Real Estate News by the Numbers: Week of February 25 – March 2
A quick rundown of the important real estate news from the week of February 25 – March 1, by the numbers:
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$29 Million – Listing price for Michael Jordan’s Highland Park (suburb of Chicago) estate. The 56,000 square foot home has nine bedrooms, 15 bathrooms and includes an indoor regulation-sized basketball court.
$4.6 Billion – Amount Fannie Mae will request from the government. The request will come on the heels of a $2.4 billion 2011 4th quarter loss for the mortgage giant.
1.1% – Fall in the 10-city and 20-city S&P/Case-Shiller Home Price Indices in December from November. The composite was also down 3.8% from the fourth quarter and down 4.0% in the fourth quarter of 2010.
24% – Amount of home sales in the fourth quarter of 2011 that were either foreclosures or going through the foreclosure-process. Despite the large number, foreclosure related sales in 2011 are down 2% from the previous year.
2,500 – Number of distressed properties Fannie Mae will be offering to investors willing to buy bulk and then rent out for a set number of years. The properties are located in 8 cities, including Phoenix, Las Vegas, Atlanta and Los Angeles.
3.90% – Average rate this week on a 30-year fixed mortgage according to Freddie Mac. The rate is down from last week’s average rate of 3.95%.
2.0% – Increase in pending homes sales in January from December according to the National Association of Realtors. Pending homes sales are also up 8.0% from January 2011.
56.2% – Amount of all homes sales in Nevada in the 4th quarter that were foreclosure related, the highest for any state. California and Arizona were second and third, with 42.9% and 37.8% of sales, respectively, being foreclosure related.
3.0% – Revised GDP growth in the 4th quarter of 2011. Growth was revised upward from 2.8%.