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 Tue, Sep 22 1992 Date: Tue, 22 Sep 92 04:55:02 EDT Message-ID: 09-22 0000 DECISIONLINE: Real Estate USA TODAY Update Sept. 22, 1992 Source: USA TODAY:Gannett National Information Network FANNIE MAE TO FINANCE CENTER: The Foundation of Fannie Mae announced Monday a $5.5 million grant to finance a new National Center for Lead-Safe Housing. It is the largest single grant ever made by the foundation. The Center was jointly established by the Enterprise Foundation and the Alliance To End Childhood Lead Poisoning. An estimated 5 million children are affected by lead from federal housing. CENTER WILL REDUCE RISKS: The National Center for Lead-Safe Housing will recommend model legislation and regulations for use by states and cities to reduce lead paint hazards and develop ways to finance lead hazard reduction. The Center will be financed by Fannie Mae. It will also work with the insurance industry to find ways to provide liability insurance for property owners and contractors who meet standards. LAND PRICES IN JAPAN FALL: Land prices have fallen for the first time since the government began surveys in 1975, Japan's National Land Agency says. Average residential land prices as of July 1 fell 3.8% to $1,117 a square meter from a year earlier. Commercial land prices were down 3.1% to $9,600 a square meter. The agency attributed the decline to a sluggish economy and a new tax for landowners. BANKS SHOULD HOLD ON TO LOANS: In an effort to guard against discrimination in lending, banks should hold on to more of their mortgage loans instead of selling them on the secondary market, Federal Reserve Gov. Lawrence Lindsey said Monday. Many people living in low-income neighborhoods find it difficult to secure loans because institutions employ rigid criteria for making loans, according to Bloomberg Business News. VITALIZERS OFFER HINTS: Here are some hints for home sellers who want to renew their homes, from The Vitalizers: Develop curb appeal; an attractive house and yard is a good way to draw attention. Neutralize your home's appearance; neutral-colored walls or carpet helps buyers visualize their furniture in the home. Maintain and repair; problems that look like a lot of work scare off buyers. CRI MAY INVEST PROCEEDS: CRI Insured Mortgage Association Inc. said Monday it may invest proceeds from the sale of $100 million in medium-term notes in uninsured multifamily notes. The real estate investment trust is based in Rockville, Md., and specializes in multifamily mortgage investments. Under a new strategy, the company can invest up to 20% of its total assets in the uninsured loans. CAPITAL RE RECOVERS FROM O&Y: Capital Re Corp. Chairman Michael Satz said Monday he expects "double-digit growth" from the company, despite its taking a $4.8 million loss reserve for a guaranty on bonds used to finance Olympia & York's troubled 55 Water Street building. Capital Re and an affiliate reinsured Eurobonds backed by securities issued by the failed Olympia & York Water Street Finance Corp. RYMAC CUTS QUARTERLY DIVIDEND: Rymac Mortgage Corp. said Monday it is cutting its quarterly dividend 87.5% to 5 cents a share. Rymac is the latest real estate investment trust that invests in mortgage derivative securities to slash payouts. Rymac said it has reinvested the returned capital into lower coupon mortgages that should be better shielded from future prepayments, as they are less likely to be refinanced. BANYAN APPROVES REPURCHASE: Banyan Strategic Land Trust said Monday it named Dean Witter Reynolds to act as its exclusive agent for its stock buyback plan. In August, the trust said its board approved the repurchase of up to $10 million worth of stock, which will be held as treasury shares. At the time, the trust said it would buy 810,200 shares in a block purchase worth $4.1 million. BRAMALEA REPORTS LOSS: Bramalea Ltd. on Monday reported a loss for the nine months ended July 31, and said it will take a fourth-quarter provision for a drop in the value of its properties. The Canada-based real estate developer reported a loss of $27.6 million, or 38 cents a share, for the period. In last year's fourth-quarter, Bramalea had earnings of $4.3 million, or 2 cents a share. FIXED-RATE MORTGAGES RISE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 7.89% Monday, up from Thursday and up from 7.84% the week before. They were at 8.95% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.03% Monday, down from Thursday and down from 5.15% the week before. A year ago they were at 6.83%. ARM INDEXES DECREASE: The one-year Treasury ARM index rates were listed at 3.15% Monday, down from Thursday and down from 3.17% the week before. A year ago they were at 5.56%. For the 11th District ARM index, rates were at 5.258%, unchanged from Thursday and unchanged from the week before. A year ago they were at 6.998%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Monday, listing at 7.34%. That's up 0.01 from rates of 7.33% Thursday and up 0.09 from 7.25% the week before. A year ago T-bonds were at 7.87%. 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