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 Tue, Jul 21 1992 Date: Tue, 21 Jul 92 06:06:53 EDT Message-ID: 07-21 0000 DECISIONLINE: Real Estate USA TODAY Update July 21, 1992 Source: USA TODAY:Gannett National Information Network FORECLOSURE NOT END OF WORLD: Many lenders now say they don't automatically disqualify loan applicants who might have experienced foreclosures or other financial problems. Some lenders cite specific waiting periods before borrowers with a foreclosure can be considered for a new loan. But others say they evaluate each applicant individually. (For more, see special Foreclosure package below.) CV REIT PROPOSAL APPROVED: CV Reit Inc., a real estate investment trust, announced Monday that the United States Bankruptcy Court has approved an acquisition proposal by the company. CV earlier had announced a proposal to acquire the Century Village at Pembroke Pines (Fla.) project and certain other assets from subsidiaries of Cenvill Development Corp. The order of the court is expected to become final on Monday. GC COMPLETES ACQUISITION: Golden Corral Realty Corp. Monday reported that it has completed its previously announced acquisition of a group of restaurant properties from affiliates of CNL Group Inc. The affiliates will own about 17% of Golden Corral Realty Corporation's common stock. HOUSING PROJECT DEDICATION SET: Hawaii County's Affordable Housing Project plans to dedicate 177 units July 31. Completion of the project comes more than four years after the county was given a 300-acre site by Waikoloa Land Co. Prices of the homes will range from $84,900 to $134,900. PROPERTY TAX GETS A LOOK: Nebraska Gov. Ben Nelson has announced a special legislative session on the state's personal property tax plan. Nelson and Speaker of the Legislature Dennis Baack have tentatively agreed to start a special session on redistricting July 31. OAKWOOD INCOME RISES: Oakwood Homes Corp. said fiscal third-quarter net income rose to $4.1 million, or 29 cents a share, from $2.68 million, or 23 cents a share, a year earlier. Per-share figures are adjusted to reflect the company's 3-for-2 stock split in May. The average number of shares outstanding rose to 14.07 million from 11.89 million. Sales rose to $52.13 million from $34.48 million. FIXED-RATE MORTGAGES DOWN: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.09% Monday, down from Thursday and down from 8.13% the week before. They were at 9.54% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.50%, down from Thursday and down from 5.56% the week before. A year ago they were at 7.23%. ARM INDEXES DOWN: The one-year Treasury ARM index rates were listed at 3.53% Monday, down from Thursday and down also from 3.64% the week before. A year ago they were at 6.23%. For the 11th District ARM index, rates were at 5.290%, unchanged from Thursday and unchanged also from the week before. A year ago they were at 7.329%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Monday, listing at 7.66%. That's up 0.05 from rates of 7.61% Thursday and down 0.02 from 7.68% the week before. A year ago T-bonds were at 8.46%. SPECIAL PACKAGE ON FORECLOSURE: BORROWERS ESTABLISHING SELVES: In some parts of the country, the economy is heading up again. Some people who lost homes, jobs or businesses in the past have re-established themselves and are trying to overcome foreclosures. Bankers are listening. "We don't have a standard policy (for loan applicants who've had a foreclosure). We look at each case individually," says Hunter Hise, NationsBank spokesman. TALK TO LENDERS: Although several lenders voice a reluctance to consider loan applications from persons with a foreclosure in their credit history, others say they understand that people sometimes faced foreclosures because of circumstances beyond their control. Borrowers should talk to their banks and mortgage companies when they think they'll have trouble making mortgage payments. PROVE CAUSE OF FORECLOSURE: Lenders emphasize that the bulk of foreclosures do not involve people who simply have fallen on some type of misfortune such as an illness, job loss or regional economic collapse. Borrowers who are seeking a new loan relatively soon after a foreclosure likely would have to demonstrate that the foreclosure was because of circumstances beyond their control. (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