Real Estate News by the Numbers: Week of February 11 – February 17
A quick rundown of the important real estate news from the week of February 11 – February 17, by the numbers:
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1.5% – Increase in housing starts in January from December. The annualized rate of 699,000 housing starts is almost up 10% from the previous year.
95% – Amount of borrowers who refinanced in the 4th quarter of 2011 who received fixed-rate loans. Borrowers are also choosing shorter loan terms. 43% refinancing out of 30 year loans, refinanced into 20 year and 15 years loans.
7.58% – Amount of mortgages delinquencies in the 4th quarter of 2011. It’s the lowest percentage in three years.
$88 Million – Closing price for a Manhattan apartment unit. The 6,744 square foot unit is the most expensive apartment sale ever sold in Manhattan.
75.9% – Number of affordable existing home sales in the fourth quarter of 2011. Affordability is considered homes that could be comfortably purchased by a family earning the national median income of $64,200. It’s the highest percentage of affordability in the 20 years the index has been conducted.
$350 Million – Cost of a mixed-use project being developed in the downtown area of Santa Monica. Related is the developer of the project. The development will include 318 condo units, 20,000 square feet of retail and affordable housing.
3.87% – Average rate on a 30 year fixed mortgage this week according to Freddie Mac. The average rate hasn’t moved in three weeks and matches the all time record low rate.
3% – Rise in foreclosure filings in January from December. One in every 624 households received a foreclosure filing last month. That is still down 19% from January 2011 though.
61 – Consecutive months that Nevada has posted the nation’s highest foreclosure rate. There is some good news for Nevada though, as foreclosures are down 52% from a year ago.