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 Wed, Sep 2 1992 Date: Wed, 2 Sep 92 04:30:34 EDT Message-ID: 09-02 0000 DECISIONLINE: Real Estate USA TODAY Update Sept. 2, 1992 Source: USA TODAY:Gannett National Information Network FIRST INTERSTATE OFFERS PLANS: First Interstate Bancorp, a bank holding corporation, said Tuesday it will offer three low-rate mortgage plans aimed at lower income customers in a partnership with Fannie Mae. The plans are known as the Down Payment Assistance Program, the Community Advancement Program and the Home Buyers' Assistance Program. Fannie Mae will purchase loans made under the plans. GILMORE WILL AUCTION PROPERTIES: New Orleans-based Gilmore Auction & Realty will auction more than 255 properties on Sept. 18 and 19 at the Hyatt Regency Hotel, New Orleans. Properties include single family homes, condominiums, warehouses, apartments, office buildings, retail strip center, fabrication plant and land throughout the New Orleans area. The auction was commissioned by several major financial institutions. CALIFORNIA FUNDS DEVELOPMENTS: California Housing Director Timothy L. Coyle Monday announced that the state will fund five new rural housing developments that will be affordable to low and moderate income Californians. The $7 million in state bonds funds to be used for the developments were "recaptured" from projects in both urban and rural areas that failed to materialize. FIRST OFFICIAL ESTIMATES OUT: The insurance industry may face 700,000 claims totaling $7.3 billion in Florida alone because of Hurricane Andrew, according to the industry's first estimate. The figure, released Tuesday in Miami, does not include flood damage or losses to public property or agriculture, said Gary Kerney of the American Insurance Services Group. Total damage may range between $20 billion and $30 billion. MELLON TO BUY PORTFOLIO: Mellon Bank Corp.'s mortgage banking unit, Mellon Mortgage Co., will buy Perpetual Savings Bank's $1 billion mortgage servicing portfolio from the Resolution Trust Corp. for an undisclosed sum, Bloomberg Business News said Tuesday. The mortgage portfolio contains 13,000 loans located in Virginia, Maryland and Washington, D.C. It increases Mellon Mortgage's portfolio to $15 billion. O&Y TO VOTE ON RESTRUCTURING: Steven Sharpe, a lawyer for Olympia & York Developments Ltd., said Tuesday the real estate company will likely set a date for a vote on its restructuring plan on Sept. 11. O&Y will also meet then to determine how they will pay operating costs until Oct. 21 when the company's protection from creditors expires. The latest operating cost agreement, reached July 3, expired Monday. JUSTICE APPROVES SALE: Justice Robert Blair of the Ontario Court General Division Tuesday approved the sale of two Olympia & York properties. O&Y sold a 144-acre piece of farmland in Flamborough county in Ontario for a net profit of $280,498 and completed the sale of an office building in North York, Ontario, to Imperial Oil. Lawyers for O&Y said the company made no money on the Imperial Oil sale. OHIO EDISON ANNOUNCES SALE: Ohio Edison announced Tuesday the sale of two series of first mortgage bonds that will reduce interest payments by about $5 million. Proceeds from the sale will be used in early October to redeem the outstanding principal amount of four series of first mortgage bonds totaling $259 million. The new bonds will be offered by Morgan Stanley, Citicorp Securities and Goldman Sachs. HEALTH CARE ANNOUNCES FACILITY: Health Care Property Investors Inc. said Tuesday that it signed a letter of intent to finance and construct a health-care campus in North Austin, Texas, for $76 million. When completed in 1994, the facility will be leased to a joint venture of HealthTrust Inc. and Austin Diagnostic Clinic. The 534,400 square-foot facility will be financed through an $80 million bank credit line. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.01% Tuesday, unchanged from Monday but up from 7.87% the week before. They were at 9.15% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.26%, unchanged from Monday but down from 5.20% the week before. A year ago they were at 6.96%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.52% Tuesday, unchanged from Monday but up from 3.40% the week before. A year ago they were at 5.71%. 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 6.998%. T-BONDS DECLINE: Treasury security rates for the 30-year bonds showed a decrease Tuesday, listing at 7.38%. That's down 0.03 from rates of 7.41% Monday and down 0.09 from 7.47% the week before. A year ago T-bonds were at 8.04%. 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