Insignia Financial Group Inc. reported Net EBITDA climbed 28% to $25.2 million. Its per share rate rose 18%. The convertible preferred stock issued this past February is being given the credit for this particular rise. Service revenues rose 14% to $219.9 million, attributable to growth of the commercial real estate operation.

Thanks to its real estate operations, Insignia's income in this area rose 55%. "The strength of our commercial property services platform in the United States and United Kingdom, coupled with our growing presence in continental Europe, offset softer results from our US residential businesses. Realty One's businesses have been adversely affected primarily by higher mortgage rates," says Andrew L. Farkas, the current chairman and chief executive officer, in a statement accompanying the report. "While Douglas Elliman's business, exceptionally strong through the first half of 2000, has returned to a normal pace."

"Insignia remains our top pick within the property services sector," saiys Marks and Chang. "Notably, this valuation assumes all of the company's Internet investments and initiatives are worthless." They continue, "For those worried about the real estate cycle and the brokerage business in general, remember what you said a year ago before cash flow grew by 40%. We encourage you to wake up and take a look at this incredible value."Chang and Marks predicted that the net disbursement on Gordon's life insurance policy would give Insignia "additional financial flexibility." Gordon's passing in September left Insignia with $19.1 million in non-taxable income. In Insignia's reported financial results for the third quarter 2000, the company acknowledges net income rose to $27 million or $1.11 per share, up from $5.4 million or $0.24 per share for the third quarter of 1999, because of the proceeds from the policy.