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 Wed, Mar 4 1992 Date: Wed, 4 Mar 92 05:50:52 EST Message-ID: 03-04 0000 DECISIONLINE: Real Estate USA TODAY Update March 4, 1992 Source: USA TODAY:Gannett National Information Network NEW HOME SALES JUMP 12.9%: Sales of new homes shot up 12.9% in January, the largest gain in 11 months and another sign that housing is leading the economy out of recession. Except for the Northeast, where sales were unchanged, all regions posted advances, including a huge 63% gain in the Midwest. But analysts said that while the recovery will continue, January's rates cannot be sustained. JANUARY GAIN BEST IN A YEAR: New home sales totaled 612,000 in January at a seasonally adjusted annual rate, up from 542,000 in December, according to a report out Tuesday from the departments of Commerce and Housing and Urban Development. The January gain was the steepest since a 20.7% advance in February 1991. The 612,000 rate was the highest since a 625,000 rate in January 1990. ECONOMY MAY BE RECOVERING: Evidence is building that the economy finally may be pulling out of its long slump. USA TODAY's Economic Score Card is almost evenly split among signs of recovery, weakness and recession, indicating a possible economic turning point, according to economists. In depressed Massachusetts, building contractors are seeing activity as projects that had been postponed are going ahead. 437 SOLD AT AUCTION IN FEB.: Real estate auction-marketing firm Kennedy-Wilson Inc. said Tuesday it sold 437 single-family homes, condominiums and townhomes during six auctions in February. Total sales were $42.4 million. Auctions were held in Southern California, on the East Coast and for the Resolution Trust Corp. in Dallas. Among the sales: The closeout sale of the Sunrise Co.'s PGA West in La Quinta, Calif. TRUST ACQUIRES SHOPPING CENTER: New Plan Realty Trust said Tuesday that it has taken title to a factory outlet center in Florida as part of the trust's growing portfolio of shopping center and garden apartment properties. The acquisition brings to 64 the number of shopping centers for the New York-based trust. Two others are scheduled for closing this week. TAX CUT REQUEST TURNED DOWN: The Bath, Maine, Iron Works, the city's largest taxpayer, had rejected a request for a $1.3 million reduction in its $3.3 million property tax bill. Tax assessor Michael Austin says his $172 million assessment shows how the shipyard has driven up property taxes by buying land at inflated prices. EYESORE MUST GO: A 14-story pink apartment building in Anchorage, Alaska, is at the center of a dispute between its owners and the city. City attorneys this week plan to notify Great Western Bank of Bellview, Wash., that it must demolish the building or the city will - and bill the bank. Estimated costs to demolish the abandoned structure, which the city calls an eyesore: $450,000. Renovation: $11 million. HUD PROBING UNITS: The Department of Housing and Urban Development is investigating 60 federally subsidized housing units across the USA to see if they overcharge the government for rent. HUD says there is no supposition of wrongdoing. IVEY SAYS INCOME INCREASED: Ivey Properties, Inc., a Real Estate Investment Trust, announced Tuesday unaudited net income for 1991 increased 4% to $1.8 million compared to $1.75 million the previous year. The company also announced an increase in the regular quarterly dividend on its common shares from $.19 per share to $.21 per share, payable April 1 to shareholders of record March 16. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.83% Tuesday, unchanged from Monday but up from 8.82% the week before. They were at 9.40% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.93%, unchanged from Monday but up from 5.92% the week before. A year ago they were at 7.53%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 4.41% Tuesday, unchanged from Monday but up from 4.37% the week before. A year ago they were at 6.40%. For the 11th District ARM index, rates were at 6.002%, unchanged from Monday and down from 6.245% the week before. A year ago they were at 7.858%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Tuesday, listing at 7.92%. That's up 0.02 from rates of 7.90% Monday, but down 0.02 from 7.94% the week before. A year ago T-bonds were at 8.24%. Real Estate: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. 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