howard Hammond chief of the Usa eur Safe commercial solicitation office in Schwelm Zingen West Germany said this unfortunate Case underlines the import Lance of asking to see a Salesman s Usa eur Safe commercial solicitation Permil before buying any product. These permits show that a Vendor and his company Are registered with the military and meet its requirements to solicit on military facilities and housing areas. However they do nol represent an endorsement of a product. The permits Are not installation passes nor do they mean the Salesman has permission for door to door sales. Appointments Lor sales must be made by Telephone. You should be sure the Salesman has a valid permit before buying buy life insurance Mutual funds or putting into investments Hammond said. In this Case the agent s permit had been suspended because he had been placed Olmi mits by the armed forces disciplinary control Board he said. He had been a limits for a significant period of time close to two  Hammond said the Usa eur list of off limits firms and individuals is available in every military Community. Check with your tomcat Legal office or financial Counselor. The Salesman not Only had been suspended but represented a company that was not registered As required with the National association of securities dealers Nash and United Stales securities and Exchange commission Sec. A company that is nol registered with the Sec is not necessarily bad said Hammond. He pointed out however that customers overseas Don t have the Opportunity they would have in the United sales to do background checks on organizations. The Usa eur requirement Lor Nash and Sec registration assures the customer that a legitimate product is being  he said. Companies that Are registered with Usa eur also Are required to Post Bonds Lor their agents. This Means in something goes wrong the customer can seek redress through a court in the United  before military solicitation permits Are issued agents Are required to attend classes and take tests Given by the Nash said Hammond noting that there Are dilute real Levels of tests that cover sales of Rifle real products. To obtain a permit an agent must pass the required test and be a registered Legal representative for designated sales he said. A life insurance agent should not be Selling Mutual funds Lor  should not be sold or advised about investing in Mutual funds securities or partnerships by people not trained in the Fields Hammond said. Complaints about a Usa eur registered firm can be taken up with a Legal or commercial affairs Olicer a said. Ninety nine percent of the Lime we can solve the problem to the consumer s Salish action. Ii the consumer is dealing with a firm that is nol registered however we can l  that s what happened in the Case of lha $10,000 investment. All the woman has to show for her Money is the cancelled Check endorsed by the agent. When the woman did not hear from the investment company she started calling him the agent Hammond said. He kept assuring her that she would receive a policy and receipt for her investment finally when no policy arrived she whole to the company. She was informed that it had no record of her Check. She also discovered that the company had terminated its relationship with the agent. She then whole to us. We had to Lell her we could not help because she made a Purchase through sources that were not Usa Reuh cleared. We recommended that she Contact the securities and Exchange commission. She apparently did. Beyond that 1 do nol know what has  Usa eur Safe commercial solicitation permit Usa cur Reg 2 to 70tusafe rsg111 is the High Cost of houses new Yoi p York times rices of single family Homes in now York and the surrounding area Are among the highest in the United sales but Are increasing at slower Rales compared with the dizzying Pace in Southern California. According to the National association of realtors the median Home Price in the new York City area including Long Island southwestern Connecticut and northeastern new Jersey Rose 4.9 percent for the year ended june 30, to $191,900. Nationally the median Price Rose 3.4 percent to 188,900. The Federal Home loan Bank of new York calculates an affordability Index that gauges the ease with which families can finance houses Al the median Price. The higher this Index moves the easier it is for families to buy Homes. The Index Rose to d.61 at the end of june Iron about 0.50 a year earlier strongly suggesting that More people in the new York area can afford Homes said Rae d. Rosan. An economist with the Federal Home loan Bank. It s sort of a window of Opportunity Lor buyers she said. The Index assumes financing of 20 percent equity and 80 percent dab Wilh a fixed mortgage rata of 10 percent. The perception that the people have is that there ate a lot of houses out there thai people can choose from said Donald , regional vice president Lor Schlott realtors in Commack . Neither he Federal Home loan Bank nor the naw York state association of realtors calculates the percentage of new York area households that can afford a House at the median Price of $191,900. New York area communities in general have nol experienced the huge appreciation in Home prices that occurred in previous years. At the end of june he median Price of a single family Home in Nassau county on Long Island waa $195,000, compared Ullh $191200 a year earlier. In sulfa to county. The median Price at the end of june was $161,000. Compared Wilh 1162,000 last year. In Queens county the median Price Lor single family Homes stood Al $160,000 at the end of june unchanged from the same Lime last year. Realty groups in new York s other boroughs were unable to provide Home sales statistics. Buffalo recorded the Stee peal Price increases in the Northeast As prices of single family Homes jumped 14.4 percent Lor a median Price of $183,900. Hartford experienced a 3.8 percent Rise to a median of $190.000. The area housing Market was among the Healthiest in Iha country in previous years. From 1985 to 1987, frenzied bidding by Home seekers pushed up prices strikingly. Though prices remain High compared with those in other areas of the Nalion Al least there Are More offerings on the Market. Properties Avail Able through the multiple la Slang service of Nassau county to example climbed to 8,844 last May from 4,537 a year Zartler. . Median prices for existing Homes based on a Survey of 62 . Melro Bolilan areas Tor Spring. 19bb in thousands of dollars mos. Expensive last pensive Honolulu in Wyo a ji04 h pcs Moines to a \ 199j Toledo. Ohio s9.7 196j j Elpaso. The a9.3j 192j p Omaha 56.7j Al Billon 183 1 Al grand rapids 5b.3j thar lord Conn d san Diego Al Washington. . I32 Al Providence 0 169j using. Mich. S7.8 1 3j n Oklahoma cily 56, j Al Louisville 54.ttj Chicago Tribuno  by a ohm Jiva Girman so mass Nasonal a Ezaion cd rna Toi  commorice Oma Unni Page 16 the stars and stripes Friday october 1988