Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Thu, Jun 18 1992 Date: Thu, 18 Jun 92 05:09:16 EDT Message-ID: 06-18 0000 DECISIONLINE: Real Estate USA TODAY Update June 18, 1992 Source: USA TODAY:Gannett National Information Network S&L BAILOUT NEARLY OVER: The Office of Thrift Supervision said Wednesday U.S. Savings & Loan earned a record $1.6 billion last quarter. OTS Director Timothy Ryan said the bailout is "in the eighth inning." But Robert Reischauer, director of the Congressional Budget Office, warned that many thrifts haven't written off all their losses on real-estate loans and could be hurt by rising interest rates. TOKYO SEES DROP IN LAND VALUES: The collapse of Japan's "bubble economy" has cut the value of land in Tokyo, reports the Tokyu Land Corp. In 1991, the amount of residential land valued at more than one million yen ($7,700) per square meter totaled 190 square kilometers, compared to 365 square kilometers in 1987. CLEANUP DISCUSSION PLANNED: The Association of Ground Water Scientists and Engineers will sponsor a conference on the environmental cleanup of contaminated property. Among the topics will be rising cleanup costs and the potential liabilities for banks and real estate developers. The conference, "Environmental Site Assessments: Case Studies and Strategies," will be held in Orlando, Fla., August 5-7. LAND, SAWMILL SALE DELAYED: Financing obstacles have delayed Big Sky Lumber's purchase of Plum Creek Timber Co.'s Belgrade, Mont., sawmill and 164,000 acres of timberland, officials said. Plum Creek decided to sell to Big Sky instead of The Nature Conservancy when the buyers agreed to run two shifts at the mill for "multiple" years. The sale price was undisclosed. S.C. TO CONSIDER BUILDING PLAN: The South Carolina Coastal Council's management panel will meet Thursday to consider a request to build cottages and a guest house at Auldbrass Plantation in Charleston. The plan, part of architect Frank Lloyd Wright's vision for the plantation, would require filling in more than two acres of wetlands, to which the state Wildlife Department objects. REBUILDING CITIES TO BE COVERED: The National Council for Urban Economic Development and the National Association of Industrial and Office Parks will host a two-day conference June 18-19 on rebuilding American's cities. The conference, to be held at the Meadowlands Hilton in Secaucus, N.J., will promote urban public-private partnerships. PHA AWARDS CONTRACT: The Philadelphia Housing Authority announced Wednesday that it has awarded a contract to EDTEC (Education, Training and Enterprise Center). EDTEC will assess resident interest in a proposal to move families from high-rise developments to other public housing units. ARK. SCHOOL SITE TO BE PICKED: A site for Arkansas' proposed residential school for gifted math and science students will be recommended July 1 by a selection committee. The school is scheduled to open in the fall of '93 with 150 students. Cities in the running: Benton, Batesville, Hot Springs, Fayetteville, Arkadelphia, Conway and Blytheville. DEVELOPERS TO BUY TIRE PLANT: Developers Bill Cigan and Jack Kaiser plan to buy the former Uniroyal-Goodrich Co. plant in Eau Claire, Wis., and turn it into an industrial mall, officials said Wednesday. Tire production at the nearly two million-square-foot plant is to cease June 26 after about a year long phase-out that would eliminate 1,300 jobs. PIER CONSTRUCTION PLANNED: The St. Croix, U.S. Virgin Islands, received a shot in the economic arm Wednesday. The governing board of the V.I. Port Authority signed a contract for the construction of a new $16 million pier, the only cruise-ship link for St. Croix. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.54% Wednesday, unchanged from Tuesday but down from 8.59% the week before. They were at 9.66% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.90%, unchanged from Tuesday but down from 5.94% the week before. A year ago they were at 7.22%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 4.18% Wednesday, unchanged from Tuesday but down from 4.27% the week before. A year ago they were at 6.40%. For the 11th District ARM index, rates were at 5.427%, unchanged from Tuesday and unchanged also from the week before. A year ago they were at 7.501%. T-BONDS DECLINE: Treasury security rates for the 30-year bonds showed a decline Wednesday, listing at 7.82%. That's down 0.01 from rates of 7.83% Tuesday and down 0.08 from 7.90% the week before. A year ago T-bonds were at 8.50%. Real Estate Editor: Christopher Goldthwaite. (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