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 Thu, Mar 19 1992 Date: Thu, 19 Mar 92 05:57:39 EST Message-ID: 03-19 0000 DECISIONLINE: Real Estate USA TODAY Update March 19, 1992 Source: USA TODAY:Gannett National Information Network ECONOMY BEGINS TO RECOVER: Most parts of the USA, including the long-suffering Northeast, are reporting signs of recovery. A federal report out Wednesday shows some ups and downs, but in general consumers are buying and builders are building. The report comes out eight times a year. In it, the Federal Reserve said the economy improved in most regions during January, February and March. (For more, see special Report package below.) ROCKY MTN. STATES ARE STRONG: When the U.S. economy gets rolling, the recovery will look a lot like what is happening throughout the Rocky Mountain states. This region already has had its recession and has recovered. In the suburbs of Salt Lake City, builder Ivory Homes expects to sell 250 houses this year. That's up 7% from 1991. In this market, "100 homes a year is tremendous," says Ivory's Alan Prince. HIGH TECH, LOW MORTGAGE HELP: Sales in Utah and other Rocky Mountain states are being driven partly by demand from high-tech workers lured to the area from California and elsewhere by companies such as WordPerfect, the software giant.But sales also are rising because many Salt Lake City-area residents are taking advantage of low mortgage rates to buy larger homes - a trend that's showing up across the USA. HELMSLEY COULD LOSE HOTELS: Self-styled hotel queen Leona Helmsley could lose her five New York City hotels, because state law says convicted felons can't hold liquor licenses. A judge Wednesday refused to set aside a four-year jail term for tax evasion. Helmsley's options include putting the hotels in a trust, selling them or getting a certificate of relief that allows her to maintain ownership. PROGRAMS TO CONSOLIDATE: Housing programs in Kansas will be consolidated July 1 under the new Department of Commerce and Housing. The state House has approved the plan that Gov. Joan Finney says will make housing programs more visible and efficient. NUDIST PARK WINS OK: A planned nudist trailer park in Queen Valley, Ariz., has won final approval from Pinal County supervisors, despite neighbors' objections. The Desert Chaparral RV Resort camp will build a 170-lot clothing-optional facility. Supervisors have spelled out what kind of walls and trees must be used to block the view of the park. LENNAR REPORTS EARNINGS: Lennar Corporation Wednesday reported earnings for the quarter ended Feb. 29. The Miami-based homebuilding and real estate company said earnings for the quarter were $8 million or 40 cents per share, compared to earnings of $5.2 million or 26 cents per share for the same period in fiscal 1991. Those earnings are the highest for the first quarter in the company's history. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.88% Wednesday, unchanged from Tuesday and up from 8.85% the week before. They were at 9.50% a year ago. For 30-year adjustable-rate mortgages, the rates were 6.04%, unchanged from Tuesday but up from 5.99% the week before. A year ago they were at 7.45%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 4.64% Wednesday, unchanged from Tuesday but up from 4.55% the week before. A year ago they were at 6.32%. For the 11th District ARM index, rates were at 6.002%, unchanged from Tuesday and unchanged also from 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 Wednesday, listing at 8.01%. That's up 0.01 from rates of 8.00% Tuesday and up 0.11 from 7.90% the week before. A year ago T-bonds were at 8.34%. SPECIAL PACKAGE ON REPORT: NORTHEAST BEGINS COMEBACK: New England and the Northeast are seeing signs of recovery in the real estate market. A federal report out Wednesday said home sales are slightly higher than a year ago in New England. Homebuilders in New York and New Jersey say sales have picked up. Steel production has been holding steady and homebuilders say demand is strong for $100,000-$125,000 homes and condominiums. SIGNS OF RECOVERY SEEN: Home sales have risen modestly in most of the Southeast. Further south, some manufacturers report that furniture sales have picked up. Construction companies are increasing employment and newspapers report increased revenue from real estate advertising. In the middle South, lower interest rates is spurring an increase in homebuilding and the rebound is benefiting lumber and brick makers. MIDWEST SEES BUILDING SURGE: Homebuilding has surged in the Midwest, according to a Fed report out Wednesday. One building materials supplier reported sales 40% higher than last February's. In the Minneapolis-St. Paul area, home sales jumped 49% in February from a year ago. Demand for housewares is robust, retailers say. Mortgage demand, especially for refinancing, is "very strong." FAR WEST REPORTS IMPROVEMENTS: Idaho, Utah and eastern Washington state are reporting economic improvements, led by housing starts. In the far West, continued gains in housing starts are expected by 79% of those surveyed for the Fed report that comes out eight times a year. Just 40% expected such gains in housing starts when surveyed in November. Real Estate Editor: 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