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, Jun 4 1992 Date: Thu, 4 Jun 92 05:20:44 EDT Message-ID: 06-04 0000 DECISIONLINE: Real Estate USA TODAY Update June 4, 1992 Source: USA TODAY:Gannett National Information Network ZONE LEGISLATION EXPANDED: President Bush called for new tax breaks for homeowners and families without children Wednesday and proposed bigger breaks for businesses that locate or expand in inner cities. At a Senate Finance Committee hearing, Sen. Don Riegle, D-Mich., said the plan was timely, but more was needed. HUD HOME PLAN RECEIVES SUPPORT: A $1 billion program to promote home ownership among the poor, proposed by Housing and Urban Development Secretary Jack Kemp, received more support Wednesday. William Lucas, a former Michigan gubernatorial candidate and panelist at at lecture series of the Heritage Foundation, endorsed the plan, saying cities should be invigorated through self-help programs. WETLANDS INVENTORY DELAYED: A U.S. Fish and Wildlife Service inventory of the nation's wetlands is far behind schedule and may take a dozen more years to finish, says a government audit. Nearly 420,000 acres of wetlands disappear yearly to development, with even more lost because of delays in the program, says the Interior Department's inspector general. USDA COMPUTER PLANS ATTACKED: The House Agriculture Committee has criticized a Department of Agriculture proposal to buy a new generation of computers for the Farmers Home Loan Administration, part of a $2 billion plan to overhaul the agency. The department doesn't know how to use the technology effectively, said Sen. Patrick Leahy, chairman of the Senate Agriculture, Nutrition and Forestry Committee. SALE AGREEMENT ANNOUNCED: Central Holding Co. is finalizing an agreement to sell real estate franchisor Red Carpet Holding Co. to National Real Estate Service. The sale would include all of the assets of Gallery of Homes Inc. and Tranex Relocation Services Inc. National Real Estate Service is the U.S. arm of the Canadian-based NRS Nation Real Estate Service. CALIF. APPROVES PROPOSITION 152: California voters Tuesday approved by 340,000 votes Proposition 152, a $1.9 billion bond issue to finance school construction. The passage of the proposition, hailed by the California Building Industry Association, will bring nearly 65,000 new jobs to the state and boost the economy, said Dwight Hansen legislative advocate for CBIA. IDAHO GROUP PUSHES FOR TAX CAP: Only 30,000 valid signatures of have been collected for the One Percent Initiative, according to the Idaho Property Owners Association. To be on the November ballot, 32,068 signatures are needed by July 7. Backers of the measure, which would cap property taxes at 1% of value, say they'll push for more signatures before the deadline. L.A. FIRE DESTROYS 22 STORES: Twenty-two Los Angeles stores were destroyed in a fire Wednedsay. The fire, which occurred at a mini mall, caused approximately $3.5 million in damage. The blaze will leave more than 100 people unemployed, said Fire Department spokesman Mike Little. A investigation into the fire is underway. S.C. PASSES HOUSING FUND: A coalition of South Carolina legislators who successfully fought for a $2 million trust fund for low income housing received praise from Gov. Carroll Campbell Wednesday. Under the measure, taxes on real estate transfers would increase by 20 cents on every $500. The tax on a $100,000 house would go up by $40 FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.60% Wednesday, unchanged from Tuesday but up from 8.53% the week before. They were at 9.45% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.96%, unchanged from Tuesday but up from 5.93% the week before. A year ago they were at 7.17%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 4.27% Wednesday, unchanged from Tuesday but up from 4.12% the week before. A year ago they were at 6.13%. For the 11th District ARM index, rates were at 5.427%, unchanged from Tuesday but down from 5.611% the week before. A year ago they were at 7.501%. T-BONDS RISE: Treasury security rates for the 30-year bonds showed a slight increase Wednesday, listing at 7.87%. That's up 0.01 from rates of 7.86% Tuesday but down 0.03 from rates of 7.90% the week before. A year ago T-bonds were at 8.39%. 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