SECURITIES AND EXCHANGE COMMISSION


                                 WASHINGTON, DC
                                      20549


                                                            


                                    FORM 8-K

                                                           


                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                        Date of Report: February 25, 1998
                        (Date of earliest event reported)


                         INSIGNIA FINANCIAL GROUP, INC.
             (Exact name of registrant as specified in its charter)


       DELAWARE                      0-19066                       13-3591193
(State or other jurisdiction of    (Commission                 (I.R.S. Employer
incorporation or organization)     File Number)                  Identification
                                                                      Number)


                          One Insignia Financial Plaza
                              Post Office Box 1089
                        Greenville, South Carolina 29602
                     (Address of Principal Executive Office)


       Registrant's telephone number, including area code: (864) 239-1000



<PAGE>

Item 5.   Other Events

     On February 25, 1998,  Insignia  Financial  Group,  Inc. (the  "Company" or
"Insignia"),  completed  the  acquisition  of 100% of the stock of Richard Ellis
Group Limited ("Richard Ellis").  Richard Ellis,  located in the United Kingdom,
is a leading real estate services and investment company with management of more
than 20  million  square  feet of  commercial  space.  In  1997,  Richard  Ellis
completed more than 12.5 million square feet of transactions  and sold more than
$2.4 billion of major properties.

     The  acquisition  of Richard  Ellis is valued at $81.5  million,  including
approximately  $24 million in Class A Common Stock of the Company and options to
purchase Class A Common Stock. Approximately $14.7 million of the purchase price
is contingent upon future  performance  measures.  The remainder of the purchase
price is payable in cash  obtained from  borrowings  on the Company's  revolving
credit facility.

 
Item 7.  Financial Statements and Exhibits

          (c) Exhibits

                  Exhibit No.

                      99.1   Press Release dated February 26, 1998


<PAGE>






                                   SIGNATURES



     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report to the  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                         INSIGNIA FINANCIAL GROUP, INC.



                                    By:  /s/Adam B. Gilbert                 
                                    -----------------------------------------
                                         Adam B. Gilbert
                                         General Counsel



Date:  March 23, 1998
[{"type": "8-K", "sequence": "1", "description": "RICHARD ELLIS ACQUISITION", "secsgml_size_bytes": 3111}]
{"company-data": {"conformed-name": "INSIGNIA FINANCIAL GROUP INC", "cik": "0000870480", "assigned-sic": "6552", "irs-number": "133591193", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13962", "film-number": "98570646"}, "business-address": {"street1": "ONE INSIGNIA FINANCIAL PLZ", "street2": "PO BOX 1089", "city": "GREENVILLE", "state": "SC", "zip": "29602", "phone": "8032391000"}, "mail-address": {"street1": "ONE INSIGNIA FINANCIAL PLZ", "street2": "PO BOX 1089", "city": "GREENVILLE", "state": "SC", "zip": "29602"}, "former-company": {"former-conformed-name": "METSOUTH FINANCIAL CORPORATION", "date-changed": "19600201"}}
SECURITIES AND EXCHANGE COMMISSION

                                 WASHINGTON, DC
                                      20549

                                                            

                                    FORM 8-K

                                                           

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                        Date of Report: February 25, 1998
                        (Date of earliest event reported)

                         INSIGNIA FINANCIAL GROUP, INC.
             (Exact name of registrant as specified in its charter)

       DELAWARE                      0-19066                       13-3591193
(State or other jurisdiction of    (Commission                 (I.R.S. Employer
incorporation or organization)     File Number)                  Identification
                                                                      Number)

                          One Insignia Financial Plaza
                              Post Office Box 1089
                        Greenville, South Carolina 29602
                     (Address of Principal Executive Office)

       Registrant's telephone number, including area code: (864) 239-1000
Item 5.   Other Events

     On February 25, 1998,  Insignia  Financial  Group,  Inc. (the  "Company" or
"Insignia"),  completed  the  acquisition  of 100% of the stock of Richard Ellis
Group Limited ("Richard Ellis").  Richard Ellis,  located in the United Kingdom,
is a leading real estate services and investment company with management of more
than 20  million  square  feet of  commercial  space.  In  1997,  Richard  Ellis
completed more than 12.5 million square feet of transactions  and sold more than
$2.4 billion of major properties.

     The  acquisition  of Richard  Ellis is valued at $81.5  million,  including
approximately  $24 million in Class A Common Stock of the Company and options to
purchase Class A Common Stock. Approximately $14.7 million of the purchase price
is contingent upon future  performance  measures.  The remainder of the purchase
price is payable in cash  obtained from  borrowings  on the Company's  revolving
credit facility.

 
Item 7.  Financial Statements and Exhibits

          (c) Exhibits

                  Exhibit No.

                      99.1   Press Release dated February 26, 1998
SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report to the  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                         INSIGNIA FINANCIAL GROUP, INC.

                                    By:  /s/Adam B. Gilbert                 
                                    -----------------------------------------
                                         Adam B. Gilbert
                                         General Counsel

Date:  March 23, 1998