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: April 1, 1997
                        (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 April 1, 1997,  Insignia  Commercial Group, Inc., a wholly owned affiliate of
Insignia  Financial  Group,  Inc.,  successfully  completed the acquisition of a
leading  full-service  commercial,  retail and industrial real estate  brokerage
firm in the Chicago  area.  Insignia  Commercial  Group  entered into a purchase
agreement with Frain Camins & Swartchild,  Inc.  ("FC&S") on March 19 to acquire
the outstanding stock in the Company.  The total  consideration paid by Insignia
Commercial  Group for the purchase of FC&S includes $3.5 million in cash paid at
closing and up to an additional  $4.5 million in contingent  payments to be paid
based on certain future revenues.

     FC&S provides  services for over 10 million sq. ft. of space in the Chicago
metropolitan  area,  and offers a full  range of  services,  including  property
management and leasing,  tenant  representation,  industrial  sales and leasing,
land acquisition and disposition,  consulting and construction services. FC&S is
the  third  commercial  acquisition  of 1997 for  Insignia  and  affiliates.  In
aggregate these acquisitions,  which include Stamford, CT based Rostenberg-Doern
Company, Inc., Denver based HMB Property Services, and FC&S, generated more than
$18 million in revenues for 1996 and will increase  Insignia's  commercial  real
estate management portfolio by more than 12 million sq. ft.



Item 7.  Financial Statement and Exhibits

         (c)     Exhibits

    Exhibit No.

          10.1 Stock Purchase Agreement dated as of March 19, 1997, by and among
               Insignia  Commercial Group,  Inc. Insignia  Financial Group, Inc.
               Kirkland B. Armour,  Scott J. Brandwein,  Harvey B. Camins, James
               L. Dieter,  Lyan Homewood  Fender,  Ronald T. Frain, Jay Hinshaw,
               Thomas E.  Moxley,  Robert B. Rosen,  James H.  Swartchild,  Jr.,
               David  Tropp,   Gregg  F.  Witt,   Frain  Camins  &   Swartchild,
               Incorporated, FC&S Management Company and Construction Interiors,
               Inc.

          99.1 Press Release dated March 19, 1997

          99.2 Press Release dated April 1, 1997




<PAGE>

                                   SIGNATURES


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


                                            INSIGNIA FINANCIAL GROUP, INC.

 

                                            By:      /s/ John K. Lines       
                                                     John K. Lines
                                                     General Counsel

Date:  April 17, 1997
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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": "97582960"}, "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: April 1, 1997
                        (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 April 1, 1997,  Insignia  Commercial Group, Inc., a wholly owned affiliate of
Insignia  Financial  Group,  Inc.,  successfully  completed the acquisition of a
leading  full-service  commercial,  retail and industrial real estate  brokerage
firm in the Chicago  area.  Insignia  Commercial  Group  entered into a purchase
agreement with Frain Camins & Swartchild,  Inc.  ("FC&S") on March 19 to acquire
the outstanding stock in the Company.  The total  consideration paid by Insignia
Commercial  Group for the purchase of FC&S includes $3.5 million in cash paid at
closing and up to an additional  $4.5 million in contingent  payments to be paid
based on certain future revenues.

     FC&S provides  services for over 10 million sq. ft. of space in the Chicago
metropolitan  area,  and offers a full  range of  services,  including  property
management and leasing,  tenant  representation,  industrial  sales and leasing,
land acquisition and disposition,  consulting and construction services. FC&S is
the  third  commercial  acquisition  of 1997 for  Insignia  and  affiliates.  In
aggregate these acquisitions,  which include Stamford, CT based Rostenberg-Doern
Company, Inc., Denver based HMB Property Services, and FC&S, generated more than
$18 million in revenues for 1996 and will increase  Insignia's  commercial  real
estate management portfolio by more than 12 million sq. ft.

Item 7.  Financial Statement and Exhibits

         (c)     Exhibits

    Exhibit No.

          10.1 Stock Purchase Agreement dated as of March 19, 1997, by and among
               Insignia  Commercial Group,  Inc. Insignia  Financial Group, Inc.
               Kirkland B. Armour,  Scott J. Brandwein,  Harvey B. Camins, James
               L. Dieter,  Lyan Homewood  Fender,  Ronald T. Frain, Jay Hinshaw,
               Thomas E.  Moxley,  Robert B. Rosen,  James H.  Swartchild,  Jr.,
               David  Tropp,   Gregg  F.  Witt,   Frain  Camins  &   Swartchild,
               Incorporated, FC&S Management Company and Construction Interiors,
               Inc.

          99.1 Press Release dated March 19, 1997

          99.2 Press Release dated April 1, 1997
SIGNATURES

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

                                            INSIGNIA FINANCIAL GROUP, INC.

 

                                            By:      /s/ John K. Lines       
                                                     John K. Lines
                                                     General Counsel

Date:  April 17, 1997