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, Jul 9 1992 Date: Thu, 9 Jul 92 05:13:14 EDT Message-ID: 07-09 0000 DECISIONLINE: Real Estate USA TODAY Update July 9, 1992 Source: USA TODAY:Gannett National Information Network TAX HIKE SENT TO L.A. VOTERS: The Los Angeles City Council decided Wednesday to ask voters to approve a property tax increase to fund the hiring of more police officers. A two-thirds majority of voters would need to support the measure for it to pass. If approved, it would cost the owner of an average, 1,500-square-foot home $73 more a year. Voters rejected similar proposals in 1981 and 1985. ASBESTOS TRIAL TO GO TO JURY: The nation's largest asbestos trial is expected to go to a 12-member jury Thursday. The consolidated personal injury trial, which began more than four months ago, pits 8,555 plaintiffs against six companies that manufactured, supplied or installed asbestos at sites throughout Maryland from the 1940s to the 1970s. The outcome could serve as guidelines for cases nationwide. FLA. BUYS RECREATIONAL LAND: Florida Gov. Lawton Chiles and his Cabinet Wednesday approved the purchase of a $65.7 million, 42,296-acre tract in Levy County. The purchase is the largest under the state's conservation and recreation lands program. MINN. COUNTY ELIGIBLE FOR AID: Residents of McLeod County, Minn., whose property suffered damage in last month's tornadoes and storms can now apply for disaster aid, officials say. The county has been added to the June 26 presidential disaster declaration. VA. STADIUM FACES ADDED COSTS: The cost of a planned 12,000-seat waterfront stadium in Norfolk, Va., for the Tidewater Tides baseball team has risen to $16 million from an earlier $13.7 million estimate. Design changes required by Major League Baseball and the Americans with Disabilities Act caused the increase, officials say. They add, however, that lower interest rates have saved the city enough to offset the hike. PROVIDENCE MAY CHANGE DESIGN: The Capital Center Commission of Providence, R.I., votes Thursday on design changes for the 23-story convention center-hotel currently under construction. The changes would add 47 guest rooms and two meeting rooms to the $40 million structure. Opening is scheduled for December '93. BANKING CLIMATE CRITICIZED: The construction of a $3 million retirement complex in Miles City, Mont., is at risk because of the state's banking climate and regulatory burdens, a developer said Wednesday. Officials have granted the project its last six-month extension to enable backers to find more financing. PURCHASE INTENT ANNOUNCED: Mass.-based Farragut Mortgage Co. said Wednesday that it has signed a letter of intent to acquire a California mortgage banking company, reports Bloomberg Business News. The company's name and terms of the deal weren't disclosed. The company has a mortgage-servicing portfolio of about $820 million and originated about $435 million of mortgages in its most recent fiscal year, Farragut said. INVESTMENT TRUST BUYS CENTER: Kimco Realty Corp., a publicly-traded real estate investment trust, announced Wednesday the completion of the purchase of Cincinnati's 313,258 square foot Cassinelli Square shopping center. Tenants include Toys R Us, Marshall's, Service Merchandise and Home Quarters Home Improvement Center. The purchase brings Kimco's Ohio portfolio to 29 properties. FIRM OFFERS MORTGAGE INSURANCE: Burlington, Mass.-based Commonwealth Mortgage Co. Tuesday unveiled Payment Protection Plus, a job loss insurance program to be offered in Connecticut, Rhode Island, and Maine. The program, available for new home purchases and refinancing, will cover mortgage payments for involuntarily unemployed policyholders. Massachusetts, Vermont and New Hampshire disallow such coverage. FIXED-RATE MORTGAGES HOLD: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.29% Wednesday, unchanged from Tuesday but down from 8.43% the week before. They were at 9.62% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.69%, unchanged from Tuesday but down from 5.78% the week before. A year ago they were at 7.25%. ARM INDEXES STABLE: The one-year Treasury ARM index rates were listed at 3.96% Wednesday, unchanged from Tuesday but down from 4.14% the week before. A year ago they were at 6.40%. For the 11th District ARM index, rates were at 5.290%, unchanged from Tuesday and unchanged from the week before. A year ago they were at 7.329%. T-BONDS UNCHANGED: Treasury security rates for the 30-year bonds remained stable Wednesday, listing at 7.60%. That's unchanged from Tuesday but down 0.14 from 7.74% the week before. A year ago T-bonds were at 8.53%. 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