What realtors around the country are reporting

John Press of John Realty, DeLand, Fla. We're seeing balloon mortgages [low payments for a set number of years and then refinancing] and wrap-arounds [taking existing mortgage and "wrapping" a new mortgage around it], take-backs [buyer takes a second mortgage from the sellers at a negotiated interest rate], High interest rates haven't slowed commercial builders or investors.

Interest rates now are at 15 3/4 with a 2 to 2 1/2 percent loan charge. Marilyn Middlekauff, Gundaker Realtors, St. Louis

Activity here is more brisk than some other cities. Real estate professionals here are very knowledgeable about creative financing techniques.

Loan-assumption deals are being put together where the buyer will assume the loan and the seller will take back a second mortgage.

In general, homes in this area are not up in price in the last two years. Sue Curtis, Shaner Group Inc., Houston

The situation is pretty bad. The houses that are selling are the expensive ones [and] people are having a hard time getting the money: loans are at 16 to 16 1/2 percent, with four to six points.

There are some takeover mortgages, but the banks are escalating to them to just below the market rate.

Houston is more active than most areas. Builders have committed money at a little less than the going rate, but they're not getting much new money to build. John Boyer, Walker & Lee Real Estate, Irvine, Calif.

Interest rates are 16 3/8 and 16 7/8 for 30-year loans.

A builder knows if he doesn't have some kind of [financing] program, no matter how good the development is, the property won't sell. Some builders place money in trust and subsidize the buyer subject to [lender] approvals; the builder puts money in trust at a bank and gives it to you at so much per month to subsidize your monthly payment. The drawback is that usually the lender won't count the subsidy in qualifying the buyers.

First-time buyers are shut out from everything here. In the first five months of '81 for the first time there were no houses starting in Orange County under $100,000.

The starter home now is probably a condo costing $100,000. A $90,000 loan at 15 percent on this starter home means payment in the area of $1,250 to 1,300. Carl Hanacek, Wiley Inc., Realtors, Portland, Ore.

We,re in a severely curtailed housing situation. Volume is off 30 to 40 percent from a year ago. Conventional lending is difficult.

The average price is around $68,000. We're seeing some assumptions of mortgages. And the State of Oregon has a low-interest program for veterans -- 7 .2 percent interest. We're making people aware of that and using it.

People are finding it difficult to move up. Homeowners with 8 or 9 percent mortgages are sitting tight and waiting.

Alternative financing is esential. People are using cars as part of down payments, owners are taking second and third mortgages. Leonard J. Colwell, Realtor, Lexington, Mass.

This year is better than last year, but last year was dreadful. . . . We know of instances where people who qualified at 15 1/4 who couldn't qualify at 16 1/4. The average rate now is 16 1/2; some banks around here are at 17. Some banks report no mortgage money available, but if the buyer can qualify there's no shortage of money.

One new scheme being tried [at a nearby bank]: If a buyer qualifies at 15 1/2 but not 16 1/2, he will be granted the loan if someone pays the bank $500 -- the difference in the revenue lost at the lower rate. Gil Ferguson, director, Californians for Environment, Employment, Economy, and Development, Orange County, California. (Mr. Ferguson is not a realtor.)

For every percentage point you raise interest rates, you disqualify 200,000 families in California. . . . The only way young people can buy a home is through a new GI loan -- Generous Inlaws.

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