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 Wed, Jun 24 1992 Date: Wed, 24 Jun 92 05:16:10 EDT Message-ID: 06-24 0000 DECISIONLINE: Real Estate USA TODAY Update June 24, 1992 Source: USA TODAY:Gannett National Information Network BMW CHOOSES S.C. SITE: BMW said Tuesday it will invest up to $400 million in a 1.9 million-square-foot factory in Spartanburg, S.C. BMW's factory will be on a 900-acre site next to the Greensboro-Spartanburg airport. The plant will open with 1,000 workers, employing 2,000 by the end of the 1990s. The local chamber of commerce negotiated with 70 property owners to line up the 900 acres for BMW. DROP IN HOME SALES PREDICTED: Sales of existing U.S. homes fell 2.3% in May to an annual rate of 3.420 million, according to the average forecast of five financial institutions in a Bloomberg News survey. Low interest rates and an improving economy will renew buyer interest, said analysts at Mitsubishi Bank in New York. The National Association of Realtors will issue its existing home sales survey Thursday. REPORT ON CALIF. SALES RELEASED: Average Southern California home prices dropped more than 3% in May from last year, according to figures released Tuesday by TRW REDI Property Data. The report also showed that the number of homes purchased in the six county region fell by 24%. TRW REDI Property Data monitors real estate transactions in more than 300 counties nationwide. BOMA PRESENTS BUILDING AWARDS: Twelve buildings were recognized this week by the Building Owners and Managers Association. The awards were presented at BOMA International's Annual Convention and The Office Building Show Sunday in Seattle. Among the winners was Bellevue Place in Bellevue, Wash., owned by Bellevue Place Office Building I Limited Partnership & Bellevue Place Hotel Limited Partnership. TRIBES ALLOWED TO TAX PROPERTY: The Supreme Court this week let stand a lower court ruling that allows Indian tribes to tax railroad property located on reservations. The court rejected a challenge by Burlington Northern Railroad to taxes imposed by three tribes in Montana. PARK SERVICE OPPOSES CORRIDOR: The National Park Service on Tuesday opposed a plan to designate a Fox-Wisconsin River National Heritage Corridor favored by state officials. The proposed plan is "confusing" and new heritage areas are "not advisable at this time," said Denis Galvin, associate director of the Park Service. National heritage corridors are a new designation similar to national park status. COMPANY MAKES NEV. MINING BID: Eureka, Nevada, will hold a public hearing Wednesday and Thursday on Atlas Gold Mining Inc.'s bid for a permit to mine on 119 acres of public lands in east central Nevada. The Bureau of Land Management will accept written comments through July 18. ORE. MAY SEE TAX RELIEF: Oregon Gov. Barbara Roberts may include property tax relief in an upcoming tax proposal, Roberts' chief of staff said Tuesday. Roberts will present the tax proposal, which she has been drafting with advisors since the weekend, on Wednesday or Thursday. Also considered: A sales tax of less than 4% or 5%. FOOTHILL PROTECTION TO BE URGED: A task force's draft master plan to protect foothills of Provo, Utah, will be presented to the city planning commission Wednesday. Open pit mining, housing development and other uses have hurt the foothills, the task force says. Among the panel's recommendations: restrict motorized vehicles, shooting and unlawful activity. FIXED-RATE MORTGAGES DROP: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.48% Tuesday, unchanged from Monday but down from 8.54% the week before. They were at 9.65% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.84%, unchanged from Monday but down from 5.90% the week before. A year ago they were at 7.24%. ARM INDEXES STABLE: The one-year Treasury ARM index rates were listed at 4.12% Tuesday, unchanged from Monday but down from 4.18% the week before. A year ago they were at 6.37%. For the 11th District ARM index, rates were at 5.427%, unchanged from Monday and unchanged from the week before. A year ago they were at 7.501%. T-BONDS HOLD: Treasury security rates for the 30-year bonds remained stable Tuesday, listing at 7.84%. That's unchanged from Monday but down 0.01 from rates of 7.83% a week ago. A year ago T-bonds were at 8.51%. 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