From: hamachi@adobe.com (Gordon Hamachi)
Subject: Real Estate News Summary, Part 115
Organization: Adobe Systems Incorporated
Distribution: usa
Date: Fri, 28 Aug 1992 18:15:28 GMT

Real Estate News Summary, Part 115, July 1992

896. Sales of existing single-family homes in the U.S. fell 2.9% in June.  The
     resales rate was down 3.4% from a year earlier.  The National Association
     of Realtors called this a temporary market lag.  [Wall Street Journal]

897. Home resales fell for the 3rd straight month in June, but are expected to
     improve this summer as falling mortgage rates lure reluctant consumers.
     The annual sales rate dropped 2.9% in June.  The National Association of
     Realtors downplayed the drop, blaming the poor showing on the heavy resale
     activity following the Persian Gulf war last year.  Based on declining
     mortgage rates, economists expect a moderate pickup in housing activity in
     July.  But low rates are being offset by general uncertainty over the
     economy.  [Investor's Business Daily]

898. The house approved 2 tax bills which favor people who sell their homes at
     a loss or see them destroyed by disasters.  [Wall Street Journal]

899. A draft Senate tax bill includes all of President Bush's key economic
     initiatives except his capital- gains tax cut.  One would give first-time
     homebuyers a tax credit of as much as $2,500 on purchases made by the end
     of the year.  A tax bill already passed by the House does not include the
     homebuyers' credit.  [Wall Street Journal]

900. Reverse mortgage provider Providential Corp.'s stock plunged 41% in one
     day after the SEC changed the accounting rules used by the reverse
     mortgage industry.  Unless the accounting rules are changed, reverse
     mortgages will be more expensive and less money will be loaned out.
     [San Francisco Chronicle]

901. Consumer confidence tumbled 11.6 points to 61.0 in July, reflecting rising
     anxiety about the job market and the presidential election.  It was the
     biggest month-to-month decline since the depths of the recession in
     October 1991, when the index plunged to 60.1 from 72.9.  Buying plans for
     homes and appliances were markedly lower than in June.  [Associated Press]

902. Americans' wages and salaries failed to keep up with inflation in the year
     ended in June, posting the smallest increase in at least a decade.  The
     2.9% advance was less than the 3.1% inflation rate as measured by the CPI.
     [Associated Press]

903. In Southern California, Bekins Moving and Storage reports 3 trucks leaving
     for every loaded truck coming in.  To meet demand, firms deadhead trucks
     into the state, and offer low rates to incoming clients.  U-Haul says the
     first half of July, saw an 18% rise over last year in outbound traffic
     from Southern California.  California has been an "outbound" market for
     over 2 years, say Atlas Van Lines and others.  Ryder says residents are
     exiting the state more than ever before.  Big destination states include
     Washington, Texas, Arizona, Oregon and Colorado.  [Wall Street Journal]

904. New home sales rose 7.9% in June for the first time in 5 months.  Analysts
     forecast that falling mortgage rates and a possible $2,500 tax credit
     would help build momentum.  Double-digit gains in the Northeast and West
     more than offset slight losses in the Midwest and South.  The median price
     was $122,500 in June, up from $111,000 in May and $119,000 a year ago.
     [Associated Press]
Newsgroups: misc.invest.real-estate