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: January 7, 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 January 7, 1998,  Insignia Financial Group, Inc.  (Insignia),  completed
the purchase of rights to perform property management, leasing, and construction
supervision  services for  approximately  4.1 million  square feet of commercial
real estate  located  primarily  in the greater  Chicago  area.  The rights were
acquired from Cohen Financial ("Cohen"),  a Chicago based real estate investment
banking firm,  for an  undisclosed  price.  The portfolio for which these rights
were obtained consists of properties,  including industrial real estate,  office
buildings and retail centers,  either owned or controlled by Cohen,  its managed
funds or affiliates,  as well as those owned by majority  institutions  for whom
Insignia will provide services on a third party basis.

 

Item 7.  Financial Statements and Exhibits

          (c) Exhibits

                  Exhibit No.

                      99.1   Press Release dated January 8, 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/James A. Aston
                          ---------------------
                  
                              James A. Aston
                              Office of the Chairman, Chief Financial Officer



Date:  January 22, 1998
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{"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": "98510852"}, "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: January 7, 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 January 7, 1998,  Insignia Financial Group, Inc.  (Insignia),  completed
the purchase of rights to perform property management, leasing, and construction
supervision  services for  approximately  4.1 million  square feet of commercial
real estate  located  primarily  in the greater  Chicago  area.  The rights were
acquired from Cohen Financial ("Cohen"),  a Chicago based real estate investment
banking firm,  for an  undisclosed  price.  The portfolio for which these rights
were obtained consists of properties,  including industrial real estate,  office
buildings and retail centers,  either owned or controlled by Cohen,  its managed
funds or affiliates,  as well as those owned by majority  institutions  for whom
Insignia will provide services on a third party basis.

 

Item 7.  Financial Statements and Exhibits

          (c) Exhibits

                  Exhibit No.

                      99.1   Press Release dated January 8, 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/James A. Aston
                          ---------------------
                  
                              James A. Aston
                              Office of the Chairman, Chief Financial Officer

Date:  January 22, 1998