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 Thu, May 21 1992 Date: Thu, 21 May 92 05:20:57 EDT Message-ID: 05-21 0000 DECISIONLINE: Real Estate USA TODAY Update May 21, 1992 Source: USA TODAY:Gannett National Information Network DISNEY TO DELAY MALL: Walt Disney Co. is delaying plans for a two million-square-foot regional shopping mall in Osceola County, Fla., part of the company's planned Celebration Township just south of its theme parks in Orlando. The mall will be delayed two years until the retail industry can rebound, says Todd Mansfield, senior vice president at Disney Development. OFFICES, HOMES STILL PLANNED: Walt Disney Co., despite delaying plans for a regional shopping mall in Osceola County, Fla., will continue with other elements of the planned Celebration Township. Disney expects to break ground late this year on 1,000 homes at the first of four residential villages at the 4,400-acre site. Construction of Disney Development offices in the same area will start later this year. BANKS HELP RIOT VICTIMS: Wells Fargo and Bank of America and several other major banks have announced that they will extend grace periods of up to 90 days to victims of the Los Angeles riots. The banks also are providing emergency loans at lower than prime interest rates. Consumers and business owners can also contact attorneys at disaster center for advice on legal matters, such as insurance claims. RIOT RELIEF TO BE AVAILABLE: To help finance Los Angeles disaster relief, $775 million in insurance proceeds will be made available to families and businesses to cover riot damage, California Gov. Pete Wilson announced Wednesday. The relief will cover all types of claims, including buildings and property damage and loss of income, Wilson said. JAPANESE LAND PRICES FALL: In the six months leading up to May, residential property prices in Japan fell 12.3%, the largest post-war drop, says a survey of urban property values. The figures reveal the pressure on financial institutions that have extensive loans in the property market, experts say. Commercial and industrial property prices fell by 1.9% in the same period, the Japan Real Estate Institute said. TENN. MORTGAGE COSTS JUMP 25%: Median monthly mortgage costs in Tennessee increased nearly 25% during the 1980s, new Census figures show. The median cost in 1990 was $594, compared to $476 in 1980. After adjusting for inflation, the average income of Tennesseans rose 4.7% from $23,702 in 1979 to $24,807 in 1989. WOMEN SHOULD OWN PROPERTY: Owning property can help women avoid financial vulnerability during retirement, says Carole Sinclair, author of "When Women Retire: The Problems They Face & How to Solve Them." Women should have their own income, setting aside enough for a three-month contingency. With the rest, buy a piece of real estate. If the property is not needed early on, it can be rented, Sinclair says. MACY TO GO AHEAD WITH OPENINGS: Although R.H. Macy plans to close eight of its 120 department stores by August 1, the retailer says it still plans to open 12 news department stores in the next three to four years. Among the stores to close: Newark, N.J.; Brooklyn and New Rochelle, N.Y.; Plainfield, N.J.; Hunt Valley, Md.; Avondale, Ga.; and Columbia, S.C. FIRM REPORTS INCREASED ORDERS: A rejuvenated housing market has improved business prospects, TJ International, a building materials firm, reported at its annual stockholder meeting in Boise, Idaho. The firm also reported that order files were significantly up from a year ago at the Trus MacMillan joint venture and three wood window companies. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.64% Wednesday, unchanged from Tuesday but down from 8.75% the week before. They were at 9.50% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.97%, unchanged from Tuesday but down from 6.02% the week before. A year ago they were at 7.23%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 4.12% Wednesday, unchanged from Tuesday but down from 4.25% the week before. A year ago they were at 6.13%. For the 11th District ARM index, rates were at 5.611%, unchanged from Tuesday and unchanged from the week before. A year ago they were at 7.654%. T-BONDS CLIMB: Treasury security rates for the 30-year bonds showed a decline Wednesday, listing at 7.80%. That's up 0.03 from rates of 7.77% Tuesday but down 0.04 from 7.84% the week before. A year ago T-bonds were at 8.27%. Real Estate Editor: Christopher Goldthwaite. (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