Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real,americast.usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Thu, Aug 20 1992 Date: Thu, 20 Aug 92 04:20:23 EDT Message-ID: 08-20 0000 DECISIONLINE: Real Estate USA TODAY Update Aug. 20, 1992 Source: USA TODAY:Gannett National Information Network CALIFORNIA BUILDING SURGES: Kaufman and Broad Home Corp., California's largest single-family home builder, Wednesday said its California home building operations continue to experience a surge in new home sales in the state. Net orders are up 130 percent, to 1,017 units in the first 11 weeks of the company's fiscal third quarter ending Aug. 31. Net orders in the comparable period of 1991 totaled 443 units. BEL FUSE ANNOUNCES AGREEMENT: Bel Fuse Inc. announced Wednesday it has entered into a letter of intent with Daily Crown Development Limited, a subsidiary of Henderson Land Development Co. The agreement was made to sell Bel's Hong Kong property for about $14.5 million in cash. Bel can occupy the facility rent-free for 18 months after final closing and will receive a bonus for early delivery of the vacant premises. STANDARD FEDERAL CLOSES LOANS: Standard Federal Bank announced Wednesday that during the first 7 1:2 months of 1992, it closed over 26,000 home mortgage loans for a total of $2 billion. That compares to $1 billion in loans by the bank for the same period last year and $1.5 billion for all of 1991. VIRGINIANS PUSH FOR STADIUM: A group of Virginia business and civic leaders announced the creation of Virginians for the Stadium Wednesday. The group will spread the word about the economic impact that a stadium for the NFL's Washington Redskins would have in Virginia. Group officials stress the creation of construction jobs and related development, in addition to keeping the Redskins in the Washington area. CITY PLANS EMPLOYEE LOAN DEAL: A mortgage plan to help full-time city employees buy homes in Columbia, S.C. was announced Wednesday. The city, First Union National Bank and the Federal National Mortgage Association will sponsor the Employee Home Loan Program which will allow employees to apply for a mortgage loan with only $1,000. First Union will provide the first mortgages and Fannie Mae will guarantee them. HCPI INVESTS IN PROPERTIES: Health Care Property Investors Inc. announced plans Wednesday to invest at least $25 million in health care-related properties in the Sunbelt region before 1993. Officials said HCPI was interested in facilities that would yield about 4% above 10-year Treasuries. The trust has about $25 million in cash and an $80 million bank line of credit in order to finance any purchases, officials said. WESTINGHOUSE SUFFERS SETBACK: Westinghouse Credit Corp. announced Wednesday it will lose millions of dollars on a bankrupt Florida Keys fishing resort. This is the Pittsburgh lender's third real-estate setback in south Florida in recent weeks. The division of Westinghouse Electric Corp. earlier lost $49 million on the sales of a hotel and two office parks. Second-quarter earnings plunged 89% from 1991. CENTURION MINES NEW LAND: Centurion Mines Corp. acquired a 25% leasehold interest in 1,350 acres of land in the central portion of Utah's Dugway Mining District, Bloomberg Business News reported Wednesday. Centurion said the property is being explored by Santa Fe Pacific Minerals. Santa Fe has carried out an exploration program for gold and other minerals since July. The joint venture involves 9,000 acres. U.S. BANK FINANCES HOUSING: U.S. Bank announced Wednesday a $9-million bond offering for the King County (Wash.) Housing Authority to finance two low- to moderate-income resident housing facilities and refinance a mobile home park for elderly renters. The properties are located in North Seattle. A total of 226 living units are involved in the combined purchase and refinancing bond package. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 7.96% Wednesday, unchanged from Tuesday but down from 8.06% the week before. They were at 9.19% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.30%, unchanged from Tuesday and unchanged from the week before. A year ago they were at 7.05%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.43% Wednesday, unchanged from Tuesday but down from 3.57% the week before. A year ago they were at 5.72%. For the 11th District ARM index, rates were at 5.258%, unchanged from Tuesday and unchanged 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 Wednesday, listing at 7.31%. That's down 0.02 from rates of 7.33% Tuesday and down 0.01 from 7.32% the week before. A year ago T-bonds were at 8.06%. 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