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 11 1992 Date: Thu, 11 Jun 92 05:20:27 EDT Message-ID: 06-11 0000 DECISIONLINE: Real Estate USA TODAY Update June 11, 1992 Source: USA TODAY:Gannett National Information Network MOST MARKETS WILL SEE UPTURN: Residential permit volume is projected to increase less than 9%, but homebuilders in nearly 75% of the United States will see an upturn this year, according to U.S. Housing Markets. Among states with the top residential construction volume, only California and Nevada face another downside year, the report says. Florida will match last year's level of activity and top the list this year. PERMIT ACTIVITY SLID IN 1991: The prospective rebound to 1.03 million units in 1992 follows a slide in residential building permits to 948,794 in 1991, according to U.S. Housing Markets. The upswing in residential construction will be stronger in smaller cities and towns and semi-rural areas outside metro areas. The report predicts a 16% gain in outlying areas, compared to about a 7% permit gain in metro areas. SOUTH'S HOUSING MOST AFFORDABLE: The South and the Midwest had the most affordable housing the first three months of this year, according to the national Association of HomeBuilders index out Wednesday. But prices were rising most quickly in the South. In 13 of 51 Southern cities, prices rose more than 10% from a year earlier. The nation's most affordable housing is in Manchester, N.H. RTC ASKS FOR ASSETS BIDS: The Resolution Trust Corp. has announced it is seeking bids on real estate and loans secured by real estate that are assets of Great American Federal Savings Association of San Diego. It's been under RTC supervision since August. The RTC says the portfolio has 21 real estate assets and 61 loans. Bids are due Sept. 10. Term and participating financing are available. Call 202-416-4200. D.C. FINES TO GO TO DEVELOPMENT: Court fines paid by the District of Columbia will provide about $4 million for developing affordable housing there, according to the Journal of Housing. The fines were levied in the 1991 case of Atchison v. Barry. A group of homeless people sued the city for failure to meet its obligation to shelter its homeless. A city law requires that shelters demolished in the '70s and '80s be replaced. MIDWEST EXACTS TOP HOME TAXES: Midsize Midwestern communities such as Battle Creek, Michigan, and Waterloo, Iowa, extract some of the highest real estate taxes in the nation when calculated as a percentage of home market value, according to an analysis by consulting firm Runzheimer International. Runzheimer studied taxes on eight-room homes in neighborhoods of families in the $60,000 income bracket. LOW-TAX LOCATIONS SCATTERED: While high property taxes appeared concentrated in the Northern Midwest and New York, locations for the lowest real estate taxes were scattered, according to research by Runzheimer International. Locations such as Monroe, La.; Honolulu; and Seaford, Del., had the lowest taxes. But "low property taxes often lead to other higher expenses," says Thomas Pfeiffer of Runzheimer. ABC BACKS BUDGET AMENDMENT: Associated Builders and Contractors Wednesday said it endorses the balanced budget amendment that the House will consider Thursday. ABC Vice President Charles E. Hawkins III said the association has long supported an amendment requiring a balanced budget, saying, "It's clear (an amendment) is the only effective way we will get our fiscal house in order." REINVESTMENT BILL PASSES: Rhode Island's Senate Corporations Committee has approved a bill that would require that state funds be deposited only at banks doing a "satisfactory" or better job of community reinvestment. The sponsor says it would provide an incentive for banks to give loans for new homes and businesses in those neighborhoods. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.59% Wednesday, unchanged from Tuesday and down from 8.60% the week before. They were at 9.48% a year ago. For 30-year adjustable-rate mortgages, the rates were 5.94%, unchanged from Tuesday but down from 5.96% the 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% Wednesday, unchanged from Tuesday 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 Tuesday and unchanged also from the week before. A year ago they were at 7.501%. T-BONDS INCREASE: Treasury security rates for the 30-year bonds showed an increase Wednesday, listing at 7.90%. That's up 0.02 from rates of 7.88% Tuesday and up 0.03 from 7.87% the week before. A year ago T-bonds were at 8.55%. 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