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, Jul 22 1992 Date: Wed, 22 Jul 92 04:31:58 EDT Message-ID: 07-22 0000 DECISIONLINE: Real Estate USA TODAY Update July 22, 1992 Source: USA TODAY:Gannett National Information Network COUNCIL, FANNIE MAE ALIGN: The National Council of La Raza and the Federal National Mortgage Association Tuesday announced a partnership to help create greater homeownership opportunities for Hispanic families. The council is a non-profit voice for Hispanic Americans. Fannie Mae is the nation's largest investor in home mortgages. The first initiative will be a $20 million pilot loan plan. (For more, see special Council package below.) TRUST SUED FOR OMISSIONS: Western Investment Real Estate Trust said Tuesday it is being sued by Carole J. Westrick, trustee, on behalf of the Carole J. Westrick Profit Sharing Plan. Bloomberg Business News reports that Westrick alleges misrepresentations and omissions in the company's dealings with Connolly Development Inc. Western said it believes the allegations are without merit. CLASS-ACTION STATUS SOUGHT: Officials for Western Investment Real Estate Trust reserved extensive comment on the suit being brought by Carole J. Westrick for the Carole J. Westrick Profit Sharing Plan. Westrick is seeking class-action status for the suit. Attorney David Romansky said that Westrick alleges Western was obliged to disclose Connolly Development Inc.'s financial condition to shareholders but did not. ATLANTA TOPS RELOCATION LIST: Atlanta occupies the top spot in the PHH Homequity survey of 75 metro areas. The list of the 15 most popular cities in the United States for corporate and government employee relocations was announced Tuesday. Harvey Auger, president of the relocation firm, noted a trend for corporate presence in the Southeast and Southwest. Dallas retains its No. 2 spot from a year ago. RANCHER TO FILE COMPLAINT: Rancher Diana Hansen-Young says she'll file a complaint against the city of Honolulu with the Department of Justice because it is trying to revoke a permit allowing her to house homeless people on her land. Hansen-Young says the city is drumming up violations in order to revoke the permit. City officials have not offered a response. SHELTER COMPONENTS INCOME UP: Shelter Components Corp. Tuesday said its second-quarter net income rose to $1.27 million or 44 cents per share from $707,000 or 25 cents a share for that period a year earlier. The company distributes materials and equipment for manufactured housing and recreational vehicles. Its net income rose to $1.88 million or 65 cents a share from $531,000 or 18 cents in the first half overall. REGIONAL PRICES DROP 2%: The average price of a home in a six-county region in Southern California fell by just over 2% in the year ending June 1992, according to TRW REDI Property Data's monthly report out Tuesday. The number of units purchased declined by about 20%. TRW REDI Property Data monitors real estate transactions based on information obtained from county recorders in nationwide markets. FIXED-RATE MORTGAGES UNCHANGED: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.09% Tuesday, unchanged from Monday 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%, unchanged from Monday and down from 5.56% the week before. A year ago they were at 7.23%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.53% Tuesday, unchanged from Monday and down 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 Monday and unchanged also from the week before. A year ago they were at 7.329%. T-BONDS UNCHANGED: Treasury security rates for the 30-year bonds held their own on Tuesday, listing at 7.66%. That's unchanged from Monday's rates and down 0.03 from 7.69% the week before. T-bonds were at 8.49% one year ago. SPECIAL PACKAGE ON COUNCIL: LOAN PLAN TO START PROGRAM: The first initiative of a partnership between the National Council of La Raza and the Federal National Mortgage Association will be a $20 million pilot plan. The plan will use a variety of flexible loan requirements to make mortgage funds more available to Hispanic families in four cities, including Los Angeles and Phoenix. Both cities have sizeable Hispanic populations. LOCAL BANKS WILL MAKE LOANS: Local banks and other lending institutions in Los Angeles and Phoenix will make the mortgage loans. Local council affiliate community groups will be trained to offer required home buyer counseling, work with lending institutions to apply flexible loan standards that meet community needs and, in some cases, provide down payment assistance to home buyers. LOANS TO BE READY BY DECEMBER: Participating banks and community groups in the plan will be identified over the next six months by the council's headquarters in Washington. Mortgage loans for single-family homes are expected to be available within the next six months. Fannie Mae will buy the loans from the lenders active in the plan. The initiative will explore how to promote homeownership to underserved communities. (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. 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