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 Tue, Nov 10 1992 Date: Tue, 10 Nov 92 05:07:26 EST Message-ID: 11-10 0000 DECISIONLINE: Real Estate USA TODAY Update Nov. 10, 1992 Source: USA TODAY:Gannett National Information Network SINGLE-FAMILY BUILDING GROWS: Single-family homebuilding has recorded five consecutive quarters of growth despite the USA's weak economic climate, according to U.S. Housing Markets, an industry research publication. Residential building permit volume for July through September was the best for any third quarter since 1989. Nearly all regions of the USA are participating in the housing recovery. CALIFORNIA STILL IS SLUMPING: Although nearly all areas of the USA are part of a recovery for the housing industry, the continuing slump in California remains a major drag on overall activity as builders there recorded another weak quarter. U.S. Housing Markets reports that Californians are having trouble selling their existing homes for the prices they need. That affects Las Vegas, which counts on California buyers. RONIN MAKES ANOTHER ATTEMPT: In an ongoing squabble, La Quinta Realty Corp. Monday strongly urged all the limited partners of its partnership to reject a new consent solicitation begun by Ronin Partners LP. Ronin is seeking to dissolve the partnership and liquidate its assets. La Quinta Realty is the general partner of La Quinta Motor Inns Limited Partnership. (For more, see special Ronin package below.) SOCIETY TO SPONSOR FORUMS: The American Society of Real Estate Counselors says it is sponsoring a series of forums on the latest trends in real estate during its annual convention Tuesday through Friday in Honolulu. Topics include a discussion on whether the real estate credit crunch will end; natural and man-made disasters; and the international challenge of affordable housing. TRUST BUYS CAPITAL INTERESTS: The National Income Realty Trust Monday said it has purchased 100% of the general and limited partner interests of Consolidated Capital Properties II for $2.6 million. The purchase was in completion of Consolidated's bankruptcy reorganization proceedings in the federal bankruptcy court for the Northern District of Texas. CCPII owns 11 apartment complexes. COMPANY HAS PROPERTY OPTION: Georgia-Pacific Corp. Monday announced it has negotiated an option on property for construction of an oriented strand board manufacturing plant near Lynchburg, Va. Oriented strand board is a sheathing grade product made from strands of wood arranged in perpendicular layers and bonded into a panel. The option covers 300 acres of property north of Brookneal in Campbell County. FIXED-RATE MORTGAGES RISE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.29% Monday, up from 8.21% Thursday and up from 8.23% the week before. They were at 8.76% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.17%, up from Thursday and up from 5.12% the week before. A year ago they were at 8.46%. ARM INDEXES UP: The one-year Treasury ARM index rates were listed at 3.58% Monday, up from Thursday and up from 3.50% the week before. A year ago they were at 5.15%. For the 11th District ARM index, rates were at 4.805%, down from Thursday and down from 4.874% the week before. A year ago they were at 6.714%. T-BONDS RISE: Treasury security rates for the 30-year bonds showed an increase Monday, listing at 7.73%. That's up 0.04 from rates of 7.69% Thursday. Rates were up 0.07 from rates of 7.66% the week before. A year ago they were at 7.92%. SPECIAL PACKAGE ON RONIN: ATTEMPT IS FOURTH TRY: The latest attempt by Ronin Partners LP to dissolve the limited partnership of La Quinta Realty Corp. is Ronin's fourth attempt to control the partnership's future since September 1991. It's the third Ronin solicitation since February 1992. La Quinta said that a majority of the limited partners it has spoken to since Ronin's last solicitation did not support Ronin's efforts. RONIN PROPOSALS CALLED RISKY: La Quinta Realty Corp. warned that Ronin's proposals are risky and, if they're implemented, they could mean that a sale of the partnership's assets would bring less value. La Quinta also observed that if Ronin's proposals were adopted the partnership's inns could lose the right to lose the La Quinta name. In addition, AEtna Insurance could foreclose on partnership assets. UNIT HOLDERS GET VOTE: La Quinta said it has admitted all unit holders of record Oct. 30 as substituted limited partners of the partnership. All unit holders of record Oct. 30 will have full voting rights and the economic rights of a limited partner. The move was made to make sure that all unit holders can act to protect their investment in any challenges to the future of the partnership. (End of package.) Real Estate Editor: Beth Mann. (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