A quick rundown of the important real estate news from the week of June 4 – June 10, by the numbers:
38% – Equity US homeowners have in their home. A decade ago, the average American had 61% equity in their home.
700,000 – Households who have had their mortgages permanently lowered after starting on a trial basis, as a result of the foreclosure prevention programs that started in 2009.
843,000 – Number of households that didn’t receive a permanent loan modification after starting out on a trial basis. “Homeowners have complained that the program has been a bureaucratic mess. Many have said they were disqualified after banks lost their documents and failed to return their phone calls. Banks have blamed homeowners for failing to submit needed paperwork.”
5 – Years that a West Palm Beach, FL, family have lived at their 5 bedroom home without paying their mortgage. Nationwide, on average, it takes 565 days from first missed payment to foreclosure.
27% – Percentage of homeowners that would consider walking away from an underwater mortgage according to a new survey from Fannie Mae. That figure is up 15% from last year.
4.9% – Drop in real estate prices across 9 major cities in China this past April from a year earlier. “World Bank economists warned at a Beijing press briefing that a real-estate bubble was among the biggest economic risks China faces.”
3.6 Million – Amount HUD will award in 2011 for the revitalization of public housing and privately owned HUD-assisted housing as part of it’s Choice Neighborhoods Initiative.