A quick rundown of the important real estate news from the week of January 7 – January 13, by the numbers:
1.9 Million – Number of homes that entered the foreclosure process in 2011 according to RealtyTrac Inc. It’s the lowest number since 2007. However, a big reason for the drop was legal and documentation delays in wake of the “robo-signing” incidents.
$3 Million – Price paid for Regis Philbin’s Greenwich, Connecticut home. The 6,000 squre foot home was listed for $3.8 million.
$630 Million – Purchase price for Columbus Square, a five building apartment high-rise complex located in Manhattan’s upper west side. The complex was purchased in a joint venture between UDR Inc. and MetLife Inc.
5.9% – Increase in consumer sentiment in early January from late December according to Reuters/University of Michigan’s latest index. The 74.0 reading was higher than the 72.0 reading economists expected.
4.5% – Increase in mortgage applications for the week ending January 6th from the previous week according to the Mortgage Bankers Association. The increase takes into account adjustments for the New Year’s Day holiday.
$400 Million - Investment that GI Partners is making in Waypoint Real Estate Group to acquire single-family REOs in bulk and rent them out to tenants. Wayward plans to purchase $1 billion in distressed real estate over the next 2 years.
3.89% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The rate is at an all-time low, falling below the previous 3.91% record rate reached three weeks ago.
$82 Billion – Amount of foreign investment in the U.S. real estate market in 2010. The number is up significantly from 2009, when foreigners invested $66 billion in the U.S real estate market.
$1 Million – Amount the New York Attorney General’s office will spend to give legal help to New Yorkers in foreclosure or facing an imminent threat. The $1 million ”comes from New York’s $22 million share of a 2006 settlement with Ameriquest Mortgage Co. after an investigation found predatory lending practices like misrepresenting mortgage terms, excessive origination fees and inflating appraisals.”
{ 4 comments… read them below or add one }
There might be an increase in foreclosure numbers this year with the Robo-signing issue being over. Hopefully, the low interest rates will spur investment in the real estate market.
It is great to see that investment in the real estate market is increasing compared to 2010 and 2009. Yeah hoping that the low interest rates will attract more investors and have a positive feedback in real estate industry.
See! This is what I’m looking forward to in 2012. I’ve read somewhere that by the last quarter of the year, the real estate market will be in tip top shape.
These figures are awesome. Thanks for the update Douglas. This will give us a heads up for 2012. There is still more to come.