Path: bloom-picayune.mit.edu!enterpoop.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 15 1992 Date: Thu, 15 Oct 92 04:48:41 EDT Message-ID: Lines: 109 10-15 0000 DECISIONLINE: Real Estate USA TODAY Update Oct. 15, 1992 Source: USA TODAY:Gannett National Information Network BUILDING MATERIALS' SALES JUMP: Retail revenue edged higher last month, boosted by Hurricane Andrew rebuilding in Florida and Louisiana. Revenue from sales of durable goods - items expected to last three years or more - jumped 0.8%, boosted by a 2.6% jump in the sale of building materials. The report shows sluggish economic growth continues, economists say. ADJUSTERS WILL MAKE DEADLINE: Insurance companies say they're confident everyone in Florida whose home was damaged by Hurricane Andrew will get a visit from an adjuster by a deadline Thursday, but some disenchanted policyholders are doubtful. State Insurance Commissioner Tom Gallagher last month ordered adjusters to visit by Thursday all homeowners who who filed claims by Sept. 15. MORTGAGE PASSTHROUGHS RISE: Mortgage passthroughs gained another 1:4 Wednesday, propelled by collateral demand from brokers putting together new real estate mortgage investment conduits, according to Bloomberg Business News. Fannie Mae 7.5%s for November closed at 100 11:32 to yield 7.46%. Freddie mac Gold 7.5%s for November finished at 100 17:32 to yield 7.46%. DAMAGE ESTIMATES GO UP: Estimates of Hurricane Andrew property claim payments after Hurricane Andrew jumped to $2.1 billion, officials said Wednesday. Many of the damaged homes did not meet wind resistance building codes on which the earlier estimate, of $1.5 billion, was based. That bumped up the total bill. TENT CITY TO REMAIN OPEN: Homestead, Fla.'s tent city at Harris Field public park will be open for another month, or until housing is found for all of those homeless victims of Hurricane Andrew, officials said Wednesday. Most of those who left Harris Field moved into a temporary trailer park built by the Federal Emergency Agency. Others are waiting for their government-supplied mobile home. TAX RELIEF COMMITTEE FORMED: Bipartisan New Jersey Senate and Assembly leaders will join with elected officials and others to announce Wednesday the formation of the Committee For Real Property Tax Relief. The organization will support passage of a question on November's ballot that would amend New Jersey's Constitution to shift court costs from counties to state, providing property tax relief to New Jersey's home owners. GRAND CASINOS BACK OUT: Grand Casinos Inc. said Wednesday that it won't seek approval by the Bureau of Indian Affairs for its management contract with the Lac Court Oreilles Band of Lake Superior Chippewa. Analyst Bruce Turner of Raymond James & Associates said that Grand Casinos' contract to construct a casino with the Lac Courte Oreilles Band was canceled because of a delay in approval by the bureau. GAYS CAN BE DENIED HOUSING: Housing can be legally denied to homosexuals in Huntington, W.Va., after the city council voted Tuesday night to amend a city discrimination law. City laws currently forbid discrimination in housing, employment and public accommodations based on a number of different delineations. Sexual orientation was taken out of the law. APPLICATION INDEX DROPS: The Mortgage Bankers Association said its basic mortgage application index declined 3.6% to a seasonally adjusted 253.5 in the week ended Oct. 9, from a 263 in the preceding week. The U.S. refinancing application index fell 5% to 951.3, from 1,001.8 in the prior week. The index, tracks the pace of applications for new mortgages and refinancings. 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 down from 8.02% the week before. They were at 8.82% a year ago. For 30-year adjustable-rate mortgages, the rates were 4.97%, unchanged from Tuesday but down from 5.02% the week before. A year ago they were at 6.74%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 3.09% Wednesday, unchanged from Tuesday but up from 3.02% 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 DECLINE: Treasury security rates for the 30-year bonds showed an decrease Wednesday, listing at 7.49%. That's down 0.04 from rates of 7.53% Tuesday and up 0.01 from 7.48% the week before. A year ago T-bonds were at 7.53%. 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