Real Estate by the Numbers: Week of February 26 – March 4

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A quick rundown of the important real estate news from the week of February 26 – March 4, by the numbers:

8.9% – February unemployment rate, the lowest since April 2009.

78% – Percentage of Americans who believe home prices will stay steady or increase in the next year according to a Fannie Mae survey. That’s up from January 2010, when 73% believed the same thing. However, about two-thirds surveyed still think the economy’s on the wrong track.

9.39% – Percentage of all commercial mortgage-backed securities (CMBS) that were delinquent in February. It’s a record level for CMBS delinquencies.

4.87% – Average rate on a 30 year fixed mortgage loan, down from 4.95%.

15%, 20% or 25% – Percentages that homes prices may still fall according to Robert Shiller, co-founder of the S&P/Case-Shiller home price index. Not quite as pessimistic, Dean Baker, co-director of the Center for Economic and Policy Research, sees only a 10% or 15% drop in home prices.

6.5% – Drop in mortgage applications from the previous week according to a Mortgage Bankers Association survey.

$1.4 billion – Total amount of SBA 504 loans in the first quarter of 2011 – a jump from the $1.1 billion total in the fourth quarter of 2010. “SBA 504 loans allow small businesses to finance the purchase, construction, and renovation of commercial real estate, as well as the acquisition and installation of heavy machinery and equipment.”

30,875 square feet – Size of New York Yankee Derek Jeter’s new Tampa Bay mansion.

$42 million – Pocket listing price of Jennifer Aniston’s Beverly Hills home. In 2006, she bought the house for $13.5 million.

368,000 – Initial claims for unemployment insurance for the week ending February 26. The number is down from 388,000 claims from the previous week’.

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4 Comments

  1. Unemployment number is ALWAYS misleading…It just tells the number of people reporting NOT counting the people that have been on it for a while or lapsed. I know there have been jobs created, but this is a smokescreen.

  2. The real estate market in West Plano is strong. There was a house across the street from me that got 3 contracts on the same day and sold for above list price. I have not seen that kind of activity in several years. I do think the foreclosures are going to depress prices but at least locally they are going to be very small. We might not have any appreciate this year but I do think because builders have not started spec homes that their is going to be a shortage next year and with oil and some of the other commodities rising that you could start to see a rapid price increase in homes in the next 18 months. The market is very spotty right now and one community may be selling a lot of homes because of demographics or lot size but there are areas were builders overbuilt and still linger with huge inventories they are struggling to find a bottom. Find a good real estate agent. No find a GREAT real estate agent and they should help protect your largest investment most people ever make.

  3. Thanks for the info David, very informative. I really liked the prediction of prices to fall up to 25% which sounds realistic as there is still a lot of downward pressure. The commercial meltdown seems to here to after hearing about it for a couple years. Still a lot that needs to work it’s way through the system. In the meantime savvy investors will clean up. Jeter by the way is engaged to become Mr. Minka Kelly, any stats on her you can include enlighten us with? We could all benefit from that!

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