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, Oct 8 1992 Date: Thu, 8 Oct 92 04:25:12 EDT Message-ID: 10-08 0000 DECISIONLINE: Real Estate USA TODAY Update Oct. 8, 1992 Source: USA TODAY:Gannett National Information Network EASTERN EUROPE GETS GRANT: The U.S. Agency for International Development will grant $3.5 million toward the development of real estate markets in Eastern Europe. USAID and the Eastern Europe Real Property Foundation will sign the committment Thursday at the State Department. PARENT PROGRAM IMPLEMENTED: Merrill Lynch Credit Corp. in New York has developed the Parent Power program to eliminate the need for a down payment, according to the October issue of Real Estate Today magazine. Parent Power takes the place of family sponsors by using sponsors' assets as a basis for a guarantee. To use the program, buyers obtain a sponsor and apply for a mortgage. Merrill Lynch provides all of the funds. LOWE PURCHASES SUNRIVER: Lowe Enterprises Inc. said Wednesday it will purchase Sunriver Lodge and Resort, Sunriver Realty and Sunriver Utilities Co. in Bend, Ore. The terms of the agreement were not disclosed, but the sale should be closed in three months. Connecticut Mutual Life Insurance Co. previously owned the properties, which include a 176-room lodge and two golf courses. MBA INDEXES DROP: The Mortgage Bankers Association said Wednesday its basic mortgage application index dipped about 4.9% to a seasonally adjusted 261.8 in the week ended Oct. 2, from 275.2 in the preceding week. The U.S. refinancing application index declined about 4.3% to 1,003 in the week ended Oct. 2, from 1,048 in the prior week. DEAL SHOULD AUGMENT REVENUE: Mitsui Fudosan Co., a major real estate company in Japan, will sell 50% ownership in a high rise building in Kawasaki City to Mitsui Life Insurance for $504 million, Bloomberg Business News reported Wednesday. The deal is intended to augment falling revenue from condominium sales. Miysui Fudosan is saddled with huge debt. NORTH AMERICAN MORTGAGES SOAR: North American Mortgage Co.'s mortgage business is booming. Officials said Wednesday the company's September mortgage loan originations rose 227% to $1.24 billion from $380 million a year earlier. The mortgage banker said the refinancing of existing mortgages accounted for 74% of total loan originations in the month, up from 42% in September 1991. TRUST WILL KEEP CLIENT: Western Investment Real Estate Trust doesn't expect a troubled tenant to reject its leases after being sold by its parent company, Bloomberg Business News said Wednesday. Thrifty Corp., which was sold by Pacific Enterprises in September, is expected to stay in all locations it leases from Western. Thrifty's 89,000 square feet account for 2% of the trust's funds from operations. ADMINISTRATION WILL REFINANCE: The Maryland Community Development Administration said today it wants to refinance $44 million in defaulted housing bonds backed by the failed Mutual Benefit Life Insurance Co. to pay bondholders in full. The refunding would retire two bond issues: A $26.8 million issue sold to finance Chase Ridge Apartments, and a $16.8 million issue that financed Chase Lea Apartments. PCL STARTS CAMPUS CONSTRUCTION: PCL Construction Services of Irvine said Wednesday it has started construction on the new $47 million, seven-building John Anderson Graduate School of Management on the campus of UCLA. The new complex will reflect the adjacent Royce Hall's Romanesque architecture. The buildings will total 279,000 square feet and will vary from four to five stories in height. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.02% Wednesday, unchanged from Tuesday and unchanged from the week before. They were at 8.87% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.02%, unchanged from Tuesday and unchanged from the week before. A year ago they were at 6.74%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.02% Wednesday, unchanged from Tuesday but 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 Tuesday and unchanged 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 Wednesday, listing at 7.48%. That's up 0.07 from rates of 7.41% Tuesday and up 0.10 from 7.38% the week before. A year ago T-bonds were at 7.91%. 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