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 29 1992 Date: Wed, 29 Jul 92 04:32:50 EDT Message-ID: 07-29 0000 DECISIONLINE: Real Estate USA TODAY Update July 29, 1992 Source: USA TODAY:Gannett National Information Network BILL WOULD GUIDE DEVELOPMENT: A bill introduced Tuesday by Rep. Bruce Vento, D-Minn., would provide planning and conservations grants to local governments to work with the Park Service on developments affecting national sites. But it may be too late for Petroglyph National Monument in New Mexico. Albuquerque planners want to expand two city roads through the 7,100-acre site. (For more, see special Petroglyph package below.) LONG-TERM BOND RATES PLUNGE: Interest rates on long-term bonds tumbled Tuesday, propelled by a gloomy report on consumer confidence. The yield on the bellwether 30-year Treasury bond plunged to 7.43% from 7.51% Monday. It was at 7.66% just a week ago. Bond yields have fallen sharply in the past week because of reports that the economy may be weakening. Tuesday's drop means mortgage rates will continue to slide. MORTGAGE RATES DROP: Typically, 30-year fixed mortgage rates move in tandem with the 10-year Treasury-note yield, which fell to 6.62% from 6.68% Monday and 6.88% a week ago. Last week, the average 30-year fixed mortgage rate was 8.08%. Some are offering rates as low as 7 3:4%. "It could be a week, it could be a few hours, but we'll start seeing some banks offering 30-year mortgages at 7 1:2," says one broker. REWRITING BILL IS POSSIBLE: House Interior Committee Chairman George Miller, D-Calif., Tuesday reinforced that the House will not "rubber stamp" the current version of the Montana Wilderness Bill. But Montana senators Max Baucus, a Democrat, and Republican Conrad Burns say that major changes - such as rewriting language governing development possibilities - could unravel the agreement. ENVIRONMENTALISTS OPPOSE BILL: House Interior Committee Chairman George Miller, D-Calif., said Tuesday that House members may amend the Montana Wilderness Bill despite the delicacy of the compromises it holds. Environmental groups also have voiced objections to the bill, saying it would open too much federally protected land to development - 4 million acres for possible development under Forest Service supervision. PASSTHROUGHS CLOSE HIGHER: Mortgage passthroughs Tuesday closed as much as 1:4 lower on fears of faster mortgage prepayments, even as Treasuries moved higher. Bloomberg Business News reported that premium mortgage passthroughs, such as 9% issues, took the worst beating, since they're viewed as the most vulnerable to a pick-up in refinancing activity, traders said. HOMES TO BE DEMOLISHED: Demolition will begin next week on 20 Detroit-are homes in the area needed for a runway protection zone, Oakland-Pontiac (Michigan) officials say. The Federal Aviation Administration has recommended that the zone be cleared of all homes. Agreements have been reached on all but three of the 42 houses involved. FIXED-RATE MORTGAGES DECLINE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.08% Tuesday, unchanged from Monday and down from 8.09% the week before. They were at 9.50% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.45%, unchanged from Monday and down from 5.50% the week before. A year ago they were at 7.21%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.53% Tuesday, unchanged from Monday and unchanged from the week before. A year ago they were at 6.29%. 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 DECLINE: Treasury security rates for the 30-year bonds showed a decline Tuesday, listing at 7.43%. That's down 0.08 from rates of 7.51% Thursday and down 0.23 from 7.66% the week before. T-bonds were at 8.37% a year ago. SPECIAL PACKAGE ON PETROGLYPH: PRIME LAND IN GROWTH PATH: Some 200 square miles of prime vacant land adjacent to the monument are in the path of Albuquerque's rapid growth. "We're going in that direction and we're going there fast," says John Hartmann, a city transportation official. And a proposal to expand the airport could boost air traffic tenfold from its present 50,000 yearly flights. ONE REQUEST IS WITHDRAWN: Preservationists have achieved one victory. Westland Development Co., which wanted to remove 70 acres from the monument for a 72-hole golf complex and resort, withdrew its request. Despite the Westland withdrawal, others say the area is bound to see other development proposals. TOURISTS VISIT SITE: The Pueblo site is a popular tourist destination. Last year, nearly 250,000 people visited to see 17,000 petroglyphs dating to 1350, a 1000-room Pueblo ruin and five volcanos. Drawings along a 17-mile escarpment are especially striking and include gaping eyes and open mouths. The Pueblo Indians say that the prospect of encroaching development is an assault on their religion. (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