Path: bloom-picayune.mit.edu!snorkelwacker.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 Wed, Nov 4 1992 Date: Wed, 4 Nov 92 05:08:35 EST Message-ID: 11-04 0000 DECISIONLINE: Real Estate USA TODAY Update Nov. 4, 1992 Source: USA TODAY:Gannett National Information Network STUDY SAYS LOAN DENIALS UNEVEN: In a study released Oct. 28, the Federal Reserve says minorities were more likely to be denied home loans than whites last year. Lenders turned down 38% of blacks seeking home loans, 27% of Native Americans and 27% of Hispanics. Whites were turned down at a rate of 17%, while Asians were turned down 15%. SHAWMUT WILL HOLD AUCTION: Shawmut National Corp. will hold a commercial property auction for 162 New England properties in December. Shawmut, which carries the properties at a market value of $46 million, won't provide the properties' original cost. Properties include foreclosed offices, industrial buildings, retail stores, vacant land and multifamily buildings throughout New England. No private homes will be sold. LAWSUIT MAY BE REFILED: A federal lawsuit that had asked that residents of a lead-contaminated housing complex in Portsmouth, Va., be relocated may be refiled after a review of the EPA's $28 million cleanup plan. The plan includes temporary relocations, a lawyer said, but some residents of the Washington Park complex still want permanent relocation. GSA TO HOLD CONFERENCE: More than 200 Washington-area developers, architects, contractors and other design and building industry professionals will attend the U.S. General Services Administration's National Capital Region conference Nov. 16. Officials say there will be sessions to improve communications between GSA and the private sector. The conference will examine facets of business with GSA. AUTHORITY CONSIDERS PARK: The Rhode Island Industrial Recreational Business Authority will consider plans Wednesday to guarantee a $5 million bond for a proposed 228-acre industrial park in Tiverton. The site is among 200 being considered by the Pentagon for 6 regional accounting facilities. Officials say the project would create 7,000 jobs. RESOURCE GROUP SELLS SHARES: Resource Mortgage Group Inc. plans to raise about $50 million by selling common shares to the public for the first time, Bloomberg Business News said Tuesday. The Columbia, S.C., mortgage banking company filed with the Securities and Exchange Commission to sell 5 million common shares in its initial public offering. Proceeds will be used to reduce outstanding debt from mortgage operations. CONNIE LEE CONSOLIDATES INCOME: Connie Lee (College Construction Loan Insurance Association) reported consolidated net income for the third quarter of $1.5 million, a 36% increase over third quarter 1991 earnings of $1.1 million. Connie Lee is the only financial guarantor that exclusively insures and reinsures bonds issued by colleges, universities and teaching hospitals. WESTERN COMPLETES EXPANSION: Western Investment Real Estate Trust and Target Stores Tuesday jointly announced the completion of the first phase of a major expansion and upgrade of Serra Center, a 212,000 square-foot shopping center in Colma, Calif., south of San Francisco. Western and Serra have entered into a new long-term lease with Target, which is the anchor store for the center. WEINGARTEN BUYS SHOPPING CENTER: Weingarten Realty Investors said Tuesday it bought the Independence Plaza Shopping Center in Mesquite, Texas, with Prentiss Properties Realty Advisors, a joint-venture partner. The real estate investment trust said it bought the center from Independence Property L.P. The center is 92% occupied. Weingarten Realty owns 136 real estate projects. GROUP WANTS TO BUY LANDMARK: The Lewis and Clark Spirit Mound Trust citizen's group in Vermillion, S.D., wants to raise $1 million to buy Spirit Mound - a 70-foot knoll - and turn it into a state landmark, president Larry Monfore said. Legend says the mound was inhabited by little people who protected buffalo herds from unnecessary plunder. FIXED-RATE MORTGAGES DECLINE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.21% Tuesday, down from 8.23% Monday but the same as the week before. They were at 8.78% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.12%, unchanged from Tuesday and down from 5.13% the week before. A year ago they were at 6.58%. ARM INDEXES STABLE: The one-year Treasury ARM index rates were listed at 3.50% Tuesday, unchanged from Monday but up from 3.48% the week before. A year ago they were at 5.15%. For the 11th District ARM index, rates were at 4.874%, unchanged from Monday and unchanged from the week before. A year ago they were at 6.714%. T-BONDS UNCHANGED: Treasury security rates for the 30-year bonds were unchanged Tuesday, listing at 7.66%. That's the same as Monday. Rates were up 0.05 from rates of 7.61% the week before. A year ago they 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