A quick rundown of the important real estate news from the week of September 3 – September 9, by the numbers:
30 – Median Age for a first time home buyer in 2010 according to the National Association of Realtors (NAR). Also according to NAR, the median age for a repeat buyer is 49 and the median age for all buyers is 39.
4.12% – Average rate on a 30 year fixed mortgage this week according to Freddie Mac. That is an all time low, beating out the average rate of 4.15% from a few weeks ago and the average rate of 4.22% from last week.
131 – Amount of individuals Fannie Mae and Freddie Mac are suing in it’s efforts to recover losses on $200 billion in mortgage debts. They are “doing one thing that the government has largely left alone. It is trying to hold actual people, not just companies, responsible for their roles in the global financial crisis.”
46.3% – Percentage of Manhattan residents who live in a single person household. That is down from the previous decade, when 48% of Manhattan residents lived alone. Still, the nation’s “capital of single person households” is way above the national average of 27% of households.
4.9% – Drop in mortgage applications for the week ending September 2nd. Applications fell, despite record low mortgage rates.
$50,000 – Monthly rent for the Manhattan townhouse that recently housed Dominique Strauss-Kahn. The three-story, 5,000 square foot townhouse was recently listed for close to $14M.
203 – As in 203K, an FHA loan program. The loan program from the FHA helps finance homes that are in need of repairs.
2.96% – Average rate on 5 year adjustable rate mortgage, a record low. The 5 year ARM has fallen .82% since April 2011, falling at a much more rapid pace than a 15 or 30 year fixed mortgage.
4 – Companies submitting bits for apartment owner/developer Archstone. Bids were submitted from “private-equity firm Blackstone Group LP, Toronto-based Brookfield Asset Management Inc. and apartment owners Equity Residential and AvalonBay Communities Inc.”