Real Estate News by the Numbers: Week of December 10 – December 16
A quick rundown of the important real estate news from the week of December 10 – December 16, by the numbers:
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$80 Million – “Shopped” price for a Los Angeles mansion. The six bedroom house was previously owned by Walt Disney’s wife and currently is owned by Gabriel Brener, co-owner of the Houston Dynamo soccer club.
$1.33 Billion – Lehman Brothers offer for half their stake in the Archstone apartment portfolio. The offer matches a previous one made by Equity Residential.
3.94% – Average rate on a 30 year fixed mortgage this week according to Freddie Mac. The rate is down from last week’s rate of 3.99% and matches an all-time low.
14% – Drop in foreclosure filings year-over-year in November. Fillings also dropped 3% from October.
0.3% vs 0.1% – Growth in employment in the third quarter of Western states vs the nation as a whole. “Leading the recovery were Utah’s Ogden and Provo, Albuquerque in New Mexico, and Phoenix. Boise and Las Vegas showed modest signs, but Tucson, Ariz., and Colorado Springs were still struggling, according to the report. Ogden and Provo saw employment rise by 1.5 percent, and Idaho’s Boise saw a 1 percent increase in jobs.”
810,000 – Amount of homes on track to be foreclosed on this year. That is down from the million homes that were foreclosed on last year and less than the 1.2 million repossessions RealtyTrac had predicted for the year.
$520 Million – Estimated cost for a new residential mixed-use project in Manhattan. The 31 story project is being built by the Gotham Organization and is going to include 1,200 residential units.
2.5% – Expected economic growth in 2012 according to a new study by Freddie Mac. In addition, Freddie predicts unemployment will continue to drop (but probably stay above 8%), mortgage rates will remain low through the first half of 2012, and there will be less single-family originations but more multifamily lending.
377% – Increase in profits banks are making off of each loan they originate from six months ago. "On average, mortgage banks made a profit of $1,263 for each loan they originated during the third quarter â that's up from $575 per loan in the second quarter of 2011. In the first quarter, they made $346 per loan."