A quick rundown of the important real estate news from the week of July 23 – July 29, by the numbers:
310% – Amount cheaper a 5-year ARM is than normal. Normally, you save .42% with an ARM, as opposed to a 30-year fixed. Currently, you save 1.3% going with an ARM as opposed to a 30-year fixed.
4.5% – Drop, year-over-year, on the S&P/Case-Shiller 20-city home price composite. Their 10-city home price composite also dropped 3.6%, year-over-year. However, home prices did tick up for the month, the second increase in row after eight months of declines.
2.4% – Increase in pending homes sales. The National Association of Realtors Pending Home Sales Index for signed contracts on existing homes was at 90.9 in June from 88.8 in May.
$799,000 – Price to buy the entire town of Scenic, SD. The town of Scenic, includes a 46 acres, a post office, conveneince store, gas station, saloon, museum and other buildings.
1% – Drop in new home sales in June from May. Seasonally adjusted, 312,000 units sold on an annual rate. Despite the drop, June saw a 5.8% increase in median homes price for new home.
29% – Fall in the foreclosure rate, year-over-year. In the first half of 2011, foreclosures also declined in 84% U.S. metro areas.
4.55% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The rate is up slightly from last week, when the average rate was 4.52%.
0.4% – Drop, year-over-year for “normal” home prices according to CoreLogic’s July reprty, indicating that prices are stabilizing. “Normal” home sales are sales that are not foreclosures or short sales.
1.3% – Rate at which the U.S. economy grew from April to June. “The Commerce Department also scaled back its estimate of economic growth in the first quarter of the year to just 0.4%, the lowest figure since the severe recession technically ended in mid-2009.”
$835,000 – Listing price for John Leguizamo’s Kingston, NY lakehouse. The 4Bed, 3Bath house is just outside New York’s Catskill Park and is 100 miles north of New York City.