Lima, Ohio, found most affordable
Lima, Ohio, had the nation's most affordable housing market for the third quarter of 1994, according to the National Association of Home Builders.
Of the 185 metropolitan areas surveyed, San Francisco was the nation's most expensive for housing. The Baltimore area ranked in the middle, the 82nd most affordable. Washington metropolitan area ranked 117.
The NAHB index looks at the percentage of homes sold during the quarter that a family earning the median income could buy.
In Lima, for example, a family earning the median income of $38,600 could have purchased 87 percent of the homes sold during the quarter. But in San Francisco, a family earning the median income of $57,600 could have afforded just 18 percent of the homes sold.
Directory focuses on loan programs
A new directory published by The Tennyson Group Inc. includes information about unusual mortgage loan programs from 108 companies.
Jim Tingley, who coordinated the research for the project, said the Tennyson Directory of Unique Loan Programs is a "comprehensive" guide to affordable loan programs that consumers and professionals in real estate and mortgage banking may not know about.
To uncover "dozens of non-standard loan programs," Mr. Tingley said he sent surveys to more than 1,200 banks, savings and loans, credit unions and mortgage brokers and bankers. From the more than 200 responses received, he selected 108 companies to include in the book. The companies offer mortgages in Maryland, Virginia and Washington.
The directory costs $149.95.
The Tennyson Group is a marketing and consulting firm for the real estate and mortgage lending industries. For more information, call (703) 385-1550.
NEWS IN BRIEF
* Harkins Builders Inc. received a $3.4 million contract from Belleview-Manchester Limited Partnership to convert a five-story building at 342-344 Bloom St. into the 48-unit Belleview/Manchester Housing For The Elderly. The project was designed by architecturalsf Cochran, Stephenson & Donkervoet Inc.
Harkins also received a $4.4 million contract from Country View Elderly Associates Limited Partnership to build the 110-unit Country View Village Apartment in Oxen Hill.
* Hillier/Reed is the new name for W. G. Reed Architecture of Bethesda, which formed a "strategic alliance" with the Hillier Group, a Princeton, N.J., architectural firm with offices in New York; Philadelphia; Kansas City, Mo.; Scranton, Pa.; Dallas; and Sydney, Australia. William G. Reed will serve as managing principal of the new office.
* The Institute of Real Estate Management, a Chicago-based affiliate of the National Association of Realtors, elected Malcolm W. Bates president for 1995. Mr. Bates is president and chief executive of Harrison & Bates Inc. of Richmond, Va. Other new officers are John N. Gallagher, senior vice president with Polinger Shannon & Luchs Co. in Washington, president-elect; and Jo Anne Corbitt, president of Alliance Commercial Real Estate Services in Nashville, secretary-treasurer.
* O'Conor, Piper & Flynn has installed satellite dishes and receivers at its Timonium Training Center to receive programming from the Real Estate Television Network, a subsidiary of Los Angeles-based Jones Naughton Entertainment Inc.
Broadcasts will include information on the latest real estate industry news and trends, and training by nationally known instructors. O'Conor, Piper & Flynn agents will participate in call-in segments.
Please send notices about events, promotions or other news about your real estate company or group or community to Industry Watch, Real Estate Section, The Sun, 501 N. Calvert St., Baltimore, Md. 21278, or fax the information to 783-2517.