AUSTIN, Tex. -- Gov. George W. Bush has appointed three new members of the Texas Real Estate Commission who will serve until Jan. 31, 2005.

James N. Austin, Jr., of Fort Worth is president of the Austin Company, a commercial real estate firm. He is a member of the National Association of Realtors and has more than 16 years experience in commercial real estate. Austin replaces Hazel Lewis of Arlington whose term expired.

Ramon M. "Mick" Cantu of Houston is a senior associate with the law firm of Vinson & Elkins, L.L.P. where he specializes in transactional healthcare law. He is a member of the State Bar of Texas, the American Bar Association and the American Health Lawyers Association. He replaces Mitchell Katine of Houston as a public member on the commission.

Lawrence D. Jokl of Brownsville is vice president of BorderPlex Realty, Inc., specializing in commercial sales, counseling and management. He is past president of the Brownsville-South Padre Island Board of Realtors and is a member of the Texas and National Associations of Realtors and the International Council of Shopping Centers. Jokl was Realtor of the Year in 1995. Jokl replaces Pete Cantu of San Antonio whose term expired.

REALTOR MAGAZINE ONLINE NOW AVAILABLE ON WWW

WASHINGTON, DC /PRNewswire/ -- Realtor Magazine Online -- until now available only to members of the National Association of Realtors via password -- has been made available to everyone.

"Moving Realtor Magazine Online to the World-Wide Web accomplishes several goals," says NAR Senior Vice President for Communications Frank J. Sibley. "We want to make it faster and easier for real estate professionals and others to access the latest business news, our daily features, product-buying information, Web site reviews, columns from experts and other useful information."

Realtor Magazine Online can be found at

http://www.realtormag.com     

MEDIAN PRICE UP 5 PERCENT

COLLEGE STATION, Tex. -- The median price for an existing home sold through a Multiple Listing Service in a metropolitan Texas market is running 5 percent higher than last year.

According to the September issue of TRENDS, the monthly statistical report from the Real Estate Center, the state-wide median sales price is $100,800, up from $99,300 in July 1998.

Texas metro areas with median prices more than $100,000 are:

Austin ($124,600)
Bay Area ($105,600)
Collin County ($149,500)
Dallas ($122,100)
Denton County ($130,400)
Fort Bend ($123,500)
Houston ($101,200)
Montgomery County ($121,000)
Northeast Tarrant County ($129,100)
Markets with median sales prices of less than $75,000 are:

Abilene ($67,000)
Brownsville ($67,400)
Odessa-Midland ($72,100)
Palestine ($60,600)
Port Arthur ($63,100)
San Angelo ($70,200)
Wichita Falls ($70,500)

STARNET FINANCIAL BUYS THE GM GROUP

DALLAS, Tex. /PRNewswire/ -- StarNet Financial, Inc. has announced the completion of its acquisition of The GM Group, Inc., a Dallas-based residential mortgage banking company established in 1994.

The GM Group is an approved FHA and VA loan underwriter offering a comprehensive menu of conventional and government-insured mortgage products.

STEWART, NAR TEAM UP TO OFFER TECHNOLOGY

HOUSTON, Tex. /PRNewswire/ -- Stewart Title is sponsoring the first Technology Learning Center at this year's National Association of Realtors (NAR) convention in Orlando, Fla., Nov. 12-15.

"The NAR Technology Learning Center will offer an opportunity for more than 20,000 Realtors from across the country to learn about our industry's emerging technology," said David Tandy, chief information officer for Stewart Information Services Corp.

Stewart will provide 50 computers for the center and arrange a schedule of diverse sessions on relevant topics taught by industry experts.

For more information, visit http://www.narconvention.org or http://www.stewart.com.

WASHINGTON, DC -- Between 1990 and 1998, the nation's Hispanic population increased 35.2 percent. The number of Hispanics increased from 22.4 million to 30.3 million, according to data released today by the U.S. Census Bureau.

California's Hispanic population is the nation's largest at 10.1 million. California also added the most to its Hispanic population -- 2.4 million -- in those eight years. Texas added the second most with 1.5 million. Other big gainers were Florida (669,000), New York (411,000) and Arizona (345,000). New Mexico led all states with the highest concentration of Hispanics -- 40.3 percent of its overall population.

Nationally, the Asian and Pacific Islander population increased from 7.5 million in 1990 to 10.5 million in 1998, a 40.8 percent gain. Again, California had both the largest population and the biggest numerical gain of any state.

New York added 285,000 Asians and Pacific Islanders. Texas was third with 225,000. New Jersey (176,000) and Florida (115,000) followed. Hawaii had the highest concentration -- 63.4 percent -- of Asians and Pacific Islanders in its 1998 population.

The nation's African American population increased 12.8 percent from 1990-98. New York had the largest African American population with 3.2 million.

In those eight years, Florida recorded the biggest numerical increase of 495,000. Georgia was second, adding 430,000, and Texas third with 382,000. The District of Columbia had 1998's highest concentration of African Americans at 62.3 percent.

The nation's American Indian, Eskimo and Aleut population increased from 2.1 million in 1990 to 2.4 million in 1998, a 14.3 percent gain. California had the largest American Indian population at 309,000. Arizona posted the biggest numerical increase -- 42,000. New Mexico gained the second most (25,000), and Texas was third with 23,000 new American Indians. Alaska had the highest percentage at 16.2 percent.

For more population data, visit the Census Bureau Web site at http://www.census.gov/population/www.estimates/statepop.html.

 CONSUMERS READY TO FLUSH LOW-FLOW TOILETS

UPPER MARLBORO, Md. -- Homeowners and builders are reporting overwhelming dissatisfaction with thousands of low-flow toilets.

Seventy-five percent of homeowners say they have experienced problems with their low-flow toilet in the previous 12 months, according to survey results from the National Association of Home Builders Research Center. According to the same survey, 78 percent of builders and property managers had similar problems.

Most of the nearly 800 builders who participated in the survey in June and July reported problems from more than one homeowner. Some builders reported hundreds of problems. According to the NAHB survey, builders only heard from homeowners about problems 25 percent of the time and manufacturers heard about problems even less -- 9 percent. This led NAHB researchers to conclude, "The true extent of the problems with units on the market is unknown."

The most commonly reported problems with low-flow toilets (i.e. 1.6 gallons per flush) were: multiple flushes needed to clear bowl or residue consistently remains even after multiple flushes; toilets clog easily and overflow often; toilets require more maintenance than older units (3.2 gallons per flush); and low-flow toilets cause damage more often because they clog then overflow.

Builders and homeowners resoundingly agreed that problems with low-flow toilets can't be fixed, although many tried. Builders report a reduction in complaints by educating consumers about low-flow toilets. However, builders also report more callbacks related to low-flow toilets than anything else.

Preliminary test results and other information are available on the NAHB Research Center's Web site at http://www.nahbrc.org.

Low-flow toilets were mandated by the Department of Energy as a water conservation measure in 1992. A bill to eliminate the requirement is pending in Congress.

PRE-OPENING CEREMONY FRIDAY FOR CARTER DOWNTOWN

FORT WORTH, Tex. /PRNewswire/ -- A pre-opening ceremony to unveil the Amon Carter Museum's satellite gallery in downtown Fort Worth is set for 10:30 a.m. on Friday, Sept. 17. The Carter Downtown officially opens to the public on the the following day at 10:30 a.m.

Carter Downtown will display more than 20 favorite masterpieces from the Carter's permanent colletion of American art while the Museum on Camp Bowie is closed for renovation until fall 2001.

BOMA LABELS MANDATED ACCESS 'UNNECESSARY, UNMANAGEABLE, UNCONSTITUTIONAL'

WASHINGTON, DC -- The Building Owners and Managers Association (BOMA) International has told the Federal Communications Commission in a filing why government mandated access to private property is unnecessary, unmanageable and unconstitutional.

BOMA International has long argued that forced access --in this case, the taking of space by telecom service providers within office buildings for the installation and wiring for free or low-government-set prices -- prevents property owners and managers from maintaining control of the basic security and integrity of their buildings.

In its filing, BOMA cites survey and economic analysis that the commercial real estate industry enthusiastically supports and recognizes that competition in telecommunications is beneficial for office buildings and tenants. BOMA's position is that the real estate marketplace can efficiently negotiate and govern building access without government intervention.

HUD HELPS UT-PAN AMERICAN NEIGHBORHOODS

WASHINGTON, DC -- The University of Texas-Pan American in Edinburg will receive a $149,832 grant from the U.S. Department of Housing and Urban Development to revitalize low-income neighborhoods near the campus.

The grant is part of a $7.5 million package announced this week to help 22 colleges and universities nationwide. Pan American is the only Texas institution to receive a grant.

A total of 150 colleges and universities applied for $51 million in Community Outreach Partnership Centers grants.

 UNITED ARTISTS TO OPEN IRVING COMPLEX

DENVER, Colo. -- United Artists Theaters will open its MacArthur Marketplace Theater in Irving on Friday, Sept. 17. The 16-screen theater has more than 4,000 seats.

Auditoriums feature stadium seating, high-back rocker seats with moveable armrests, wall-to-wall screens and digital sound.

FORT BEND RECEIVES GRANT

MISSOURI CITY, Tex. -- U.S. Representative Tom DeLay (R-Tex) joined representatives from Fannie Mae to present the Greater Fort Bend Economic Development Council with a $50,000 challenge grant for the "Excellence at Fifth Street" redevelopment initiative in Fort Bend County.

ATLANTA, Ga. /PRNewswire/ -- Post Properties, Inc. announced yesterday the start of five projects, including a 243-unit in Austin, a 150-acre mixed-use urban neighborhood in Dallas and 264 units in Addison.

The five projects are part of Post's strategy to build diverse, mixed-use, live-work-walk neighborhoods in growing cities and edge cities around the country.

Austin's city apartment homes will begin leasing in the fourth quarter of 2000. Estimated build-out cost is $21 million.

The West Avenue Lofts by Post will feature quick access to Austin's hike and bike trail, downtown's West 6th Street retail district, Whole Foods' flagship store and the Warehouse district. Amenities will include interior courtyards and rooftop terraces.

The development is a public-private partnership with the City of Austin. The land will be leased by Post from the city as part of Mayor Kirk Watson's Smart Growth agenda to encourage development in central Austin and away from more environmentally sensitive areas.

In Dallas, Post is developing the multi-family portion of Legacy Town Center located in the heart of Legacy, one of Dallas' premier business parks.

Legacy Town Center will feature lofts, townhomes, efficiencies and one- and two-bedroom luxury units. The community will have 384 units with a total build-out cost of $32 million. First units should be available in the fourth quarter 2000.

Post also has begun construction on Addison Circle by Post, Dallas' premiere new urban neighborhood featuring a mix of retail, office and residential development reminiscent of the timeless neighborhoods of Boston and New York.

Upon completion, Addison Circle will have more than 1,300 apartments. First units will be available in the fourth quarter of 2000. Total build-out cost is approximately $21 million.

The Addison community will consist of 264 units, including efficiencies, one- and two-bedroom units and townhomes. All units will be within walking distance of the Addison Theater Center and the district's restaurants, shops, public parks and the recently opened Addison Transit Center.

Post's other new projects are in Charlotte, N.C. and Atlanta, Ga. 

EXISTING HOME SALES DROP SLIGHTLY BUT REMAIN STRONG

WASHINGTON, DC -- Sales of existing single-family homes decreased during July but continued on pace to shatter the record annual total recorded last year, according to the National Association of Realtors.

Compared to the previous month, the seasonally adjusted annual rate of existing home sales dropped by 3.9 percent in July to 5.41 million units. Despite this decrease, the monthly sales pace was the third highest ever recorded, topped only by levels posted in March and June of this year. Compared to July 1998, existing home sales increased by 4.64 percent. 

GOOD HUNTING LEASE IMPROVES THE HUNT

COLLEGE STATION, Tex. -- Deer hunting is big business in Texas, and hunting leases remain a constant revenue source for many Texas landowners.

"Texas is unique because it has little federally or state-owned property available for public hunting," says Judon Fambrough, attorney with the Real Estate Center at Texas A&M University. "This gives private landowners control of a major supply of huntable land and affords them a unique source of income."

To help landowners and hunters negotiate hunting leases, Fambrough has written "The Texas Deer Lease," a 15-page guide discussing all aspects of the lease. How to prevent trespassing and poaching, ways to limit entrance to property, liability insurance and landowner liability are just some of the topics covered.

Copies of "The Texas Deer Lease" are $4. Send checks to: Real Estate Center, Mail Stop 2115, Texas A&M University, College Station, TX, 77843-2115. For faster delivery, use a credit card and call 800-244-2144. 

FRAUD -- HURRICANE BY-PRODUCT

SAN ANTONIO, Tex. (BUSINESS WIRE) -- Homeowners facing wind or flood damage inflicted by Hurricane Bret should be alert to the potential for unscrupulous practices by businesses purporting to help with cleanup and repairs.

"After every significant natural catastrophe, there are some individuals and businesses who flock to the area and prey on homeowners," said Henry Viccellio, president of USAA Property and Casualty Insurance Group. "There are a number of red flags homeowners should notice, but one rule of thumb is -- if an offer sounds too good to be true, it probably is."

In 1995 and 1996, the last two years with a significant number of natural disasters, the Federal Emergency Management Agency investigated more than 264 complaints of fraud and abuse. FEMA officials made 80 arrests and indictments and collected more than $18 million in fines and restitution. FEMA's toll-free fraud hotline is 800-323-8603.

According to the National Association of Independent Insurers, homeowners should not do business with contractors who:

-- arrive at a home without being called,

-- have no local office or telephone number,

-- lack proper references or equipment to do the work,

-- demand cash or up-front fees before starting repair work and

-- cannot show licenses, proof of insurance or bonding.

USAA provides its members "A Homeowner's Guide to Hurricane Retrofit." To obtain a copy, call 617-292-2003.

SAN ANTONIO, Tex. (BUSINESS WIRE) -- Construction has begun on Texas Independent Energy's 1000-megawatt natural gas-fired generating plant at Santa Clara in west Guadalupe County, 30 miles northeast of San Antonio.

The $200 million project will more than double the current tax base of the Marion Independent School District, company officials say.

At peak construction, 550 will be at work on the site. In addition to their $25 million payroll, another $10 million to $14 million is expected to flow into the local economy with the purchase of materials and services.

Once in operation, the plant will have a permanent staff of 40-50, an annual payroll of $2.3 million and spend $3 million to $5 million on local purchases.

CHICAGO, Il. /PRNewswire/ -- AMLI Residential Properties Trust has purchased AMLI at Prestonwood Hills -- formerly Jefferson at Prestonwood Hills -- a 272-unit luxury apartment community in Plano.

AMLI now owns 6,254 Dallas apartments.

HOUSTON, Tex. /PRNewswire/ -- Stewart Information Services Corporation has announced its subsidiary, Stewart Title Company, has acquired Cripe Title and Escorw Inc. of Goshen, Ind.

Cripe Title was founded in 1890.

DALLAS, Tex. -- A jury awarded Buster Wigley $4.5 million as compensation for the constant physical pain and imminent death they say was caused by his exposure to asbestos-containing products manufactured by the Georgia-Pacific Corporation.

Wigley has been diagnosed with malignant mesothelioma, asbestos cancer. His job as a latherer/plasterer brought him in contact with various asbestos-containing products. Mesothelioma has been traced to exposure to such products.

DALLAS, Tex. -- National unemployment rates remain at or near the lowest levels recorded in decades. Companies report a hard time filling job openings that call for skilled workers. Many recent grads could choose among a fistful of job offers. In most parts of the country, however, new job production as of mid-1999 was down considerably from levels seen a year earlier.

The overall news is still good. Job gain occurred during the past year in 93 of the nation's 95 largest metros, all except New Orleans and Knoxville. Furthermore, more than half the cities reported employment growth rates of 2 percent or more.

In many areas, however, the number of jobs created from mid-1998 to mid-1999 dropped 20 to 25 percent from the performance recorded a year earlier, according to statistics released by M/PF Research, Inc.

Chicago led the nation in job creation during the past year, generating 103,000 new jobs during the 12 months ending in mid-1999. New York and Los Angeles each added more than 80,000 jobs. Atlanta, Washington, DC and Dallas added some 60,000 to 70,000 new jobs.

The annual expansion pace has slumped by more than 60,000 jobs in Houston. From 103,000 new jobs added from mid-1997 to mid-1998, Houston's new jobs fell to 39,200 jobs created from mid-1998 to mid-1999.

WASHINGTON, DC -- Starts of privately owned housing in July were a seasonally adjusted annual rate of nearly 1.7 million. According to the U.S. Commerce Department's Bureau of the Census, this is 6 percent greater than the revised June rate of almost 1.6 million but 3 percent less than July 1998.

Single-family housing starts for July were a rate of more than 1.3 million, 4 percent more than June. The July rate for buildings with five units or more was 300,000 and for buildings with two to four units was 33,000.

During the first seven months of 1999, 976,500 housing units were started compared with 928,600 units for the same period last year. This is a 5 percent increase.

DAYTONA BEACH, Fla. -- Budget Group, Inc. announced yesterday its selection of Wichita Falls as the site for the company's new 200-seat inbound reservation call center.

Budget will invest nearly $5 million in facilities, furnishings and technology at the call center. The new facility will use integrated voice response units, automatic call distributors and network load balancing.

"Wichita Falls is at the top of our list of sites because of the city's availability of full- and part-time labor, the strong work ethic of its residents and the resources offered by agencies such as the Texas Workforce Commission and Vernon Regional Junior College," Mary Murcott, vice president of Budget's reservation services, said.

Some 325 will be employed at the Wichita Falls center by the summer of 2000. About 70 percent will be full-time employees.

DALLAS, Tex. (BUSINESS WIRE) -- Officials at Trammell Crow Company have agreed to buy computer hardware from Compaq Computers in exchange for providing certain real estate services to Inacom Corp., a technology services company.

"This initiative allows us to leverage buying power for information technology, lower recurring cost and significantly increase our technology services to our employees and customers," Trammell Crow Chief Financial Officer Bob Sulentic says.

WASHINGTON, DC -- According to the Building Owners and Managers Association (BOMA) International, commercial real estate has a significant impact on national economies.

In 1998, for example, BOMA members alone accounted for more than $104 billion in capital expenditures in the office sector. BOMA members paid $22 billion in real estate taxes.

"The BOMA Office Expenditure Index" reveals that building owners and managers spend nearly $10 billion on cleaning services and an additional $2.7 billion in capital expenditures for cleaning; nearly $4 billion on security; $2 billion on elevators and more than $1.5 billion on heating and air conditioning yearly.

BOMA has 17,000 members.

WASHINGTON, DC -- The U.S. economy was described this week as strong but running up against constraints from shortages of labor and some supplies, especially for home building.

Overall, the Federal Reserve's periodic "Beige Book" report notes only scattered signs of rising wages and no broad rise in inflation. This has soothed some concerns in financial markets about higher interest rates.

SAN MARCOS, Tex. -- Rapid growth along Interstate 35 between Austin and San Antonio has produced a new breed of landowner -- those who buy rangeland but are unfamiliar with agriculture and natural resources.

To help these new landowners learn to conserve water and protect water quality on their land, the Texas Agricultural Extension Service is educating them on using best management practices.

The number one rangeland problem, says Brian Hays, extension assistant, is erosion resulting from inadequate vegetation cover on the landscape.

Two watershed demonstration projects currently underway in the Hill Country will show how best management practices affect water quality and conservation. Cedar removal and a moderate grazing plan also are being taught.

"Water is a priority issue in Hays County," says Billy Kniffen, Hays County extension agent. "This is a fast-growing area with lots of land being developed. Most new landowners know little about grazing management or conservation.

For more information, contact your county extension agent.

NEW YORK, NY /PRNewswire/ -- Joseph Littlejohn & Levy, a New York investment firm, and IASIS Healthcare, a Nashville-based hospital management company announced this week they are buying 15 hospitals nationwide, including four in Texas, for more than $800 million.

The Texas hospitals in the deal are Odessa Regional in Odessa; Southwest General in San Antonio, Mid-Jefferson and Park Place Medical, both in the Beaumont-Port Arthur market.

COLLEGE STATION, Tex. -- According to the Real Estate Center's monthly statistical report, "Trends," the state's highest average home prices can be found in North Texas. Data supplied by Multiple Listing Services (MLS) show Collin, Denton and Northeast Tarrant Counties have the state's highest average prices on sales of existing homes. Through June, the state-wide average MLS price was $100,000. The highest were:

1. Collin County -- $148,700

2. Denton County -- $130,400

3. Northeast Tarrant County -- $127,800

4. Austin -- $124,100

5. Fort Bend -- $122,400

6. Dallas -- $122,000

7. Montgomery County -- $118,700

8. Bay Area -- $105,100

9. Houston -- $100,600

10. San Marcos -- $96,700

Realtors will be tooting their own horns -- literally -- if enough musicians can be found for a Realtor show band. The first rehearsal and jam session will be during the November Realtor convention in Orlando.

AUSTIN, Tex. (BUSINESS WIRE) -- Austin-based Fired Up Inc. announced today a partnership with Don Elliott, a former Outback Steakhouse market manager, creating a joint venture to further develop Kona Ranch Steakhouse.

Elliott developed 20 Outbacks in Oklahoma, Arkansas and Kansas over the last seven years. Fired Up Inc. owns and operates 12 Johnny Carino's Country Italian, three Kona Ranch Steakhouses and a Gumbo's Louisiana Style Cafe. Fired Up has ten restaurants under development in Texas, Colorado and Idaho.

McLEAN, Va. -- Freddie Mac's Primary Mortgage Market Survey shows the 30-year, fixed-rate mortgage averaged 8.15 percent, with an average 1.0 point for the week ending today. That's up from 7.89 percent last week and 6.91 percent a year ago.

The 30-year fixed-rate mortgage has not been this high since the week of April 18, 1997, when it averaged 8.16 percent.

Fifteen-year fixed-rate mortgages rose this week to 7.7 percent with an average 1.0 point, up from 7.45 last week. A year ago, the 15-year fixed-rate mortgage was 6.6 percent.

WASHINGTON, DC -- State and local governments employed 12.8 million full-time workers in 1998, 1.7 percent more than in 1997, according to tabulations released yesterday by the Commerce Department's Census Bureau.

Most workers were in education (6.3 million), hospital services (836,000) and police protection (784,000).

HOUSTON, Tex. (BUSINESS WIRE) -- GMAC Commercial Mortgage Corp. said this week it has acquired Allan D. Dannatt & Co., a Houston-based, full-service commercial mortgage banker. Terms of the transaction were not disclosed.

Dannatt is one of Houston's largest commercial mortgage loan originators. The company began in 1986 and currently represents a number of life insurance, conduit lenders and other institutions.

BEAUMONT, Tex. -- The Hotel Beaumont in downtown Beaumont is slated to receive an $8.5 million restoration; $1.45 million will come from Fannie Mae through its American Communities Fund. Fannie Mae will purchase historic tax credits for the Hotel Beaumont, an affordable senior-living facility.

Built in 1922, the 11-story brick building was once Beaumont's premier full-service hotel. Upon restoration, the hotel will be listed on the National Register of Historic Places.

HOUSTON, Tex. -- Stewart Information Services Corp. announced this week it has acquired Granite Title Services of Rochester, New Hampshire. Stewart also acquired 20 percent of Northeast Land Title. Both Granite and Northeast Land Title will operate as divisions of Stewart Title of Northern New England.

ATLANTA, Ga. /PRNewswire/ -- Bank of America announced this week it will provide an unprecedented $3 billion in home mortgage loans for low- and moderate-income families through a program developed with the Neighborhood Assistance Corporation of America (NACA. The new mortgage program will not require a down payment, closing costs or application fees.

Applicants may not have substantial savings and may have past credit problems.

For more information, call 404-607-5318 or 617-250-6222, ext. 208.

HOUSTON, Tex. (BUSINESSWIRE) -- FirstCity Financial Corporation announced today it had lost $43.9 million for the second quarter and $45.4 million for the year. The company officials have decided to sell FirstCity Financial Mortgage Corporation and FirstCity Capital Corporation. If no buyers are found, the company will look at other options, including liquidation.

BOCA RATON, Fla. /PRNewswire/ -- Grand Court Lifestyles, Inc. has bought a senior-living community in Fort Worth and opened a new one in Tyler.

The Grand Court Fort Worth has 140 units. Grand Court Tyler has 126. The two new Texas locations bring to 16 the number of Grand Court communities in Texas. More than 2,100 units are involved.

FORT WORTH, Tex. /PRNewswire/ -- Texas Motor Speedway officials broke ground this week for a $2.5 million clay-surfaced track. Officials hope to have the new track open in time to host the prestigious Pennzoil World of Outlaws spring car races in 2000.

Work will begin immediately on the 4/10-mile track. About 15,000 spectator seats will be available in the stands.

AUSTIN, Tex. -- Texas Real Estate Commissioners heard testimony Monday regarding whether teaching of core or continuing education courses in real estate brokers' offices should be allowed.

The fact that some brokerage firms have developed high-quality training programs and have state-of-the-art training facilities was offered as one reason to do so. Others wondered if inappropriate procedures and a compromise in quality would occur if students are subjected to business-related distractions or if brokerage firms conduct improper recruitment of agents as a result of in-house training programs.

Specific proposals will be discussed at TREC's September meeting.

Commissioners also examined whether TREC should reduce the current ten-hour daily class presentation limit to a maximum of eight hours or whether the agency should impose any hour limit at all on daily classroom attendance. Whether or not to allow open-book exams also was discussed.

New language has been proposed to fine tune the recently adopted rule requiring licensure of out-of-state persons who use the Internet to practice real estate brokerage in Texas. The amendment would require a Texas license only if the out-of-state person is dealing with buyers and sellers who are legal Texas residents and the property is located at least partially within the state.

WASHINGTON, DC -- A median-priced existing home moved a littler further out of reach for some American families during the second quarter. According to the National Association of Realtors (NAR), however, housing affordability remains slightly higher than a year ago.

NAR's composite Housing Affordability Index was 134.5 during the second quarter, down 5.7 percent from 140.2 for the first quarter. The second quarter index is 0.1 points higher than the same period last year.

"It's important to keep in mind that affordability levels during the previous six months were at the highest level since 1973. Even with a decline in the index, homebuyers still enjoy excellent housing affordability conditions," NAR President Sharon A. Millett said.

The index shows half the nation's households had at least 134.5 percent of the income needed to purchase a home at the second quarter median price for an existing home, which was $133,500. Under these conditions, a family earning the U.S median income of $46,492 could afford a home costing $179,600. This index measures affordability factors for all homebuyers making a 20 percent down payment, with an index of 100 being the point where a median-income family has the exact amount of income needed to purchase a median-priced existing home.

DALLAS, Tex. -- According to the latest Apartment Market Performance Report from aptresearch.com, Houston has the "worst performing apartment market" in Texas, and Austin has the best.

Based on surveys of apartment properties in 55 markets nationwide, aptresearch.com notes that Houston's rental rates are growing at 1.6 percent annually, down from 5.5 percent in the third quarter of 1998.

In Austin, apartment rental rates grew at an annual pace of 3.9 percent in the second quarter, up from 2.8 percent in the third quarter of last year. The increase has been attributed to strong job growth and a reduction in apartment permits issued.

WASHINGTON, DC -- The nation's first international commercial real estate conference is set for Sept. 22-24 at the Sheraton Chicago Hotel in Chicago. Sponsored by the National Association of Realtors and the Urban Land Institute, the event will offer a real-life glimpse into the challenges and issues facing today's international commercial real estate market.

"Transact '99 promises to be the biggest event in the commercial real estate market this year," says NAR President Millett.

WASHINGTON, DC -- Fannie Mae and Freddie Mac will be required to buy $2.4 trillion in mortgages during the next ten years, according to Housing and Urban Development Secretary Andrew Cuomo. The mortgages will provide affordable housing for some 28.1 million low- and moderate-income families. The historic action raises the required percentage of low- and moderate-income family mortgage purchases from 42 percent to 48 percent of total purchases in 2000 and to 50 percent in 2001.

WASHINGTON, DC -- National vacancy rates in the second quarter were 8.1 percent in rental housing and 1.6 percent in homeowner housing, according to a recent report from the Commerce Department's Census Bureau.

The rental vacancy rate was not significantly different from the rate in the second quarter of 1998 or from the rate in the first quarter. The homeowner rate was significantly lower than the previous quarter but not significantly different from 1998.

HOUSTON, Tex. -- Just two months after groundbreaking, Royal Oaks Country Club has accepted more than 140 priority reservations at $5,000 each for homes and golf memberships. Company officials estimate home sales on initial reservations could be as high as $70 million.

With full golf memberships for homeowners currently priced at $35,000 and invitational memberships for non-homeowners priced at $45,000, projected revenue on early reservations could be as much as $5.6 million.

Royal Oaks Country Club is a private community with a 24-hour staffed gatehouse just eight miles west of The Galleria on Westheimer Road inside Houston city limits. A Sunrise Colony Company development, Royal Oaks will feature The Fred Couples Signature Course with only 450 full golf memberships available. Semi-custom and custom homes will be priced from $300,000 to more than $1 million.

AUSTIN, Tex. -- Three Central Texas landowners have filed a lawsuit seeking $60 million in damages from the U.S. Fish & Wildlife Service, alleging 220 acres in northwest Austin slated for commercial development were taken ILLEGALLY by the United States.

GDF Realty Investments, Parke Properties and Gary Purcell filed the lawsuit July 28 in the U.S. Federal Court of Claims. Their action comes almost eight weeks after a federal district judge in Austin ruled that U.S. Fish & Wildlife had denied the landowners their right to challenge through judicial review the agency's determination on seven applications for Section 10(A) permits for the property.

U.S. District Judge Sam Sparks said, "The evidence is overwhelming that Fish & Wildlife never intended to grant the applications . . . and for some inexplicable reason has intentionally delayed ruling on them. To force the landowners into economic damage by intentionally delaying a ruling on their applications . . . is simply wrong."

Fish & Wildlife officials contend the property cannot be developed because it is habitat for several endangered insects that live 30 feet below the surface of the property. The landowners contend the government agency denied their permits to place the property in a proposed park and nature preserve.

EDISON, N.J. -- Mellon Bank Corporation's residential mortgage business will be bought by Chase Manhattan Corporation, the second largest U.S. bank.

U.S. Bancorp is buying Mellon's network services, and GMAC, General Motors Corporation's financing arm, is purchasing Mellon's $14 billion commercial mortgage servicing portfolio. Terms of the deal were not disclosed.

AUSTIN, Tex. -- New appointments to the Texas Real Estate Commission's (TREC) Broker-Lawyer Committee and newly established Texas Mortgage Broker Advisory Committee were announced this week.

Ann M. Walker of Houston and Avis Wukasch of Georgetown were appointed to the Broker-Lawyer Committee. Walker is a broker-owner of Keller Williams Realty, Greater Northwest. Wukasch is a broker and sales manager for Prudential Owens Realty offices.

Ronald C. Wakefield of San Antonio and Keno Torres of Houston were named to the Texas Mortgage Broker Advisory Committee. Wakefield is broker and CEO of MegAmerica Mortgage Group, Inc. Torres is a real estate salesperson and consultant with RE/MAX Professional Group.

COLLEGE STATION, Tex. -- While Texas lenders are gaining confidence as the year goes on, Realtor confidence shows signs of waning.

The state's mortgage bankers are confident the third quarter of 1999 will be better for them than was the second. While Realtor confidence remains high, those selling commercial and residential properties are not as confident this quarter as they were in the last.

The latest Texas Real Estate Confidence Index (TRECI) for the third quarter puts lender confidence at .64, the same level as last quarter. Residential Realtors had the biggest drop in confidence -- from .78 to .74. The TRECI for the newly formed commercial Realtor panel is .72.

All numbers in the latest TRECI remain higher than the index's neutral .50 midpoint. TRECI numbers greater than .50 indicate that a greater number of panelists feel positive about the local real estate market than the number who feel negative about the market. TRECI is composed of two parts -- panelist evaluations of the just-completed quarter and their expectations about the market in the coming quarter.

While the third quarter is not the peak selling season for Realtors, it does include two of their better months -- July and August. The fact that Realtor confidence sagged somewhat caught TRECI Project Director Dr. James H. Leigh off guard.

"This is somewhat surprising," says Leigh, associate research scientist for the Real Estate Center at Texas A&M University. "Realtors appear to be cautiously optimistic about coming months."

Austin lenders are less optimistic than others statewide. Austin lenders expectations for the third quarter (.61) are lower than their evaluations of the second quarter (.72).

In contrast, lenders in Dallas-Fort Worth, Houston and San Antonio view the third quarter with optimism. The Dallas lender confidence evaluations of the second quarter are .54, but their expectations for the third are .70. Of the five metropolitan lender segments, San Antonio lenders have the highest expectations for the third quarter (.83), which is .25 more than their second quarter evaluations.

The four major metro areas continue to be particularly hot real estate markets, and the TRECI numbers bear that out, says Leigh. Commercial Realtor panelists in Houston had the highest third quarter expectations among the big cities at .75. Only commercial Realtors in Dallas-Fort Worth had a level less than .70. Generally, commercial panelists expect sales and rentals to remain strong through the third quarter.

"Optimism about residential markets in those metros is more guarded," says Leigh. "Austin Realtors are the most confident about the third quarter with a .78 index, a bit higher than the overall state index of .72 for that group."

Houston Realtors were pleased with the local housing market in April, May and June. Their evaluation of the second quarter led Texas at .82, slightly ahead of Austin at .81. However, Houston residential Realtors had the lowest expectations for the third quarter of any group of panelists at .61. Dallas-Fort Worth was close at .62.

Mortgage Loan Applications Falling, Interest Rates Rising

WASHINGTON, DC -- The Mortgage Bankers Association of America (MBA) released its Weekly Mortgage Application Survey results today, reporting that mortgage loan applications for the week ending July 23 decreased 3.1 percent from last week. Compared to the same week last year, loan applications were down 25.6 percent.

The MBA seasonally adjusted Refinancing Index decreased from 508.3 the previous week to 490.8. The seasonally adjusted Purchase Index decreased from 276.3 the previous week to 267.6. Other seasonally adjusted index activity included the Conventional Index, down to 361.8 from 377.6 the previous week and the Government Index, which decreased from 198.1 the previous week to 197.6.

The average contract interest rate for 30-year, fixed-rate mortgages was 7.86 percent, up from 7.61 percent the previous week with points decreasing from 1.21 to 1.15 for 80 percent loan-to-value loans.

The average contract interest rate for one-year adjustable-rate mortgages was 6.36 percent, up from 6.32 percent the previous week for 80 percent LTV loans.

PMI Overpayment Protection Effective Tomorrow

WASHINGTON, DC -- A new federal law goes into effect tomorrow that will protect homeowners from unnecessary insurance premiums for mortgage loans entered into after that date.

Part of the Homeowners Protection Act of 1998, the new law requires lenders to cancel private mortgage insurance (PMI) when it is no longer needed.

PMI is beneficial in that it protects lenders against loan defaults, and it helps make mortgage financing more accessible to buyers strapped for cash. However, many homeowners continue to pay premiums for this insurance long after reaching the industry standard threshold of 20 percent equity in their homes.

Although most lenders have technically allowed borrowers to cancel PMI, many consumers have been unaware of their right to do so. The new federal mandate does not pre-empt the Texas law requiring annual notification of PMI cancellation options.

HUD Recognizes Seven Texas Projects

WASHINGTON, DC -- Housing and Urban Development Secretary Andrew Cuomo announced this week that seven Texas projects have been selected to receive HUD's "Best Practices Awards" for their outstanding and innovative use of HUD assistance to better serve families and communities.

"These are HUD's equivalent of the Academy Awards, given for an outstanding performance in service of the American people," Cuomo said.

The 100 award winners were selected from more than 3,000 nominees. The Texas winners are:

Austin -- "At Risk Youth Rebuild Lives by Rebuilding Neighborhoods"

Dallas -- "Connections for Homeless Children and Their Parents"

Fort Worth -- "City of Fort Worth and Minyard Food Stores Take on Revitalization of Distressed Area" and "Team Puts 'Troubled' Housing Agency Back on Track in Less Than a Year."

Houston -- "Mobile Medical Unit Meets Health Needs in Harris County"

Lubbock -- "Agency Serves the Under-Served"

Marble Falls -- "The Marble Falls Housing Authority"

HUD also announced a $12,975 grant this week for the Fort Worth Housing Authority. The funds are part of $3.1 million in nation-wide grants to help low-income older people and people with disabilities get health care, meals and other support services they need to continue living in HUD-subsidized housing in 26 states.

Crescent Real Estate Sells Assets For $89 Million

FORT WORTH, Tex. (BUSINESS WIRE) -- Crescent Real Estate Equities Company, one of the nation's largest real estate investment trusts (REITs), announced this week that certain subsidiaries have agreed in principle to sell equity and debt interests in the Dallas Mavericks of the National Basketball Association, interest in American Airlines Center, the new Dallas sports arena development, Victory -- the 66-acre, mixed-use development in downtown Dallas and certain promissory notes related primarily to the Mavericks.

The assets are expected to be sold for approximately $89 million cash.

News Briefs

-- According to recent data from the National Association of Realtors, sales of existing homes increased by 10.6 percent in June, setting a new seasonally adjusted annual rate of 5.53 million units sold. Many analysts believe that rising mortgage rates led to the higher-than-anticipated sales rate.

-- The rate of new construction for new homes and apartments fell by 5.64 percent in June, according to recently released data from the Commerce Department. Work began on 1.57 million units in June, the lowest level since May 1998's 1.54 million. Some analysts believe the decrease in construction could be a sign the U.S. economy is beginning to slow.

DALLAS, Tex. -- The U.S. Environmental Protection Agency is conducting a four-month study to determine the cause of increasing haze over Big Bend National Park in southwest Texas. Air samples will be taken at 40 sites in Texas, Oklahoma and Arkansas during July, August, September and October. Samples will be analyzed for the most common cause of haze. Small amounts of chemicals, known as atmospheric tracers, will be released and tracked to determine the impact of pollution from four locations.

90 Percent Of Manufactured Home Owners Say They Would Buy Again

ARLINGTON, Va. /PRNewswire/ -- Manufactured homes now represent 22 percent of new single-family housing starts. Recent studies reveal 90 percent of manufactured home owners would either recommend a manufactured home to friends and family or would themselves buy another, according to the Manufactured Housing Institute. Research conducted by six industry manufacturers seem to be slightly better than a 1996 survey conducted by Foremost Insurance Group of Companies which found 88 percent satisfaction. A 1998 Owens Corning study found older owners of manufactured housing to be the happiest with their choice. The study found that homeowners believe residences don't require an inordinate amount of maintenance. Agencies regulating manufactured housing and monitoring consumer complaints in the three states with the most manufactured housing -- Florida, North Carolina and Texas -- report complaints range from 2.5 percent to 6.1 percent for homes shipped in 1998.

Home Sales At All-Time High

McLEAN, Va. -- Housing sales will set all-time records again this year, and single-family housing starts will be at the highest level since 1978, according to the latest projections from Freddie Mac economists. Multi-family construction will be at the highest level this decade, and residential fixed investment will top $400 billion in 1999. Overall economic growth remained strong in the second quarter of this year, although Freddie Mac economists expect it to slow later in 1999. Chief Economist Robert Van Order expects growth to be about 3.3 percent this year and 2.5 percent in 2000. Unemployment is at levels not seen since the 1960s, yet inflation remains low. The chances of recession are slight, but there still is some fragility in the economy as the result, in part, to the strength of the housing sector. Freddie Mac economists forecast originations to be about $1.3 trillion, which would make 1999 the second highest level of originations in history. Mortgage originations are about 25 percent of the refinance market currently, down from more than 60 percent last fall. Economists expect the percentage to fall to 20 percent by year's end and remain there next year. Outstanding residential mortgage debt will top $5 trillion by year end, say the folks at Freddie Mac. About one-half is securitized, making the mortgage-backed market larger than the corporate bond market and second only to U.S. Treasury debt in size.

Texas Hot In More Ways Than Weather

IRVINE, Calif. /PRNewswire/ -- There's a new index on the real estate scene. The Investor Hotness Index (IHI) is published by the Meyers Group. It shows, for example, that home building is not keeping up with demand in 81 of 110 U.S. metropolitan areas. According to the IHI, the demand-supply imbalance is greatest in Los Angeles and New York City. With more than 260,000 jobs created in the last 12 months, however, Florida and Texas also are hot housing markets. Texas' growth is more evenly spread throughout the state with San Antonio, Fort Worth-Arlington, Dallas, Austin and Houston all with an IHI of 1.2 to 1.9. The benchmark ratio is 1.22 for the United States but varies somewhat by market. The IHI is calculated from 12-month total employment growth and total building permits.

U.S. Home Reports Record Sales

HOUSTON,Tex. (BUSINESS WIRE) -- U.S. Home Corporation today announced record results for the second quarter ended June 30. Net income was up 30.3 percent to $17.5 million. Total revenues increased 25.1 percent to $459.9 million compared to $367.5 million list year.