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Subject: real Tue, Oct 6 1992
Date: Tue, 6 Oct 92 05:45:32 EDT
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10-06 0000
DECISIONLINE: Real Estate
USA TODAY Update
Oct. 6, 1992
Source: USA TODAY:Gannett National Information Network
    
BILL WOULD HELP HOUSING:
   Housing advocates urged President Bush Monday to sign the tax 
bill now on his desk. The bill includes permanent extension of the 
Low Income Housing Tax Credit, which proponents call the most 
significant tool for producing affordable housing in the USA. 
Officials from the National Equity Fund said the nation's ability 
to produce affordable housing is at a critical juncture.
(For more, see special Bill package below.)
    
HOME BUILDERS URGES REJECTION:
   The National Association of Home Builders asked Congress to 
reject a new multi-billon dollar economic recovery tax bill Monday 
after a $2,500 tax credit for first-time home buyers was deleted. 
A House-Senate conference over the weekend took the incentive out 
of the bill. The NAHB had endorsed the bill Friday when the $2,500 
credit was still a part of the bill.
    
CREDIT WOULD HAVE HELPED:
   National Association of Home Builders President Robert Buchert 
said Monday he withdrew support of the new tax bill proposed by 
Congress. A $2,500 first-time home buyer tax credit, taken out of 
the bill on Saturday, alone would have triggered construction of 
125,000 new homes and put approximately 240,000 Americans back to 
work over the next six months, said Buchert.
    
COLDWELL ATTRACTS FOOTBALL FANS:
   Coldwell Banker salespeople in the Chicago area have tried to 
increase the market during football season. During the company's 
First Down Open House Blitz campaign each weekend this October, 
prospective buyers who visited participating homes were able to 
keep up with the National Football League play-by-play and enter a 
$10,000 drawing.
    
NEW PLAN HAS RECORD YEAR:
   New Plan Realty Trust said Monday it posted record results for 
the 17th consecutive year, as net income for fiscal 1992 rose 24% 
to $49.4 million, or $1.08 a share, from $39.9 million, or $1.05, 
a year ago. Per-share results for the year ended July 31 reflect 
an increase in the weighted average number of shares outstanding 
to 46 million from 38.1 million.
    
DEL WEBB BUSINESS JUMPS:
   Del Webb Corp., developer of retirement communities, said 
Monday its new sales orders have jumped 57% and home closings have 
gone up 41% for the quarter ended Sept. 30, compared to the same 
quarter a year earlier. The company also said that its backlog of 
homes under contract had reached a record level of 1,559 homes 
with a contract amount of $243 million.
    
FIXED-RATE MORTGAGES STABLE:
   The rates for 30-year fixed-rate mortgages from the Federal 
Home Loan Mortgage Corp. were listed at 8.02% Monday, unchanged 
from Thursday and unchanged from 8.02% the week before. They were 
at 8.87% a year ago. For 30-year adjustable-rate mortgages, the 
rates were 5.02%, unchanged from Thursday and unchanged from 5.02% 
the week before. A year ago they were at 6.74%.
    
ARM INDEXES DECLINE:
   The one-year Treasury ARM index rates were listed at 3.02% 
Monday, down from Thursday and down from 3.16% the week before. A 
year ago they were at 5.40%. For the 11th District ARM index, 
rates were at 4.874%, unchanged from Thursday but down from the 
week before. A year ago they were at 6.845%.
    
T-BONDS INCREASE:
   Treasury security rates for the 30-year bonds showed an 
increase Monday, listing at 7.34%. That's up 0.02 from rates of 
7.32% Thursday but are unchanged from 7.34% the week before. A 
year ago T-bonds were at 7.79%.
    
SPECIAL PACKAGE ON BILL:
    
BILL INCLUDES TAX CREDIT:
   A tax bill now on President Bush's desk contains a tax credit 
that provides corporations and individuals with credits against 
federal tax liabilities for their investment in long-term 
affordable housing. Advocates say the tax credit is the leading 
and most successful force for funding the revitalization of 
inner-city neighborhoods and providing housing for low-income 
Americans.
    
BILL WOULD UP INVESTMENT:
   "If the president signs this vital bill, we're confident we can 
raise more than $200 million in corporate investment for 
affordable housing by the end of this year," says Doug Guthrie, 
president of the National Equity Fund. The NEF, the largest 
non-profit syndicator of low income housing tax credits, uses the 
tax credit to raise corporate equity investment dollars in low 
income housing developed by nonprofit community-based 
organizations.
    
REPORT SAYS POOR NEED BILL:
   The National Association of Home Builders also supports the 
signing of the bill, saying it would spur the construction 
industry. A report from Harvard University's Joint Center for 
Housing Studies also says corporate help is needed. The report 
concludes that the recession has put affordable rental housing out 
of reach of more households than ever before.
(End of package.)
    
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
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