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 Fri, Oct 16 1992 Date: Fri, 16 Oct 92 08:02:01 EDT Message-ID: 10-16 0000 DECISIONLINE: Real Estate USA TODAY Update Oct. 16-18, 1992 Source: USA TODAY:Gannett National Information Network FREDDIE MAC REPORTS INCOME: Freddie Mac said Thursday its third quarter net income increased to $161 million from $149 million in the same period last year. Freddie Mac's third quarter net income declined $4 million from the $165 million the enterprise earned in the second quarter. Freddie Mac buys mortgages from banks, thrifts and other originators, replenishing the amount of mortgage credit available. MIDWEST PROPERTY TAXES ARE HIGH: When calculated as a percent of home market value, Midwest cities - such as Battle Creek, Mich.; Racine, Wis.; Kankakee, Ill.; and Waterloo, Iowa - extract some of the highest real estate taxes in the nation, according to Runzheimer research. Battle Creek residents pay 3.64% of their home's market value in yearly property taxes and Racine residents pay 3.28%. COMMITTEE BACKS PHOTOS: A House Interior Committee report in June bolstered the claim of Project LightHawk, a group that flies daily over the Olympia (Wash.) National Forest, that many areas replanted after being cut by the logging industry failed to grow back. The report cited reconnaissance photos that showed 51,784 of its harvested acres remain bare. The Forest Service Thursday refuted those statistics. SECURED CAPITAL SELLS ASSETS: Secured Capital Corp., a leading real estate investment-banking firm with headquarters in Los Angeles, said Thursday that it is unloading another $420 million of Resolution Trust Corp. hotel assets. Officials said the winning bidder has contracted to buy RTC loans secured by 49 hotel assets located in 14 states. Secured Capital is the RTC's financial adviser. BERKSHIRE REALTY CLOSES BUY: Berkshire Realty Company Inc. Thursday closed its purchase of real estate properties and loans from the Resolution Trust Corp. for just under $39 million. The portfolio consists of interests in nine apartment properties totaling 1,854 units. Eight of the properties are located in Florida with the ninth in Long Island, N.Y. HEALTH CARE MAKES INVESTMENTS: Health Care Property Investors Inc. said Thursday it has made a total of $33.2 million in new real estate investments. The real estate investment trust said it purchased a 99-bed acute-care hospital near Baton Rouge, La., for $11.5 million. It will also buy a portfolio of mortgages secured by long-term care facilities from the Resolution Trust Corp. for $18.5 million. REAL ESTATE CAUSES LOSSES: Great Western Financial Corp. said third-quarter earnings fell 44% from third-quarter 1991 because of an increase in provisions for bad loans and real estate losses. "The increased provisions for loss reserves reflect continuing weakness in real estate markets," said Great Western CEO James F. Montgomery. EQUITY GROUP REPORTS INCOME: Health Equity Properties, a Winston-Salem, N.C.,-based real estate investment trust, said Thursday its net income for the third quarter was $1,944,784 compared to a net loss of $253,087 for the same period of 1991. Year-to-date net income is at $4,450,592. The trust owns 75 long-term health care facilities in five states. ADJUSTERS HAVEN'T MADE ROUNDS: Despite a state-imposed deadline to inspect some hurricane damage by 12 a.m. Friday, many homeowners have reported that they haven't yet seen an adjuster, according to Bloomberg Business News. Last month, Florida Insurance commissioner Tom Gallagher gave the companies a deadline of Oct. 15 to inspect claims on homes, boats and cars filed by Sept. 15. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.01% Thursday, unchanged from Wednesday 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 Wednesday 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% Thursday, unchanged from Wednesday 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 Wednesdayy 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 Thursday, listing at 7.50%. That's up 0.01 from rates of 7.49% Wednesday and up 0.06 from 7.44% the week before. A year ago T-bonds were at 8.02%. 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