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 Fri, Aug 21 1992 Date: Fri, 21 Aug 92 04:08:23 EDT Message-ID: 08-21 0000 DECISIONLINE: Real Estate USA TODAY Update Aug. 21-23, 1992 Source: USA TODAY:Gannett National Information Network MORTGAGE APPLICATIONS JUMP: Mortgage applications jumped 10% from a week earlier, spurred by falling interest rates, the Mortgage Bankers Association says. Nearly 56% of the applications were for refinancing mortgages, down from 59% a week earlier. Last week, 30-year fixed mortgages averaged 7.96%, the Federal Home Loan Mortgage Corp. says. One-year adjustable mortgages averaged 5.30%. O&Y UNVEILS RESTRUCTURING PLAN: Troubled real-estate giant Olympia & York unveiled details of a restructuring plan it will present in bankruptcy court Friday. O&Y is offering creditors as much as an 80% equity stake in the company in exchange for asking its 91 lenders to extend the maturity date on its debt for five years. O&Y and its 28 subsidiaries have debts of about $8.6 billion. PURISTS BATTLE OVER GETTYSBURG: Pressure from encroaching development has landed Gettysburg (Pa.) National Military Park on the Interior Department's "most threatened" battlefields list. While historical purists want to keep the park devoid of commercialized surroundings, others believe the protection is stifling economic growth. Park officials said Thursday they are trying to negotiate with developers. SP FORECLOSES ON KEATING'S HOME: Security Pacific says it is foreclosing on a $2.2 million loan on a 4,500-square-foot home owned by Charles Keating. Keating was convicted in one of the nation's savings and loan frauds. A California couple has agreed to buy the home - on 5.5 acres in the upscale Phoenix suburb of Paradise Valley - for $1.2 million. KEATING WON'T GET PROCEEDS: Charles Keating will get no proceeds from the sale, for $1.2 million, of his home in Paradise Valley, Ariz. Security Pacific says it will foreclose on a $2.2 million loan on the home; because that amount is more than the value of the home, Keating gets no proceeds. He is serving 10 years for securities fraud and faces an October trial on federal charges while head of Lincoln S&L. PREPAYMENTS BOOST RMCI EARNINGS: Resource Mortgage Capital Inc. said Thursday that its year-to-date earnings have benefited from the high current level of mortgage prepayments, and that it may boost its dividend. The real estate investment trust made the announcement in response to heavy trading in its shares. RMCI reported estimated taxable income for the first half of 1992 at $21.3 million, or $1.57 per share. MERRY LAND COMPLETES STOCK DEAL: Merry Land & Investment Company Inc. has completed a public stock offering, officials announced Thursday. The Augusta, Ga.,-based real estate investment trust sold a total of 2,834,700 shares at $10.125 per share, yielding net proceeds of $27 million. Of that amount, $25 million has been invested in three apartment communities located in Atlanta. P&G SELLS TIMBER ASSETS: Procter & Gamble Co. said Thursday it agreed to sell part of its pulp and timber business to Weyerhaeuser Co. for $600 million. The sale includes 175,000 acres of Georgia timberland. In addition, Weyerhaeuser will take over pulp mills in Grande Prairie; Alberta; and Oglethorpe, Ga., and saw mills in Grande Prairie and Barnesville, Ga. FEDDERS TO SELL PLANT TO NYCOR: Fedders Corp. said Thursday it plans to sell its Maryland compressor-manufacturing plant for $76.6 million to Nycor Inc. Under terms of the plant sale, Nycor will pay Fedders $63 million for the net assets and will assume $13.6 million of liabilities. Mycor is a Basking Ridge, N.J.,-based holding company that seeks to acquire manufacturing operations. PHOENIX RE DECLARES DIVIDEND: Phoenix Re Corp., announced Thursday that its Board of Directors has declared a regular quarterly cash dividend on the Company's common and preferred depositary shares. Phoenix Re provides reinsurance products and services to a national and international marketplace, with emphasis on commercial and personal property risks. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 7.96% Thursday, unchanged from Wednesday 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 Wednesday 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% Thursday, unchanged from Wednesday 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 Wednesday and unchanged from the week before. A year ago they were at 7.155%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Thursday, listing at 7.32%. That's up 0.01 from rates of 7.31% Wednesday but down 0.09 from 7.41% the week before. A year ago T-bonds were at 8.05%. 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. 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