Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!tamsun.tamu.edu!mtecv2!americast.com!americast.com!usa-post From: usa-post@AmeriCast.Com Newsgroups: usa-today.real,americast.usa-today.real Subject: real Wed, Aug 26 1992 Message-ID: Date: 26 Aug 92 08:21:15 GMT Organization: American Cybercasting Lines: 110 Approved: usa-post@AmeriCast.com 08-26 0000 DECISIONLINE: Real Estate USA TODAY Update Aug. 26, 1992 Source: USA TODAY:Gannett National Information Network HURRICANE CAUSES RECORD DAMAGE: Hurricane Andrew tore through southern Florida early on Monday morning, causing an estimated $15-$20 billion worth of property damage. Insurance industry analysts cautioned Tuesday that it was too early to assess the costs accurately. The storm has already been rated the most financially damaging natural disaster in the history of the United States. HOMEOWNERS SUFFER GREATLY: In Florida, Hurricane Andrew caused the most property damage in a largely suburban swathe some 10-15 miles south of Miami. The town of Homestead, near the centre of the storm, was mostly flattened, with virtually all of its housing destroyed. Miami's city centre escaped with relatively light damage, and damage to tourist destinations was minimal. SURVEY SAYS WEST IS THE BEST: The western and southwestern United States generally are the best places to live, according to Money magazine's sixth annual survey of the nation's most livable cities, released Tuesday. Fifteen of the survey's top 25 sites are located in the two regions. Sioux Falls, S.D., climbed to the number one spot this year. It was 12th in 1991. PROGRAM ADVISES ABOUT HURRICANE: Despite being at the forefront of construction regulations, South Florida apparently took a severe hit from Hurricane Andrew. Clemson University civil engineers said Tuesday that Andrew's next landfall, expected in Louisiana, will be in an area with poorer building practices. The Clemson program correctly predicted damage during Hurricane Hugo in 1989. LOW-RISE BUILDINGS AT RISK: A Clemson University civil engineering program reported Tuesday that low-rise buildings sometimes used as hurricane shelters may be the most vulnerable structures. Engineers note that despite a $3 billion-plus annual loss from wind damage, there is still little commitment to wind research. The program has released a guide to structural preparedness and repair procedures for hurricanes. LOAN DEMANDS GROW: Business loan demand has held steady while consumer borrowings and mortgages have grown since the spring, a Federal Reserve survey says. The survey of 59 domestic and 18 foreign banks found that business loans weren't much changed from the last survey in May, though some large companies are borrowing less. Banks are more willing to make loans to individuals now than three months earlier. GRUBB & ELLIS SELL STOCK: Grubb & Ellis Co. agreed late Monday to sell 67% of its stock to two big investors as part of a bailout plan. The plan is expected to help the biggest U.S. real estate company weather the nationwide real estate slump. Prudential Insurance Co. of America and Warburg, Pincus Investors L.P. (a New York investment group) signed a letter of intent to restructure G&E's debt and equity. GREYHOUND TO SELL SECURITIES: Greyhound Financial Corp., a unit of GFC Financial Corp., filed with the Securities and Exchange Commission to sell as much as $700 million in debt securities, Bloomberg Business News reported Tuesday. The Phoenix, Ariz., provider of collaterized financing of commercial real estate will use proceeds for general corporate purposes, including repaying outstanding debt. TOLL BROTHERS INCOME JUMPS: Toll Brothers Inc. said Tuesday its fiscal third-quarter net income rose to $5.04 million, or 15 cents a share, from $622,000, or 2 cents, in the year-earlier quarter. In addition, the builder said revenue increased to $81.3 million from $49.34 million. Toll Brothers designs, builds and sells luxury single-family homes, townhomes and condominiums in the northeast and mid-Atlantic USA. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 7.87% Tuesday, unchanged from Monday but down from 7.96% the week before. They were at 9.17% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.20%, unchanged from Monday but down from 5.30% the week before. A year ago they were at 7.03%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.40% Tuesday, unchanged from Monday but down from 3.43% the week before. A year ago they were at 5.62%. For the 11th District ARM index, rates were at 5.258%, unchanged from Monday 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 Tuesday, listing at 7.47%. That's up 0.03 from rates of 7.44% Monday and up 0.14 from 7.33% 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. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM