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 Earliest Event Reported: August 21, 1996


                         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: (803) 239-1000


                 _______________________________________________


<PAGE>


Item 5.  Other Events
- ---------------------

The information  set forth in the exhibit to this Report is hereby  incorporated
herein by reference.


Item 7.  Financial Statement and Exhibits
- -----------------------------------------

      (c)   Exhibits

           Exhibit No.                    Exhibit
           -----------                    -------

 
            99.1                          Press Release dated August 21, 1996


<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:  August 22, 1996
[{"type": "8-K", "sequence": "1", "description": "REORGANIZATION", "secsgml_size_bytes": 2397}]
{"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": "96620613"}, "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 Earliest Event Reported: August 21, 1996

                         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: (803) 239-1000

                 _______________________________________________
Item 5.  Other Events
- ---------------------

The information  set forth in the exhibit to this Report is hereby  incorporated
herein by reference.

Item 7.  Financial Statement and Exhibits
- -----------------------------------------

      (c)   Exhibits

           Exhibit No.                    Exhibit
           -----------                    -------

 
            99.1                          Press Release dated August 21, 1996
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:  August 22, 1996