A quick rundown of the important real estate news from the week of July 30 – August 5, by the numbers:
3,281 Feet – Height of a planned tower in Jeddah Saudi Arabia, which would make it the tallest man-made structure in the world. The tower will include office, a hotel and luxury condominiums. The cost to build the tower is $1.23 billion.
78 Square Feet – Size a midtown Manhattan apartment. Despite it’s small size, the current occupant manages to fit a bed, a couch, a desk, a closet and a refrigerator in the unit.
6.8% – Homeowner vacancy rate in Tucson. Tucson had the unfortunate honor of topping MSNBC’s list of “America’s 10 Sickest Housing Markets.” In addition to the homeowner vacancy rate, Tucson has a 15.9% rental vacancy rate, 7.8% unemployment and a 33% drop in median home prices since 2008.
$175 Million – Listing price of America’s most expensive home. Located in Jackson Hole, Wyoming, the property sits on 1,750 acres and includes a 52-stall equestrian center.
59.2% – America’s home ownership rate according to Morgan Stanley once delinquencies are factored in. It’s the lowest level of home ownership since the Census Bureau started keeping records of the stat in 1965.
4.39% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The rate is down from last week’s average rate of 4.55% and is the lowest rate in 8 months.
$5.1 Billion – Amount Fannie Mae is seeking from the Treasury Department to balance its books for the second quarter. “Fannie Mae received $8.5 billion from Treasury to wipe out its net worth deficit at the end of the first quarter.”
77% – Percentage of home owners who maintained or lowered their principal mortgage balance when refinancing during the second quarter of 2011. 26% of these borrowers lowered their principal balance, meanwhile, 51% maintained the same balance.
$1.8 Billion – Amount in toxic mortgages Wells Fargo might have to buy back from outside investors. “Outside investors can require a bank to buy back loans if the original mortgage did not comply with guarantees it made about its quality — known as representations and warranties — when sold.”