Real Estate News by the Numbers: Week of April 21 – April 27
2.2% – GDP growth in the first quarter of 2012 according to the U.S. Commerce Department. The number disappointed somewhat, as economists expected a growth rate of 2.5%.
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2.9% – Growth in consumer spending in the first quarter of 2012 according to the U.S. Commerce Department. The number surpassed expectations.
17% – Predicted jump in single family starts this year according to David Crowe, National Association of Homebuilder’s chief economist. He also predicts multifamily starts will jump 22% this year.
10 – 65 Million units – Predicted amount of vacant investment owned apartments units in China. “Every city in China has a new development district with row upon row of condos that are sold, but empty,” according to Patrick Chovanec, associate professor at Tsinghua University in Beijing.
3.88% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The rate is down from last week’s average rate of 3.90%.