Dow Off 13 on Worries About Rates, Real Estate
NEW YORK, Nov. 29ÛÓReflecting uncertainty about the direction of interest rates and concern about a deteriorating real estate market, the Dow industrials slipped below 2700 today on a 13-point loss.</br></br>A quarter-point loss on the still jittery bond market only exacerbated a growing sense of nervousness about slowly deteriorating real estate values across the nation, and their possible implications for hard-pressed thrifts and regional banks, market sources agreed.</br></br>Analysts tended to zero in on the woes of Great Western Financial Con)., which announced after TuesdayÛªs market close as much as a $200 million charge in the fourth quarter tied to its commercial real estate exposure.</br></br>Great Western stock initially fell 1% to 1754 on early reactions by investors, then remained lower on volume that swelled to more than 2 million shares. It closed at 18%, down 1%. For months the firm has been considered one of the more resilient savings and loans, both fundamentally and on the stock charts. In fact, its shares had traded above $24 as recently as September.</br></br>deteriorating national real estate market also suffered from spillover selling. Federal National Mortgage Association tumbled 2 points to 39%, Homefed Corp. gave up 2 to 30%, and S&Ls such as Calfed and Golden West, as well as regional banks like Bank of . New England,