Real Estate News & Commentary

Real Estate News by the Numbers: Week of September 24 – September 30

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A quick rundown of the important real estate news from the week of September 24 – September 30, by the numbers:

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1.2% – Drop in pending home sales in August on a seasonally adjusted basis according to National Association of Realtor’s index. Pending home sales fell to the lowest in four months. Also, pending home sales also fell in 3 of 4 regions in the U.S., with only the South seeing a gain.

2.3% – Drop in new home sales in August. That equates to an annual rate of 295,000 sales. It’s the fourth month in a row that new home sales have fallen.

$2.53 Million – Average list price in Newport Beach, CA, topping MSN’s “10 Most Expensive Housing Markets” list. The average list price is almost a $1 million more than Pacific Palisades, which came second on the list.

4.01% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The rate, once again sets a historic low and is down from last weeks 4.09% average rate.

$4.5 Billion – Amount JP Morgan & Bank of America have been sued for over bad mortgage debt. “Sealink Funding Ltd said between 2005 and 2007 it bought nearly $2.4 billion of residential mortgage-backed securities (RMBS) from JPMorgan and $1.6 billion from Bank of America in reliance on offering materials that were misleading about the quality of the underwriting and underlying loans… Another plaintiff, Landesbank Baden-Wurttemberg, raised similar claims in a separate lawsuit against JPMorgan over $500 million of RMBS that it said it bought.”

0.9% – Rise in the S&P/Case-Shiller home price index in July compared to June. The index measures 120 major cities across the U.S. However, prices are still down 4.1% from a year ago.

6.6% – Rise in consumer confidence based on the Thomson Reuters/University of Michigan Confidence Sentiment index. The index rose to 59.4 from 55.7 in August and was higher than the 57.8 reading that economist expected.

$14.5 Million – Listing price of former NBA player Alonzo Mourning’s Coral Gables mansion. The house was built in 2004, has 8 bedrooms and 8 baths and is 13,000 square feet.