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, Jun 9 1992 Date: Tue, 9 Jun 92 05:19:54 EDT Message-ID: 06-09 0000 DECISIONLINE: Real Estate USA TODAY Update June 9, 1992 Source: USA TODAY:Gannett National Information Network COMPANY OFFERS HOME KIT: 84 Lumber hopes to attract lower and middle income people with its new home packages offered under the company's Affordable Homes Across America program. The do-it-yourself packages include most materials, instructions and an estimate on additional costs. Buyers can save 5% to 10% over a traditionally built house, says 84 Lumber's Lew Wise. (For more, see special Kit package below.) VA SEEKS DETROIT AREA LAND: The Department of Veterans Affairs is seeking from 160 to 200 acres in the Detroit area for possible development of a national cemetery. Currently, the VA national cemetery nearest Detroit that is open for burials is Ft. Custer National Cemetery in Augusta. FLA. SEEKS FINANCE CENTER: Florida, hoping to attract a federal finance center, is planing to add $2 million to its proposed budget. A House committee Monday approved the money for the project, sought by Pensacola, Milton, Jacksonville, Tampa and Orlando. The federal decision on the project, which could bring up to 7,000 jobs, won't be made until November. N.Y. GRANTS DEVELOPMENT CONTROL: The New York Senate gave final approval Monday to a bill granting the town of Porter in Niagara County greater control over development of property on the Niagara River. The Assembly last week passed the bill, which will now go to Gov. Mario Cuomo. TANGIBLE INVESTMENTS DOWN: Bonds and Treasury bills have shown the best profits this year, according to the Salomon Bros. annual investment survey. The recent savings trend has cut returns on high-priced tangible investments, and with the 1986 Tax Reform Act, tangible investments, such as real estate, are now less attractive, says Richard Salomon at Salomon Bros. LAW ADDRESSES GAY BIAS: A new gay rights ordinance will take effect Friday in Portland, Maine. Under the ordinance, bias against homosexuals in housing, jobs, public accomodations and credit will be prohibited. Foes of the law have asked for its suspension. FIXED-RATE MORTGAGES DECLINE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.59% Monday, down from 8.60% Thursday and down from 8.60 a week before. They were at 9.48% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.94%, down from 5.96% Thursday and down from 5.96% a week before. A year ago they were at 7.24%. ARM INDEXES UNCHANGED: The one-year Treasury ARM index rates were listed at 4.27% Monday, unchanged from Thursday and unchanged from the week before. A year ago they were at 6.13%. For the 11th District ARM index, rates were at 5.427%, unchanged from Thursday and unchanged from the week before. A year ago they were at 7.501%. T-BONDS DECLINE: Treasury security rates for the 30-year bonds showed a decline Monday, listing at 7.84%. That's down 0.03 from rates of 7.87% Thursday and down 0.04 from rates of 7.88% the week before. A year ago T-bonds were at 8.47%. SPECIAL PACKAGE ON KIT: HOME PACKAGE SHOWN TO BANKS: 84 Lumber is introducing its do-it-yourself home packages to lending institutions this month, encouraging them to make loans on the homes. It's a creative way to provide affordable housing, says Sandra Bernier, vice president of Sun Bank Inc. in Orlando, Fla. COMPANY TO EXPAND HOME LINE: Prices on four packages available begin at $39,900 for a 1,200 square-foot model. The largest, at 1,788 square feet, costs $52,400. Prices do not include lots. The company expects to introduce 30 packages by year's end. For buyers willing to do all but the electrical and plumbing work themselves, savings could reach 25% over a traditionally built home. PACKAGE PROVIDES COST ESTIMATES: Approximately one-third of the package's advertised cost is for materials, from lumber to counter tops. The remaining cost covers the estimated cost of the excavation, foundation, grading, construction, and materials and labor for plumbing, heating, electrical work and flooring. Local permits and fees are not included in the price. (End of package.) 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