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CONTINENTAL MORTGAGE AND EQUITY TRUST ANNOUNCES INCREASE OF SHARE REPURCHASE PLAN

 CONTINENTAL MORTGAGE AND EQUITY TRUST ANNOUNCES
 INCREASE OF SHARE REPURCHASE PLAN
 DALLAS, Nov. 5 /PRNewswire/ -- The board of trustees of Continental Mortgage and Equity Trust (NASDAQ: CMETS) today announced it authorized the trust to expand its share repurchase program by 100,000 shares. The repurchase program was originally announced on Dec. 5, 1989.
 The trustees of Continental Mortgage had previously authorized the trust to repurchase a total of 376,667 shares of beneficial interest. Continental Mortgage is now authorized to repurchase a total of 476,667 of its shares, 380,832 of which have been purchased as of today.
 "The board of trustees believes the shares of Continental Mortgage are currently undervalued by the market and that repurchase of the shares represents an excellent opportunity for above-average returns to the trust," said a spokesperson for the trust.
 Continental Mortgage and Equity Trust is a combination mortgage and equity real estate investment trust which operates nationwide.
 -0- 11/5/92
 /CONTACT: Jean Krone Bono of Continental Mortgage and Equity Trust, 214-692-4800/
 (CMETS) CO: Continental Mortgage and Equity Trust ST: Texas IN: FIN SU:


CK -- NY068 -- 3042 11/05/92 11:27 EST
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Publication:PR Newswire
Date:Nov 5, 1992
Words:191
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