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 26 1992 Date: Thu, 26 Mar 92 05:44:31 EST Message-ID: 03-26 0000 DECISIONLINE: Real Estate USA TODAY Update March 26, 1992 Source: USA TODAY:Gannett National Information Network HOME SALES CLIMB: February was a wonderful month to sell a house. Nationwide, sales of existing homes last month rose 9.3% from January's pace to a seasonally adjusted annual rate of 3.5 million. It was the steepest gain since 1983. Rising interest rates probably spurred the increase. (For more, see special package on Sales below.) SPANISH GLOSSARY PUBLISHED: The second printing of the USA's first English-Spanish glossary of real estate terms has been completed by the Real Estate Center at Texas A&M University. The glossary was first published in August by the center. Hispanics are expected to represent 9.5% of the population by 2000, according to the center. Call 409-845-2031 for publication NR-864. The cost is $2.50, $5 out of state, plus $1. N.Y. DEVELOPMENT BEGUN: A rental development for low-income and homeless families in New York is under construction. The $14.8 million complex will be owned by the New York City Housing Authorities. Families earning 80% of the median income in the area will be eligible for Howard Park and rents will be no more than 30% of the resident's income. HUD GIVES AUTHORITY AWARD: The Department of Housing and Urban Development has awarded the Housing Authority of Baltimore City $2.66 million for drug prevention and elimination programs in public housing. The money is for an 18-month period to continue drug-fighting measures that include security equipment and resident council activities. TAX SHOULD BE VOTED ON: Counties and cities should have the option of voting on a local opposition sales tax, according to the mayors in Mississippi. Proceeds from the sales tax would let cities and counties reduce property taxes. The mayors say local governments are short on cash. TAX MEASURE MAY CLOSE SCHOOL: Measure 5, a property-tax limitation measure, may mean that Oregon may have to close its Hillcrest School for juvenile offenders in Portland to save $15 million over the next two years. Other proposals include closing two to four juvenile work camps and cutting follow-up counseling by a third. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 9.03% Wednesday, unchanged from Tuesday but up from 8.88% the week before. They were at 9.59% a year ago. For 30-year adjustable-rate mortgages, the rates were 6.22%, unchanged from Tuesday but up from 6.04% the week before. A year ago they were at 7.44%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 4.73% Wednesday, unchanged from Tuesday but up from 4.64% the week before. A year ago they were at 6.41%. 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 STEADY: Treasury security rates for the 30-year bonds held their own on Wednesday, remaining at 7.94%. That's unchanged from Tuesday's rates, but down 0.07 from 8.01% the week before. A year ago T-bonds were at 8.25%. SPECIAL PACKAGE ON SALES: MEDIAN PRICE INCREASES: Not only did home sales increase in February. The median home price was $103,800, up 1.4% from homes sold in January. In the West, home sales jumped 17.9% to an annual rate of 790,000. That was the sharpest gain in nine years. The median price in the West was $150,400, down 1.3% from January but up 6.4% from February 1991. SALES UP IN ALL REGIONS: In the Midwest, sales rose 8.7% to 1 million. The median price was $82,500, vs. $80,600 in January. In the South, sales rose 8.8% to 1.2 million. The median price was $92,000, vs. $88,700 in January. In the Northeast, sales rose 2.1% to 490,000. The median price was $143,100, vs. $140,900 in January. BUYERS MOVED QUICKLY: When interest rates began to climb, would-be buyers moved quickly before rates went even higher, according to economist Lynn Reaser. Sales will keep rising this year but at a slower rate, she says. And the buying binge could stop if rates keep climbing. "The housing market appears to be the leading edge in the economic recovery, but rates are the question mark," Reaser says. (End of package.) 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