Real Estate News by the Numbers: Week of August 6 – August 12
A quick rundown of the important real estate news from the week of August 6 – August 12, by the numbers:
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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."