Real Estate by the Numbers: Week of March 26 – April 1
A quick rundown of the important real estate news from the week of March 26 – April 1, by the numbers:
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8.8% – U.S. unemployment rate. It’s down from the previous month’s 8.9% rate, as 216,000 jobs were added.
7.5% – Projected increase in rents in San Jose, CA for 2011, according to REIS. It’s the largest projected increase in rents by percentage for major cities in the U.S. On average, rents are projected to increase by 3.4%.
0.9% – Projected increase in rents in Las Vegas, NV for 2011, according to REIS. It’s the smallest projected increase in rents by percentage for major cities in the U.S.
$1.8 Billion – Amount Donald Trumps’s son-in-law, Jared Kushner, paid at the height of the real estate boom for a 5th Avenue office/retail building in NYC. At the time of purchase, it was the most ever paid for a single building. “Now he [Jared Kushner] is dealing with the consequences. With cash running low, the 30-year-old developer is scrambling to hold on to 666 Fifth Ave. ahead of a looming default deadline.”
$100 Million – Amount Russian billionaire Yuri Milner paid for a home in Los Altos Hills, CA. It’s the most ever for a single-family home in the U.S. Yuri Milner runs Digital Sky Technologies and made investments in Facebook and Groupon.
4.86% – Average rate on a 30-year fixed mortgage. That’s up from last weeks 4.81% average rate.
11.4% – National housing vacancy rate according to the Census Bureau. Maine had the highest percentage of vacant homes, with a 22.8% rate.
$18 Million â Loan commitment Grubb & Ellis received from Colony Capital, LLC, a private equity firm. ‘In turn, the Los Angeles-based international investment firm has secured the right to negotiate exclusively for 60 days with Grubb & Ellis to evaluate a “potential larger strategic investment.”‘
1.8 Million – Number of Shadow Inventory, or troubled homes that have not yet hit the market in the U.S., according CoreLogic. The 1.8 million homes, or nine month supply, is a decrease from the 2 million shadow inventory in January 2011.