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, Sep 3 1992 Date: Thu, 3 Sep 92 04:19:20 EDT Message-ID: 09-03 0000 DECISIONLINE: Real Estate USA TODAY Update Sept. 3, 1992 Source: USA TODAY:Gannett National Information Network OTS PROPOSES NEW REGULATION: The Office of Thrift Supervision Wednesday proposed a regulation which would allow thrifts to hold less capital against some loans for large apartment buildings. The rule adopts part of the Resolution Trust Corp. Improvement Act of 1991. That law required federal banking agencies to impose a lower capital charge on multifamily housing loans meeting certain underwriting standards. HOMEOWNERS SUE LENNAR HOMES: A group of homeowners whose homes were damaged by Hurricane Andrew filed suit Wednesday against the builder, Lennar Homes Inc. The suit accuses Lennar of not complying with building codes. Lennar is a unit of Lennar Corp., Florida's largest builder. Lennar Homes denied the allegations and said it would contest. The lawsuit did not mention specific problems. NEW SUIT RENEWS OLD ONE:: A group of Florida homeowners has sued homebuilder Lennar Homes for damage the homes sustained in Hurricane Andrew. The 80 homeowners in the West Kendall development of Hampshire Homes also sued Lennar in May 1991. That suit was specific; Wednesday's suit was not. The 1991 suit spoke of the use of untreated wood and ungalvanized stell bolts. IRS PROPOSES FINAL REGULATIONS: The Internal Revenue Service Wednesday proposed final regulations on reporting requirements for Real Estate Mortgage Investment Conduits. The IRS also set a hearing for Nov. 9 on the regulations. Requests to testify and outlines of comments should be submitted to the IRS at P.O. Box 7604, Ben Franklin Station, Attn: CC:CORP:T:R FI-61-91, room 5228, Washington, D.C. 20044. PROPERTY TAXES MAY GO UP: Illinois Sen. John Maitland admits there's no guarantee of property tax relief in a state constitutional amendment on school funding, but he says higher property taxes are almost guaranteed if the amendment is defeated. The amendment on the Nov. 3 election ballot would force the state to pay at least 50% of local school funding instead of the 34% it pays now. WALSH CONSTRUCTION WINS AWARD: Walsh Construction Company, of Trumbull, Conn., announced Wednesday it has been awarded the U.S. Department of Labor's Exemplary Voluntary Effort Award. Walsh, an operating unit of Guy F. Atkinson Company of California, was given the award in recognition of its successful program in recruiting and employing women and minorities in construction trades positions. COLUMBIA DECLARES DIVIDEND: The board of directors of Columbia Real Estate Investments, Inc. announced Wednesday the declaration of a dividend of 19 cents per share, payable on Sept. 30, to shareholders of record at the close of business on Sept. 16. This dividend represents the results of the company's operations for the three-month period ended Aug. 31. HARSCO WINS RAILROAD CONTRACT: Harsco Corp. said Wednesday its Fairmont Tamper division won an eight-year contract for new track construction with a "major U.S. railroad." Harsco valued the contract at about $2 million a year, or a total of $16 million. The company declined to identify the railroad company or say where the work will take place, for "competitive reasons." SIZELER BUYS APARTMENTS: Sizeler Property Investors Inc. announced Wednesday it has acquired the Georgian Apartments in New Orleans. The property consists of 135 apartment units and is located on a major thoroughfare within the city of New Orleans. Although the property is presently fully leased, the company plans to make improvements to the building and add amenities to further its attractiveness. ENGLE HOMES REPORTS RESULTS: Engle Homes Inc. of Boca Raton, Fla., Wednesday reported unaudited results for the third quarter, ended July 31. Revenues totalled $22,760,592, compared to revenues of $14,551,844 for the 1991 third quarter. Net income for the third quarter was down from the same quarter last year, due in part to the initial public stock offering. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.01% Wednesday, unchanged from Tuesday 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 Tuesday but up 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% Wednesday, unchanged from Tuesday 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 Tuesday and unchanged from the week before. A year ago they were at 6.998%. T-BONDS STABLE: Treasury security rates for the 30-year bonds showed a decrease Tuesday, listing at 7.38%. That's the same asTuesday but down 0.03 from 7.41% 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