Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.real From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: real Tue, May 12 1992 Date: Tue, 12 May 92 05:10:23 EDT Message-ID: 05-12 0000 DECISIONLINE: Real Estate USA TODAY Update May 12, 1992 Source: USA TODAY:Gannett National Information Network MANY L.A. LENDERS FLUNK CRA: An unusually large number of Los Angeles-area lenders have flunked their legal test for serving poor and minority residents, a recent study says. Twelve Los Angeles lenders - nearly 20% of the 64 lenders in the USA that have received the same rating the past two years - have received the lowest rating under the Community Reinvestment Act. The rating: "Substantially non-compliant." CITICORP AT WORK ON O&Y: Citicorp's Bill Rhodes has been asked by troubled developer Olympia & York and its bankers to aid in O&Y's debt negotiations. Last week, Rhodes acted as chairman at meetings between O&Y and its 15 largest bank creditors. Citicorp is considering continuing to fulfill the role until the developer's future is resolved. The group is expected to meet again in the next 10 days. FOES FEAR HOME-PRICE IMPACT: A $65 million bond issue and impact fee on new housing have been proposed to help cope with booming enrollment in Douglas County, Colo., schools. Opponents say that the proposal could increase home prices by up to $3,500. DEVELOPMENT CHALLENGE UPHELD: The Florida hearing examiner Monday upheld a Department of Community Affairs challenge to a proposed 108-acre development in the environmentally sensitive Green Swamp. The decision is seen as giving the DCA greater authority in protecting wetlands. Gov. Lawton Chiles and his cabinet will issue a final ruling. APPLIANCE SHOPPING IS WAY UP: A sign of the improving economy: Appliance shopping is at its highest level in nearly a year. Store-room traffic is up about 18% from last spring, says dealer Fred Crosby, who sells furniture and major appliances in Cleveland. Economists view rising purchases of big-ticket items such as appliances as a healthy sign. It suggests consumers are regaining confidence, key to any economic recovery. JUDGE BLOCKS GOLF COURSE PROJECT: A federal judge in Michigan on Monday issued a temporary order that blocks construction of the Homestead Resort golf course at Glen Arbor. Conservationists are arguing that the project would destroy wetlands. WRIT ANNOUNCES STOCK SPLIT: The Washington Real Estate Investment Trust Monday announced a 3-for-2 stock split to shareholders of record May 21 to be distributed May 29. The trust has had 3-for-2 splits in 1988 and 1985 and had a 3-for-1 split in 1981. Each time the price of stock was brought into the $16 to $19 range. Including this one, there have been total compound splits of more than 10-for-1 since 1981. FIRM DROPS MORTGAGE RATE: Commonwealth Mortgage Co., Massachusetts, Monday announced a drop in the firm's adjustable-rate mortgage to 4.99%. President John J. Sousa Jr. said the ARM "has historically led the way for fixed-rate decreases" and that he expected to see the 30-year mortgage close to 8% and the 15-year mortgage below 8% by mid-June. He cites a large money supply and lethargic economy for the drop. HOUSE OVERRIDES ARSON FUND VETO: The state House in Massachusetts Monday voted 115-25 to override a veto from Gov. William Weld, who vetoed a bill that would appropriate $5 million to help cities tear down buildings that are potential targets of arson. The bill also needs the Senate's approval. AKINS HAS FAST-SELLING CONDOS: Four of the five fastest-selling developments in Orange County for the first quarter of 1992 were condominium neighborhoods offered by Akins Communities Inc., acting as sales and marketing agents for Irvine Pacific, Akins said Monday. The county's top seller is Akins' Shadow Canyon. "Sales figures have been dramatic since (the projects) opened in the fall and winter," Akins said. FIXED-RATE MORTGAGES DECLINE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.75% Monday, down from Thursday and down also from 8.84% the week before. They were at 9.45% a year ago. For 30-year adjustable-rate mortgages, the rates were 6.02%, down from Thursday and down from 6.10% the week before. Rates for a year ago were unavailable. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 4.25% Monday, down from Thursday and down also from 4.34% the week before. A year ago they were at 6.13%. For the 11th District ARM index, rates were at 5.611, unchanged from Thursday and unchanged also from the week before. A year ago they were at 7.654%. T-BONDS DECLINE: Treasury security rates for the 30-year bonds showed a decline Monday, listing at 7.89%. That's down 0.07 from rates of 7.96% Thursday and down 0.13 from 8.02% the week before. A year ago T-bonds were at 8.25%. 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