From: hamachi@adobe.com (Gordon Hamachi)
Subject: Real Estate News Summary, Part 112
Organization: Adobe Systems Incorporated
Distribution: usa
Date: Thu, 20 Aug 1992 18:56:18 GMT

Real Estate News Summary, Part 112, July 1992

872. Residential mortgages rates fell to a 19 year low, fueling a strong
     rebound in refinancing.  Most analysts agree that the lower rates are not
     enough to pull the industry out of its anemic recovery.  For housing sales
     to really take off the country needs more jobs and income growth as well
     as a cessation in layoffs.  [Wall Street Journal]

873. Completion of new homes rose 12.8% in May after declining 6.7% in April.
     Housing starts rose 11% in May.  The housing industry started '92 strongly
     after a severely depressed 1991.  But activity has been leveling off,
     despite lower interest rates.  [Reuters]

874. Japan's land prices fell 4.6% in the year ending March 31, their first
     drop since the 1975 oil-shock recession.  The Japan Real Estate Economy
     Institute says property values for Japan's 6 largest metropolitan centers
     have fallen 18.1% from their peak.  In the Tokyo area, commercial values
     have slipped 13.7% and residential values 35.3%.  Many private analysts
     say actual market conditions are even worse.  Metropolitan land prices
     could slide an additional 5 to 10% in the next 9 months.
     [Wall Street Journal]

875. Housing starts fell 3.2% in June, led by a 21% dive in apartment
     construction.  Housing analysts predict that lower interest rates will
     fuel a stronger Q3 for home construction; fixed rates are the lowest in 19
     years.  Apartment vacancies have scarcely fallen from a 1988 peak of 1.5%
     to about 10.2% now.  [Wall Street Journal]

876. Home value changes (1987=100) [Wall Street Journal] 	
               ======OVERALL======  ==$100-$200,000===  ===OVER $200,000===                
               In     Month  Year   In     Month  Year   In     Month  Year 
               May    Ago    Ago    May    Ago    Ago    May    Ago    Ago
    Northeast 102.44 -1.00% -0.19%  95.45 -0.54% -1.05%  89.60 -2.07% -1.78%
    Midwest   114.56  0.69   2.58  106.56 -0.04   2.07  102.41 -0.26   6.25
    South     109.79  0.97   4.53  104.42 -0.89   1.90   98.32 -4.18  -0.23
    West      122.53  0.53  -1.61  122.22  0.39  -3.30  116.76  1.85  -3.38
    National  114.74  0.81   0.74  111.83 -0.42  -2.14  107.58 -0.08  -2.79

877. LFC Real Estate Marketing Services will auction waterfront condominiums on
     Newport Beach, California's Balboa Peninsula.  Minimum bids from $275,000
     to $822,000.  Previous asking prices from $499,000 to $1,495,000.
     [Wall Street Journal]

878. The Resolution Trust Corporation Irvine, California Sales Center will sell
     24 commercial and residential properties by sealed bid.  Submit bids by
     August 11, 1992.  [Wall Street Journal]

879. The Resolution Trust Corp. will auction 169 land parcels, residential,
     commercial and industrial properties in Texas.  Properties to be sold
     ABSOLUTE to the highest bidder, regardless of price.  To find out about
     other RTC real estate properties, call 1-800-RTC-3006, extension 141.
     [Wall Street Journal]

880. A leading national environmental groups is developing an innovative new
     mortgage program that would award borrowers who live close to work in
     urban areas.  The assumption is that borrowers would have to spend less on
     transportation and would have more disposable income to pay off a
     mortgage.  Therefore, the lender could qualify the buyer for a larger
     mortgage.  [San Jose Mercury News]
Newsgroups: misc.invest.real-estate