A quick rundown of the important real estate news from the week of August 27 – September 2, by the numbers:
0 – Amount of new jobs created in August. “It was the worst report in 11 months. The unemployment rate held steady at 9.1 percent. It has been above 9 percent in all but two months since May 2009.”
11.6% – Increase in rents in 2010 across the U.S. according to hotpads.com. That equates to average rents of $1,320 a month.
3.6% – Rise in home prices nationwide in the second quarter over the first quarter. However, home prices are down 5.9% from the second quarter of 2010.
31% – Percentage of foreclosures owned by either Fannie Mae, Freddie Mac and the Federal Housing Administration. All together, they own approximately 248,000 homes.
$5.21 Million – Listing price for LaDainian Tomlinson’s San Diego home. The former San Diego Charger’s estate sits on 13+ acres and is 9,500 square feet. Tomlinson bought the house in 2004 for $3.5 Million.
$7-10 Billion – Predicted total damages Hurricane Irene caused, according to insurers. The hurricane can potentially have a devastating impact on the already depressed East Coast real estate market.
$16 Billion – Amount Freddie Mac plans to make available for multi-family loans this year. That is up from the $14.8 billion that Freddie Mac lent on apartment buildings in 2010. Freddie will also increase the amount of loans they purchase that are backed by multi-family properties.
14.4% – Increase, yer-over-year, in the Pending Home Sales Index (Index is forward looking and takes into account contracts signed as opposed to closings). However, the index was down 1.3% in July 2011 from June.
20 Months – Amount of time, on average, it takes from first missed payment to foreclosure. “Of the nearly 1.9 million loans that are 90 or more days delinquent but not yet in foreclosure, 42 percent have not made a payment in more than a year with an average delinquency of 397 days—also a new record.”