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CALIFORNIA REFINANCES

 LA JOLLA, Calif., Dec. 1 -- ~PRNewswire~ -- California home owners refinanced their homes in record numbers in October, according to a real estate information service.
 Dollar volume totaled $15.4 billion, up 5.2 percent from $14.7 billion the month before. The total edged past the previous monthly peak of $15.2 billion for March of this year, according to La Jolla-based Dataquick Information Systems.
 "The perception seems to be that interest rates won't go any lower than they are now, and that they could go up," said Donald L. Cohn, Dataquick CEO.
 "We'll probably see another record refinancing total now in December. The totals would have been even higher if all interested homeowners got the new financing they wanted. But because of flat or declining prices, a lot of the homes don't qualify for a replacement mortgage the size of the current mortgage," Cohn said.
 The number of October refinancings was 107,893 statewide, slightly more than March's 107,791, according to Dataquick.
 Dataquick monitors all real estate transactions statewide and provides real estate information to lending institutions, title companies and industry analysts.
 The surge in refinancing activity was most noticeable in Bay Area counties and in San Diego County.
 While still strong, refinancing activity was not record setting in Los Angeles County or in the Central Valley.
 -0- 12~1~92
 ~CONTACT: John Karevoll, 714-867-7656~


CO: ST: California IN: FIN SU:

BP -- LA029 -- 2599 12~01~92 16:34 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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