Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Tue, Feb 25 1992 Date: Tue, 25 Feb 92 06:35:01 EST Message-ID: DECISIONLINE: Real Estate USA TODAY Update Feb. 25, 1992 Source: USA TODAY:Gannett National Information Network NAR BACKS DEMOCRATS' TAX PLAN: Dorcas T. Helfant of the National Association of Realtors Monday sent members of the House of Representatives a letter supporting the Democratic tax plan, set to go to the House floor this week. In the letter, she said that NAR favors the Democratic plan partly because it "contains the major elements of ... the passive-loss corrections bill" that would "restore tax fairness" for agents. PLAN FAVORS LOW-INCOME PROGRAMS: The Democratic tax plan supported by the National Association of Realtors "provides certainty to housing programs that have proven successful by permanently extending the low-income housing tax credit and mortgage revenue bonds," according to a letter sent by the NAR to the House of Representatives. NAR also said it supports the $5,000 first-time buyer tax credit, not in the Democratic plan. PROP. 13 CASE TO BE HEARD: The U.S. Supreme Court Tuesday hears an appeal in the case of a taxpayer fighting California's Proposition 13. That measure slashed property values for existing homeowners and froze them at 1975 market value. It limited new buyers' tax bills and capped yearly increases, but based assessments on sometimes dramatically higher new purchase prices. The court ruled against a similar 1989 case. BASE CLOSINGS SEMINAR HELD: A seminar on military base closings will be held in four locations this week. The seminar is sponsored by the American Society of Real Estate Counselors and the National Association of Realtors. The seminar will be on Tuesday in Washington; Wednesday in Indianapolis; Thursday in Dallas; and Friday in San Francisco. Contact Cam Ashley at 312-329-8422 for information. Cost: $200. NORTHEAST PROPERTY GUIDE COMING: Linium Publishing Corp. said Monday it will begin publishing the Institutional Real Estate Monitor's Northeast edition effective April 1. The edition will cover New York, New Jersey and selected New England states. The Monitor publishes monthly listings of real estate owned by banks and savings and loans for Florida for investors and direct purchasers. Call 305-666-2950 for information. FREE-TRADE CONFERENCE HELD: A conference Thursday in Los Angeles will explore business opportunities associated with the free trade agreement with Mexico and Canada. It's sponsored by the Lusk Center for Real Estate Development, University of Southern California, and the Seeley Company, Los Angeles. Included: How real estate and construction firms can benefit from the agreement. Call 310-787-1000. BUILDING GETS DEMOLISHED: San Francisco officials Tuesday begin demolishing an apartment building that has been precariously teetering on Telegraph Hill since rains washed away part of the hillside last week. The director of public works signed an emergency demolition order after the owner objected. Nearby residents will be evacuated. GARFIELD TAKES HELM OF VISTA: Vista Properties Inc. Monday said it has named Raymond Garfield Jr. chairman and chief executive officer. The Dallas-based land development company, formerly known as Lomas Realty USA, said Garfield was selected through a procedure set out in its reorganization plan as it emerged from Chapter 11. Garfield will take office March 1. LINDAL EARNINGS IMPROVED: Lindal Cedar Homes Monday reported improved profit margins in the fourth quarter of 1991. The Seattle-based manufacturer of cedar homes said its net earnings for the full year 1991 nearly equaled those for 1990. For the year ended Dec. 31, net earnings were $1.82 million compared to $1.87 million a year ago. Fourth quarter net earnings were $417,000 compared to $52,000 for fourth quarter 1990. FIXED-RATE MORTGAGES INCREASE: Rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.82% Monday, up from 8.73% Thursday. Rates for a week ago were unavailable because of the Presidents Day holiday in the USA. They were at 9.29% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.92%, up from 5.78% Thursday. A year ago they were at 7.57%. ARM INDEXES CLIMB: The one-year Treasury ARM index rates were listed at 4.37% Monday, up from 4.19% Thursday. Rates for a week ago were unavailable because of the Presidents Day holiday in the USA. A year ago they were at 6.30%. For the 11th District ARM index, rates were at 6.245%, unchanged from Thursday and unchanged also from the week before. A year ago they were at 7.963%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Monday, listing at 7.97%. That's up 0.06 from rates of 7.91% Thursday. Rates for a week ago were unavailable because of the Presidents Day holiday in the USA. A year ago T-bonds were at 8.05%. Real Estate: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. 08:0002250000D0225 SPOR- R Q Tulane-falls-to-S.-Florida............ A D0225 This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM