The date of the introductory meeting of the Maryland...

Industry Digest

November 17, 1996

The date of the introductory meeting of the Maryland Multi-Housing Association Inc. was listed incorrectly in Sunday's Real Estate section. The meeting will be tonight at 6 o'clock.

The Sun regrets the error.

Pub Date: 11/20/96

Multi-Housing group to meet Thursday

The Maryland Multi-Housing Association Inc., an affiliate of the National Apartment Association, is holding an introductory meeting at 6 p.m. Thursday at the Mount Washington Conference Center.


Owners, managers and suppliers are invited to learn about the trade organization. The speaker will be Ellen R. Sauerbrey, former minority leader of the state House of Delegates and 1994 Republican gubernatorial nominee.

Information and registration: (410) 821-0500.

House raffle postponed again as tickets go unsold

A raffle drawing for a Severna Park home to raise money for the Easter Seal Society for Disabled Children and Adults has been postponed again because thousands of the $10 tickets remain unsold.

Ron Simmonds, sales agent with Century 21 Crist Realty, said he bought the house at 19 Severn River Road and made improvements with the intention of holding the charity raffle. The four-bedroom rancher is a short walk from a community beach and has been appraised at $243,000.

The problem is that $189,000 of the raffle proceeds would be used to pay off the mortgage, and with only about 19,000 tickets sold to date there would be little left over for the charitable cause, he said.

The drawing first planned for Feb. 17 has been postponed several times. Simmonds has set a drawing date of Dec. 23, and said the raffle may be canceled and money returned to ticket buyers if enough tickets are not sold. For information on raffle tickets, call (410) 761-0212 or 541-7473.

Lower rate, payment spurs refinancing

When homeowners refinance their mortgage, 84 percent do so to gain a lower rate or monthly payment, according to a survey conducted by the Mortgage Bankers Association of America.

The study was conducted among 1,500 homeowners nationwide who either originated or refinanced a home mortgage from January 1991 to March 1996. Eighty percent of those refinancing a home obtained fixed-rate loans, and a third of them took out a larger mortgage than their outstanding balance.

Among those who did not refinance, about 75 percent have fixed-rate mortgages and two-thirds have an interest rate between 6.6 percent and 8.5 percent.

News in brief

Coldwell Banker Grempler Realty announced that its offices will serve as drop-off points for canned food and toys to be donated to needy families in Maryland. Information: (410) 825-6400.

Market Specific Sales Training Inc. said Nancy Matthews-Gainer, president of the Columbia firm which specializes in on-site sales instruction and consulting, has been invited to speak at the National Association of Home Builders' Houston convention in January.

On the move

Chicago Title Insurance Co. appointed Norman Welch business development manager for its offices in Rockville and McLean, Va. Welch is a consulting director for Riggs National Bank of Maryland.

Republic Mortgage Insurance Co., based in Winston-Salem, N.C., said Carl E. Tyree joined the firm as an account representative for Maryland. Tyree has a degree in economics from Salisbury State University.

Pub Date: 11/17/96


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