A quick rundown of the important real estate news from the week of August 6 – August 12, by the numbers:
4.32% – Average rate on a 30-year fixed mortgage according to Freddie Mac. The rate is down from last week, when rates were 4.39%. Rates are inching closer to the record low set last November at 4.17%. The 15-year fixed mortgage set a rate record for the second week in a row, moving down to 3.5% from 3.54% the previous week.
16.6% – Predicted drop in median home values in Naples, Florida between now and 1st quarter 2012. Naples had the unfortunate honor f being ranked number one on a recent 24/7 WallSt article entitled “Housing Markets That Will Colapse This Year.”
117,000 – Non-farm payroll jobs added to the U.S economy in July. The results were better than expected. Furthermore, May and June’s jobs report were revised higher by and additional 28,000 jobs for each month.
$5.995 Million – Current listing price on Dennis Hopper’s Venice California home. The 4,900 square foot home was originally listed for $6.245 Million in July 2010, shortly after the late actor’s passing.
4% – Decrease in foreclosure fillings in July from June. Filings were down 35% from last July as well. “The steep foreclosure drop, according to RealtyTrac CEO James Saccacio, was triggered by a foreclosure processing slowdown that was sparked by the “robo-signing” controversy last fall.”
2.8% – Decrease in home prices in the second quarter from the same period in 2010 according to the National Association of Realtors. The spring time is usually the strongest time of the year to sell a home.
90% – Decrease in Freddie Mac’s holding expenses. The 90% decrease came mainly from a jump in REO values. Freddie Mac reported $27 million in the second quarter for holding expenses compared to the $257 million reported in the first quarter. Holding expenses include the expenses for maintaining a foreclosed property as well as adjustments in value.
$1.4 Billion – Wells Fargo’s winning bid for the Bank of Ireland’s commercial real estate loan portfolio. “The 25 loans are backed primarily by commercial real estate in New York, Boston and Washington, and are classified as performing.”
Related posts:
- Real Estate News by the Numbers: Week of July 30 – August 5
- Real Estate News by the Numbers: Week of May 21 – May 27
- Real Estate News by the Numbers: Week of July 16 – July 22
- Real Estate News by the Numbers: Week of May 14 – May 21
- Real Estate News by the Numbers: Week of July 23 – July 29
Article Author: Douglas LazovickDouglas has written 77 articles for us.
Visit Douglas's Website: http://deedstreet.com/
Joshua Dorkin
{ 5 comments… read them below or add one }
I think that FOMC announcing at nearly 2 year freeze of their target rate is prolly the most important news for real estate investors. Not only does it signal a lack of faith in growth of the US economy, but also signals steady rates for many financing products.
I just found a deal and when I got documentation from the seller she sheepishly stated that she had an adjustable rate mortgate. She was curious as to all the noise in the media as her payment went down. Her rate is tied to the 6 month bond rate which has fallen greatly and if history serves should say real low. A rate of 2.75% is absolutely incredible!!! Deals are out there and fear is pervasive but with an underatanding of the current enviroment, investors can set themselves up for great long term investments…
Kyle,
Absolutely, amazing debt out there now. Just took a look, and 10-year treasury is at 2.2%.
Doug
Oh wow those numbers are so overwhelming. but we are still hoping for the fast recovery of the US economy.
Teyona,
Yes, hoping for a fast recovery, but seems like we still have a long way to go.
Doug
It is a good news that foreclosure fillings decreased by 4% from june to july.