Real Estate News & Commentary

Real Estate News by the Numbers: Week of November 26 – December 2

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A quick rundown of the important real estate news from the week of November 26 – December 2, by the numbers:

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8.6% – U.S. unemployment rate for November 2011. The rate is the lowest since March 2009 and a significant drop off from last month’s 9.0% rate. The U.S. economy also added 120,000 jobs, more than the 110,000 jobs economists had predicted.

3.9% – Decline in the S&P/Case-Shiller home price index in the third quarter of 2011 from the previous year. That is up from the second quarter, when the index was down 5.8% from the previous year.

December 19 – January 2 – Dates which Fannie and Freddie will have a moratorium on foreclosures in respect for the holiday season. “During this time, legal and administrative proceedings for evictions may continue, but families will be allowed to stay in their homes, Fannie said in a statement.”

$2.5 Million – Price cut on comedian Dennis Miller’s Montecito, CA home. The listing price is now $15 million for the 10,000 square foot home.

4.00% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The rate is up slightly from last week’s average rate of 3.98% and up from when rates hit a record low of 3.94% eight weeks ago.

#1 – Rank for Bradenton-Sarasota, Florida, in Forbes list of “Cities Where People are House Hunting the Most.”  Based on Trulia research, more than 6 times as many people are searching to move to the city as opposed to searching to leave the city.

10.4% – Rise in pending homes sales in October from the previous month. Pending home sales are a forward-looking indicator, looking at contracts signed and not home closings. Pending home sales are also 9.2% ahead of October 2010’s pace.

$15 Million – Listing price for chef Emeril Lagasse’s upper east side Manhattan town home. The listing price is $3.5 million more than Emeril paid in 2009 for the house.

    John Holman
    Replied almost 8 years ago
    “There’s finally a little bit of good economic news on the wire. Let’s hope that the government is wise enough to throttle back the burdensome regulations in the housing industry enough for the industry enough to make the much-needed adjustments to clear the inventory. If that happens, we can move on to a more “normal” market sooner rather than later. “