SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549




                                    FORM 8-K




                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


                               SEPTEMBER 22, 1998

                Date of report (Date of earliest event reported)


                   WILSHIRE REAL ESTATE INVESTMENT TRUST INC.
             (Exact name of registrant as specified in its charter)



            MARYLAND                0-23911                 52-2081138
- ----------------------------------------------------------------------------

        (State or other      Commission File Number      (I.R.S. Employer
        jurisdiction of                                  dentification
        incorporation)                                   Number)
- ----------------------------------------------------------------------------


                   1776 SW MADISON STREET, PORTLAND, OR 97205 

               (Address of principal executive offices) (Zip Code)

                                 (503) 223-5600
               Registrant's telephone number, including area code

                                 NOT APPLICABLE

          Former name or former address, (if changed since last report)



                                       1




ITEM 2.  SIGNIFICANT ACQUISITION.

     On September 22, 1998, Wilshire Real Estate Investment Trust Inc. purchased
the Class M1 Certificate of the WMC Mortgage Pass-Through  Certificates,  Series
1998-B  securitization.  The  Class M1  Certificates  have an  original  face of
$56,000,000.  The bond is rated  "AA" and  "Aa2" by  Standard  & Poor's  Ratings
Service and Moody's  Ratings  Service,  respectively.  The bonds are backed by a
pool of 1st lien, newly originated residential adjustable rate mortgages.

     The bond was  purchased  from Bear  Stearns & Co. Inc. and will be financed
with a repurchase agreement plus available cash.


ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

(b)  As of the  date of this  Form  8-K,  the  applicable  pro  forma  financial
     information is not available,  but will be filed by the Company on Form 8-K
     as soon as practicable.



                                       2





                                   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.


                                        WILSHIRE REAL ESTATE
                                        INVESTMENT TRUST INC.



Date:  October 14, 1998                 By:    /S/ CHRIS TASSOS
                                           -----------------------------
                                               Chris Tassos
                                               Executive Vice President and
                                               Chief Financial Officer




                                       3