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: October 10, 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 2.  Acquisition or Disposition of Assets

     Insignia  Financial Group, Inc.  (NYSE:IFS) has acquired Realty One and its
affiliated  companies,  including First Ohio Mortgage Company, for approximately
$39 million,  with approximately $35 million paid in cash and the balance in IFS
stock,  valued at $20 per share for the  transaction.  

     Realty One, a full-service  residential broker  headquartered in Cleveland,
is the tenth largest  residential  real estate  brokerage firm in the nation and
Ohio's  largest.  With more than 1,400 sales  associates  and 400 support  staff
located in more than 45 offices  throughout  northern  Ohio, it represents  more
than 90 residential builders and handles more than 20,000 transactions valued at
more than $2.5 billion  annually.  First Ohio Mortgage (FOMC)  originates single
family home mortgages for both Realty One clients and third parties.




Item 7.  Financial Statement and Exhibits

         (c)     Exhibits

     Exhibit No.

       10.1         STOCK   PURCHASE   AGREEMENT       by  and  among  Insignia
                    Financial Group,  Inc.,  Insignia RO, Inc., Joseph T. Aveni,
                    Vincent T.  Aveni,  James C.  Miller,  Richard A.  Goldbach,
                    Joseph  T.   Aveni  as   Trustee  of  the  Joseph  T.  Aveni
                    Declaration  of Trust dated April 25,  1988),  as amended on
                    August 10, 1995,  Vincent T. Aveni as Trustee of the Vincent
                    T. Aveni  Declaration  of Trust dated  February 11, 1988, as
                    restated on September 14, 1995,  Joseph T. Aveni, as Trustee
                    of the Vincent T. Aveni Dynasty Trust,  dated July 13, 1994,
                    and  Vincent  T.  Aveni,  as  Trustee of the Joseph T. Aveni
                    Dynasty  Trust,  dated July 13, 1994,  dated as of September
                    18, 1997.

     10.2           SHAREHOLDERS'  AGREEMENT  dated as of October 7, 1997 by and
                    among INSIGNIA FINANCIAL GROUP, INC., a Delaware corporation
                    (the  "Company"),   and  Joseph  T.  Aveni,  individually  a
                    resident of Gate Mills, Ohio ("J.  Aveni"),  Joseph T. Aveni
                    as Trustee of the Joseph T. Aveni Declaration of Trust dated
                    April 25,  1988,  as amended on August 10,  1995 ("J.  Aveni
                    1988 Trust"),  Vincent T. Aveni, as Trustee of the Joseph T.
                    Aveni  Dynasty  Trust,  dated July 12, 1994 ("J.  Aveni 1994
                    Trust"),  Vincent T.  Aveni,  Trustee of the Joseph T. Aveni
                    Dynasty   Trust  dated  July  12,  1994  FBO  Kristen  Aveni
                    ("Kristen Aveni Subtrust"), Vincent T. Aveni, Trustee of the
                    Joseph T. Aveni  Dynasty Trust dated July 12, 1994 FBO Kerri
                    Aveni ("Kerri Aveni Subtrust"), Vincent T. Aveni, Trustee of
                    the Joseph T. Aveni  Dynasty  Trust  dated July 12, 1994 FBO
                    Benjamin Aveni ("Benjamin Aveni Subtrust"), (collectively J.
                    Aveni, the J. Aveni 1988 Trust, the J. Aveni 1994 Trust, the
                    Kristen Aveni Subtrust,  the Kerri Aveni  Subtrust,  and the
                    Benjamin Aveni Subtrust are "Holders".


     99.1           Press Release dated September 30, 1997

     99.2           Press Release dated October 13, 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:  October 22, 1997
[{"type": "8-K", "sequence": "1", "description": "ACQUISITION OF REALTY ONE", "secsgml_size_bytes": 5453}]
{"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": "97699121"}, "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: October 10, 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 2.  Acquisition or Disposition of Assets

     Insignia  Financial Group, Inc.  (NYSE:IFS) has acquired Realty One and its
affiliated  companies,  including First Ohio Mortgage Company, for approximately
$39 million,  with approximately $35 million paid in cash and the balance in IFS
stock,  valued at $20 per share for the  transaction.  

     Realty One, a full-service  residential broker  headquartered in Cleveland,
is the tenth largest  residential  real estate  brokerage firm in the nation and
Ohio's  largest.  With more than 1,400 sales  associates  and 400 support  staff
located in more than 45 offices  throughout  northern  Ohio, it represents  more
than 90 residential builders and handles more than 20,000 transactions valued at
more than $2.5 billion  annually.  First Ohio Mortgage (FOMC)  originates single
family home mortgages for both Realty One clients and third parties.

Item 7.  Financial Statement and Exhibits

         (c)     Exhibits

     Exhibit No.

       10.1         STOCK   PURCHASE   AGREEMENT       by  and  among  Insignia
                    Financial Group,  Inc.,  Insignia RO, Inc., Joseph T. Aveni,
                    Vincent T.  Aveni,  James C.  Miller,  Richard A.  Goldbach,
                    Joseph  T.   Aveni  as   Trustee  of  the  Joseph  T.  Aveni
                    Declaration  of Trust dated April 25,  1988),  as amended on
                    August 10, 1995,  Vincent T. Aveni as Trustee of the Vincent
                    T. Aveni  Declaration  of Trust dated  February 11, 1988, as
                    restated on September 14, 1995,  Joseph T. Aveni, as Trustee
                    of the Vincent T. Aveni Dynasty Trust,  dated July 13, 1994,
                    and  Vincent  T.  Aveni,  as  Trustee of the Joseph T. Aveni
                    Dynasty  Trust,  dated July 13, 1994,  dated as of September
                    18, 1997.

     10.2           SHAREHOLDERS'  AGREEMENT  dated as of October 7, 1997 by and
                    among INSIGNIA FINANCIAL GROUP, INC., a Delaware corporation
                    (the  "Company"),   and  Joseph  T.  Aveni,  individually  a
                    resident of Gate Mills, Ohio ("J.  Aveni"),  Joseph T. Aveni
                    as Trustee of the Joseph T. Aveni Declaration of Trust dated
                    April 25,  1988,  as amended on August 10,  1995 ("J.  Aveni
                    1988 Trust"),  Vincent T. Aveni, as Trustee of the Joseph T.
                    Aveni  Dynasty  Trust,  dated July 12, 1994 ("J.  Aveni 1994
                    Trust"),  Vincent T.  Aveni,  Trustee of the Joseph T. Aveni
                    Dynasty   Trust  dated  July  12,  1994  FBO  Kristen  Aveni
                    ("Kristen Aveni Subtrust"), Vincent T. Aveni, Trustee of the
                    Joseph T. Aveni  Dynasty Trust dated July 12, 1994 FBO Kerri
                    Aveni ("Kerri Aveni Subtrust"), Vincent T. Aveni, Trustee of
                    the Joseph T. Aveni  Dynasty  Trust  dated July 12, 1994 FBO
                    Benjamin Aveni ("Benjamin Aveni Subtrust"), (collectively J.
                    Aveni, the J. Aveni 1988 Trust, the J. Aveni 1994 Trust, the
                    Kristen Aveni Subtrust,  the Kerri Aveni  Subtrust,  and the
                    Benjamin Aveni Subtrust are "Holders".

     99.1           Press Release dated September 30, 1997

     99.2           Press Release dated October 13, 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:  October 22, 1997