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, Aug 12 1992 Date: Wed, 12 Aug 92 04:31:16 EDT Message-ID: 08-12 0000 DECISIONLINE: Real Estate USA TODAY Update Aug. 12, 1992 Source: USA TODAY:Gannett National Information Network MORTGAGE REGISTRIES NEW GIFT: In a number of states, couples-to-be can now "register" for a mortgage down payment as well as for china and crystal. The Arbor Home Bridal Registry was launched this past spring in eight Eastern states by Arbor National Mortgage of Westbury, N.Y. A registry program started last year by Weichert Realtors of Morris Plains, N.J. is available through several banks in its seven-state area. (For more, see special Registry package below.) ATLANTA DEVELOPERS TO MERGE: Two Atlanta real estate developers have signed a letter of intent to merge, New Market Cos. said Tuesday. Cousins Properties Inc., a commercial developer, is examining the records of New Market, a private strip-center developer, and intends to merge by Sept. 1. If the deal fails, New Market, which is looking for ways to raise capital, would explore mergers with two other companies. LETTER OF INTENT SIGNED: While a merger has not been completed between Atlanta developers New Market Cos. and Cousins Properties Inc., a letter of intent to merge has been signed. New Market Cos. would not disclose the date of the letter or the terms of the proposed merger. Under the agreement, New Market Chairman Daniel DuPree, who owns 90% of the company, would become the president of a Cousins subsidiary. VA RATES CUT: The Department of Veterans Affairs said Tuesday it cut its maximum interest rate for home loans to 7.5% from 8%, effective Wednesday. VA Secretary Edward Derwinski said the drop would qualify more veterans for home loans. Veterans will also be able to refinance existing loans. Maximum rates for graduated payment mortgages and home improvement loans will also be cut by 0.5%. SAKS SIGNS LEASE: Saks Fifth Avenue signed a lease for 150,000 square feet of office space in Tower 49 at 12 East 49th Street, New York, Tuesday. The building will serve as the firm's worldwide headquarters. Tower 49 is located directly across the street from Saks' flagship store on Fifth Avenue. The company's alterations department will also be moved into the new building. MILES HOMES TO MAKE PO: Miles Homes Inc., a maker of pre-cut and packaged building materials, plans to raise about $30.4 million by selling common shares to the public for the first time. Bloomberg Business News reported Tuesday that the Plymouth, Minn., company filed with the Securities and Exchange Commission to sell 3.05 million common shares in the initial public offering. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.06% Tuesday, unchanged from Monday but down from 8.05% the week before. They were at 9.44% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.30%, unchanged from Monday but down from 5.37% the week before. A year ago they were at 7.22%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.57% Tuesday, unchanged from Monday and unchanged from the week before. A year ago they were at 6.18%. For the 11th District ARM index, rates were at 5.258%, unchanged from Monday and unchanged also from the week before. A year ago they were at 7.155%. T-BONDS DECLINE: Treasury security rates for the 30-year bonds showed a decline Tuesday, listing at 7.31%. That's down 0.05 from rates of 7.31% Monday and down 0.12 from 7.43% the week before. A year ago T-bonds were at 8.18%. SPECIAL PACKAGE ON REGISTRY: COUPLES SIGN UP FOR MORTGAGES: Arbor National Mortgage of Westbury, N.Y., reports a deluge of inquiries into its mortgage down payment program; 12 couples have signed up so far. Participants get cards to tuck inside wedding invitations, which give Arbor's number. Gift checks go directly into a money-market account that Arbor sets up in the couple's name. ARBOR SWEETENS POT: Arbor National Mortgage will pay $100 toward closing costs for people who use its Bridal Registry. A 30-year fixed-rate loan from Arbor now runs 7 3:4%. Participating couples earning no more than 115% of their area's median income can put as much as 33% of household income toward the mortgage payment and 38% toward all debt. Normally, borrowers are limited to 28% and 36% respectively. WEICHERT PLAN LESS EXOTIC: Weichert's registry is less frilly. Banks simply open an account; the couple gets the news - and deposit slips - out. Until such registries spread, couples in theory could play copycat. Anyone can open an account, call it a down payment fund and then spread the word to guests. (End of package.) Real Estate Editor: Martin Baucom. (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