A quick rundown of the important real estate news from the week of May 7 – May 13, by the numbers:
$ 5 Billion – Amount banks are willing to pay to settle claims of improper mortgage foreclosure practices. The money will “be used to compensate any borrowers previously wronged in the foreclosure process and provide transition assistance for borrowers who are ousted from their homes, the WSJ said, citing people familiar with the matter.”
4 – Number of Zillow Facebook tabs you can insert into your Facebook business page. The tabs – listings, local information, contact form and ratings & reviews – are free. However, they will not be available for your personal page. If anyone has any review for this product, I would like to hear your thoughts.
$10 Million – Amount spent on a glass intended to encase the bottom of 1 World Trade Center. However, manufacturing the 2,000 clear prismatic glass panels have proven difficult, and the Port Authority of New York and New Jersey has asked architects to come up with alternative solutions.
28.4% – Percentage of single-family homeowners underwater according to Zillow. It’s the highest percentage of homeowners underwater since Zillow began keeping track of the stat in 2009. The percentage also represents a 27% jump since the 4th quarter of 2010. On the other hand…..
7 – Consecutive months that foreclosures have been down. Foreclosure fillings are down 34% from a year ago. In addition, 69,532 homes were repossessed in April, down 32% from last September’s peak.
4.63% – Average rate on a 30-year fixed mortgage according to Freddie Mac. The rate is down from last week’s average of 4.71% and represents the lowest average rate in 2011 to date.
$128.8 Million – Price the W Hotel in Chicago recently sold for. The hotel, located in Chicago’s financial district, was purchased by Chesapeake Lodging Trust from Starwood Hotels and Resorts.
21% – Percentage drop in membership for the National Association of Realtors since 2006.