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 Fri, Jun 12 1992 Date: Fri, 12 Jun 92 05:19:42 EDT Message-ID: 06-12 0000 DECISIONLINE: Real Estate USA TODAY Update June 12-14, 1992 Source: USA TODAY:Gannett National Information Network HOMES FOR SALE SKYROCKET: If more for-sale signs seem to be appearing on the lawns of neighborhood homes, it's probably true. The number of houses for sale has increased 8.7% since the beginning of the year, according to figures from the National Association of Realtors. It's not unusual for inventories to rise, especially in spring. But numbers are particularly high now. In April, inventory hit 2.75 million. (For more, see special Inventory package below.) SUBURBS CALL OUT TO EXECS: Most executives in charge of real estate at 150 large corporations prefer the suburbs when they consider relocating, according to a survey of the National Association of Corporate Real Estate Executives. The survey by Ernst & Young finds that six of the top 10 choices are on the edges of cities rather than in central business districts. But just 29% predict a relocation soon. ATLANTA, CHARLOTTE IN TOP FIVE: When executives in charge of real estate at 150 large corporations consider relocating, the northern suburbs of Atlanta are the top choice, according to a survey of the National Association of Corporate Real Estate Executives. North Carolina claims two top five cities, Raleigh-Durham and Charlotte. Cost is a top factor in deciding; transferring employees is expensive. MORTGAGE INFORMATION AVAILABLE: People in Michigan can now obtain the latest mortgage rate information through the Michigan Mortgage Rateline or Mortgage RateFax. They are a service of the Detroit Free Press. An audio service is provided free by calling 313-886-6658. A weekly four-page fax costs $4.95 and is available by calling 1-900-370-RATE. BOOT UP HOME ADVICE: Would-be homebuyers now can get some help via personal computer. A program by Home Equity Software called "Buying Your Home" helps potential homeowners decide how much house they can afford; what type of mortgage would be best; and whether they should rent or buy. The program retails for about $50. HOUSING RENOVATION TO GET FUNDS: The Urban Redevelopment Authority of Pittsburgh has approved financing for renovation of 157 housing units as part of the authority's effort to improve housing stock in the Hill District area. URA will provide the program with $3.5 million, including financing from the federal and state supported Rental Housing Development and Improvement Program. FIXED-RATE MORTGAGES STABLE: The rates for 30-year fixed-rate mortgages from the Federal Home Loan Mortgage Corp. were listed at 8.59% Thursday, unchanged from Wednesday 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 Wednesday 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% Thursday, unchanged from Wednesday 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 Wednesday and unchanged also from the week before. A year ago they were at 7.501%. T-BONDS DECLINE: Treasury security rates for 30-year bonds showed a decline Thursday, listing at 7.87%. That's down 0.03 from rates of 7.90% Wednesday and unchanged from 7.87% the week before. A year ago T-bonds were at 8.51%. SPECIAL PACKAGE ON INVENTORY: MORE VIEW IT AS BUYER MARKET: The number of homes for sale is on the rise, up 8.7% so far this year. One reason: The growing perception of a buyer's market. Sellers see lower rates and economic improvements and decide that now is the time to move. In Buffalo, "Our multiple listing book (is as fat as) a phone book," says Century 21 franchise owner Lynda Mason. Mason says she's never seen more homes for sale. SOME AREAS' INVENTORY DOWN: Not all parts of the country are seeing huge inventories, though inventory commonly increases in spring. May inventory in Nashville was down almost 5% from May 1991. One major reason may be that 17 big employees have moved to the eight-county metro area since then, says Joe Adams of Thomson Adams Realtors. That would trim supply. Single-family home sales are up 16.2% from a year ago. CALIFORNIA INVENTORY NORMAL: California inventory is big but normal. The state had a supply of 11.9 months for unsold homes in April, within the usual range of 10 months to 12 months. says Chuck Lamb. Lamb, a Los Angeles area broker, is president of the California Association of Realtors. At the depths of the 1982 recession, inventory peaked at 26.3 months in October. Low point: August 1988, 3.8 months. (End of package.) 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