A quick rundown of the important real estate news from the week of July 16 – July 22, by the numbers:
8.8 % – Increase in closing costs from 2010. According to a Bankrate survey, the average closing costs on a $200,000 purchase mortgage totaled $4,070, whereas the average closing cots in 2010 totaled $3,741.
4.77 Million Units – Home sales in June on an annualized basis. It’s a drop of 8.8% from June of last year and 0.8% month-over-month, and the lowest since November 2010. “After six months, sales are on pace to finish behind last year’s 4.91 million homes sold — the weakest sales in 13 years. Sales have fallen in four of the past five years.”
4.52% – Average rate on a 30 year fixed mortgage this week. That’s up slightly from last week’s rate of 4.51%.
79% – Increase in Zillow shares after its IPO. Zillow priced its IPO at $20 a share. Shares rose to $60 – a 200% increase – during the day, before closing at $35.77.
4.7% – Forecasted yields on Las Vegas residential rental properties Above the national average. Las Vegas was chosen by CNNMoney a one of their “10 Best Cities to Buy a Rental Property.”
$86.2 Million – Second Quarter profit for Blackstone Group. Profits were fueled largely on the backs of the commerical real estate group, which manages $28 billion in assets. Last year, Blackstone lost $193 million.
$108 Million – Total amount being sent out to more than 450,000 Countrywide borrowers. The money is being sent to borrowers who were overcharged by Countrywide over three years ago. The money is coming from the Federal Trade Commission after reaching a settlement with Countrywide Financials more than a year ago.
59.7% – U.S. Home ownership rate (delinquent borrowers excluded), according to a new study from Morgan Stanley. That rate reperesnts an all-time low.
$9.1 Million – Listing price for Tony Danza’s Malibu home. The 3,000 square foot home has been owned by Danza for 25 years.