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 Mon, Nov 9 1992 Date: Mon, 9 Nov 92 04:44:15 EST Message-ID: 11-09 0000 DECISIONLINE: Real Estate USA TODAY Update Nov. 9, 1992 Source: USA TODAY:Gannett National Information Network BUSH TO RULE ON WETLANDS: President Bush has to carry on his official duties for another 11 weeks and a major issue confronting his administration is a final rule on what constitutes wetlands. The administration backpedaled from a proposal last year amid complaints from the Environmental Protection Agency and others that it would allow the destruction of up to 80% of the wetlands in some regions. CONFERENCE DISCUSSES RIGHTS: The future of property rights, land use and the environmental agenda will be the focus of the National Association of Home Builder's 1992 State and Local Government Affairs Conference. The conference, which opens Monday in Washington, will include a discussion of a recent Supreme Court decision that set new standards on the taking of property by governments. ODUM TO SPEAK AT CONFERENCE: This week's National Association of Home Builder's conference will feature several speakers, including President-elect Bill Clinton transition team liaison Joel Odum. A broad range of issues will be discussed, including impact fees and wetlands legislation. The conference will focus on the increased responsibility of state and local governments in real estate. FREDDIE MAC RELEASES AVERAGE: The Federal Home Loan Mortgage Corp. said Friday the average interest charged on 30-year, fixed-rate mortgages rose to a four-month high of 8.29% last week. After hitting a 19-year low of 7.84% during the week ended Sept. 11, the rate has increased during six of the last eight weeks. Economists say the sluggish economy should keep rates from shooting up dramatically. MEXICO REFERRAL SERVICE SET UP: Residents from the United States will have a new means to purchase real estate in Mexico, with the formation of Inter-Real. Created as a joint venture between McMillin Realty in San Diego and Omarsa in Tijuana, the referral service was formed after receiving a number of inquiries from residents seeking property in Mexico from outside that country. INTER-REAL PROVIDES ASSISTANCE: The new Inter-Real network, created by McMillin Realty and Omarsa, will provide homebuyers direct assistance from leading agents familiar with property sales throughout Mexico. The referral network is the first affiliated with Mexico. The two brokerages anticipate more interrelated growth and development between the two countries, especially within San Diego and Tijuana. HALLWOOD SUFFERS LOSSES: Hallwood Realty Partners said Friday it has suffered net losses of $4.8 million for the three months ended Sept. 30. The number of properties in the partnership's real estate portfolio has decreased significantly since the beginning of 1991 due to the disposal of several properties, the firms said. These properties were disposed of because they were a financial burden. PASSTHROUGHS SURGE: Mortgage passthroughs outperformed Treasuries Friday, in part because of concerns about the Treasury's $37 billion refunding next week, Bloomberg Business News said. Mortgage investors also received some reason for cautious optimism about premium mortgage-backed securities. Prepayments on Federal National Mortgage Association mortgages are probably at their peak, analysts said. REPORT CONFIRMS TROUBLES: A new report released by the Interior Department's Office of the Inspector General confirms serious threats to America's national parks. According the National Parks and Conservation Association, the inspector general found "serious and irreversible degradation" of resources in national parks. He said they have emphasized visitor programs over natural resources management. COMPANY TO UNVEIL PROGRAM: Jon Douglas Co. is starting a new real estate program in Southern California called Operation "Must Sell." The company will introduce the network at a media conference on Tuesday in Beverly Hills. In a press release announcing the conference, the Jon Douglas Co. stressed that the event is not an auction. PREPAYMENTS HELP JHM: JHM Mortgage Securities said Friday its taxable income for the period ended Sept. 30 was $1.13 million. Officials of the McLean, Va., partnership said prepayment activities had protected income. The partnership has recently started a mortgage origination program, which it says ill increase profits. BUY RITE FOUND GUILTY: Buy Rite Real Estate of Cranston, R.I., violated an anti-discrimination law by not accepting black educator William Fennessee's apartment deposit in 1987, a Superior Court judge ruled Friday. The judge said "Jim Crow was alive and well in Rhode Island in 1987." Buy Rite officials said the application was rejected because the deposit was "untimely." LAW FIRMS CHECK UP ON BUILDINGS: The Americans With Disabilities Act is being viewed by some law firms as a sure-fire way of pulling the legal industry out of the recession, according to the Corporate Legal Times. Ogletree, Deakins, Nash, Smoak & Stewart has been offering its clients audits. When conducting an audit, a team of lawyers armed with tape measures tours the building with the safety manager. 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