Page 8/The BattalionAA/ednesday, August 31, 1983 ^ftootn Housing sales down along with prices Serving Luncheon Buffet Sandwich and Soup Bar Mezzanine Floor Sunday through Friday 11 a.m. to 1:30 p.m. United Press International Washington — The housing sales boom that precedeti the economic recovery is slowing down, and prices are declining too, the government says. Sales of new houses slumped 6.5 percent in July, even though builders sliced the average price of a new house to $88,100, the Commerce Department said Monday. Delicious Food Beautiful View The price tag for a new house was $2,600 less than June’s aver age. It was the first price break since March, when the average slipped far less, $400. Open to the Public “Quality First” The median price was $75,000, still far from what the middle-income American can afford. The National Associa tion of Realtors said Monday an American family with earnings midway between the highest and lowest income could only qualify for the purchase of a house that cost $59,430. Housing sales and production started to pick up when mort gage interest rates fell about four points in the second half of last year. By November the re cession was said to be over for the entire economy. With economic growth still re ported strong, interest rates in ched up again, at least until last week when the FHA-VA rate backed by the government went down half a point to 13 percent. “Sales are going to be weak at current interest rate levels,” eco nomist Michael Sumichrast said, speaking for the National Asso ciation of Home Builders. Sales will continue to drop in August and September and the annual rate of new house sales may fall below the 600,000 rate for the first time since February, he forecast. In July the pace was running at a 620,000-unit-a- year rate. “In May, everything looked so great,” Sumichrast said. Another economist, Mark Riedy of the Mortgage Bankers Association, agreed that “the in crease in mortgage rates is tak ing its toll in home sales. The pattern of increases in new home sales has probably come to an end in 1983.” Despite the sharp decline in sales in July and the revised 0.3 percent drop in June, house sales were still 70.3 percent ahead of their depressed level a year earlier. By the end of July, there .were enough houses left on the mar ket unsold to last 5.7 months, the department said. That is the big gest supply since December. In another report, the Com merce Department said the na tion’s merchandise trade deficit in July grew to $6.36 billion, the third worst monthly red ink fi gure on record. Total exports earned $16.6 billion in July, down 2.2 percent from June, while imports cost Americans $22.99 billion, up 4.7 percent from June. The June deficit was $4.96 billion. Greek life at A&M is something special. The Fraternities can offer you a lot. They give you an opportunity to excell in leadership and develop organizational skills. They provide a well-rounded social and academic atmosphere. With Phi Kappa Tau we offer you this but with a small difference since we are in the colony phase, you will have a maj'or part of building the foundation of the fraternity. You will help devise the social programs, the pledge programs — all your fraternity's programs. There's no waiting. Your input is immediate. The results are up to you. So if you are looking for the opportunity for immediate leadership, lifetime frienships, a more influential position on campus, and an alternative to existing organizations, then feel free to contact two members for a personal interview. DAVE 260-2281 or KYLE 260-3452 Developer to redo the Piazza dTtalia United Press International NEW ORLEANS — A private developer vows to pour more than $18 million into the often- overlooked Piazza d’ltalia over the next few years, adding a lux ury hotel, shops, offices and an Italian-American study center. The plaza will be developed by Lincoln Hotels New Orleans Associates, a company with part ners in Dallas, Denver and New Orleans. The $14 million Piazza was dedicated in 1978. X features a keyhole-shape d pi aza, the nationally acclaimed St. Joseph’s Fountain, an arch and a large bell tower. Monday’s de velopment agreement followed several years of false starts and 21 months of negotiation. The company agreed to de velop an Italian-style hotel of ab out 150 rooms, combining re novation of a series of 1880s BOSS HERD TAKES AVOW. “Ah do solemiily _ swear that you, ah say you, will be dee-lighted with Tinsley’s Chicken ’n Rolls. Yon have mah word on it. BOSS BIRD Plump, flavorful chicken cooked up light ’n crispy in the natural goodness of pure vegetable oil. Fresh rolls baked from scratch (we were the first). Lots of real country honey—not those piddly little packets of artificial stuff. Honest-to-gosh brewed tea, iced to a refreshing chill. Plus extras like cole slaw, potato salad, big french fries, and jalapeho peppers. That’s the terrific kind of meal you’ll find at Tinsley’s Chicken n Rolls. Ask any body if it isn’t so. Ask Boss Bird. J 2 Pieces of Chicken and 2 Rolls 95