From: hamachi@adobe.com (Gordon Hamachi)
Subject: Real Estate News Summary, Part 117
Organization: Adobe Systems Incorporated
Distribution: usa
Date: Wed, 2 Sep 1992 19:34:59 GMT

Real Estate News Summary, Part 117, August 1992

914. Spring home prices in California and the Northeast remained depressed, but
     boomed in the Pacific Northwest and parts of the Midwest.  Richland and
     Spokane, Washington prices rose 21.7% and 19.7%, respectively, as people
     from California searched for affordable housing.  That was far ahead of
     the national increase of just 2.3%, which failed to keep pace with the
     3.1% inflation over the same period.  Calif. posted a 3.6% price drop in
     Los Angeles and a 3.1% drop in the San Francisco area.  Q2 home sales fell
     27.6% in Georgia, 13% in Delaware, and 9.9% in Calif.  [Associated Press]

915. Houses became more affordable for the typical Bay Area family in Q2
     compared with the same period a year ago.  19% of households in the San
     Francisco Bay Area earned the minimum $76,080 annual income needed to
     qualify for an 80% loan on the median-priced home.  Last year only 15% of
     households qualified for the median-priced home. [San Francisco Chronicle]

916. Kennedy-Wilson will auction 47 condominiums and townhomes in Santa Monica.
     Minimum selling prices from $180,000 to $450,000.  Discounts up to 43% off
     last asking prices of $299,000 to $774,000.  Excellent financing
     available.  No unpublished reserve prices.  You bid with the knowledge
     that at or above the minimum selling price, the high bid will be accepted.
     [Wall Street Journal]

917. Just 30% of Californians call the state one of the best places to live,
     about half as many as in 1989.  As recently as 1985, nearly 80% considered
     California one of the best.  This was the first time in 25 years that a
     majority do not think it is one of the best places to live.  It adds to
     anecdotal evidence of dissatisfaction and reports from moving-van rental
     companies.  Some 15% now call the state a poor place to live, compared to
     3% in 1989.  In the Bay Area, 47% said California was one of the best
     places, down markedly from 75% 3 years ago.  [San Francisco Chronicle]

918. While the rest of the move-up market has languished in the past 3 years,
     Silver Creek Valley Country Club is a beacon of hope.  In the Evergreen
     district of South San Jose, 1,500 acres will be enclosed to form the South
     Bay's first gate-guarded community, similar but superior to Blackhawk in
     Contra Costa County.  There will be 1,550 private residences--ranging from
     $300,000 for a townhouse to more than $1 million for a custom home.
     Although the project is in its infancy, several releases of homes have
     practically sold out.  [San Jose Mercury News]

919. Concerned about losses in a down real estate market, lenders have stepped
     up efforts to investigate and prosecute home buyers who lie about their
     income, employment history, or debts.  Lenders are concerned that
     consumers will get in over their heads and go into default.  There's less
     tolerance for fraud when home prices aren't inflating and the lender's
     underlying security isn't mushrooming in value.  If there is a loss to the
     lender or the borrower has forged a document, the crime becomes grand
     larceny and is prosecuted as a felony.  [San Jose Mercury News]

920. Initiated sales for single-family homes on the Peninsula were up slightly
     in July compared with sales for 1991.  Sales totaled 322, up from 282 in
     1991.  Sales were also up from June's total of 302.  July condo and
     townhouse sales were down to 76 from 88 in 1991, but up slightly from June
     sales of 66.  [Times Tribune]

921. The average California home buyer's mortgage in Q2 was $168,032, down from
     $169,376.  Since 1988, the number of mortgage loans issued with 10% or
     less cash down payment has increased from 17.2% to 26.8%.  [Times Tribune]
Newsgroups: misc.invest.real-estate