A quick rundown of the important real estate news from the week of October 1 – October 7, by the numbers:
103,000 – Number of non-farm jobs added in September. It’s greater than the 60,000 economists expected. However, unemployment remained at 9.1% and the number of jobs added is less than the 150,000 economists say are needed to keep up with population growth.
1.1% – Drop in home ownership percentage in the 2000s. It’s the largest drop since the great depression, when in the 1930s, the percentage of americans owning homes dropped 4.2%
3.94% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. It’s the first time ever that the rate has fallen below 4% and is once again an all time low. Last week, the average rate was 4.01%
1.42 Million – Average price for a condo or co-op in Manhattan. The price is up 3% in the 3rd quarter of 2011 over the second quarter.
611 Days – Average time from when a borrowers first misses a payment on a home until the bank forecloses according to LPS Mortgage Monitor.
4 Million – Number of homes that are either in foreclosure or more than 90 days delinquent.
40% – Typical down payment on a home in China, as housing debt equals less than 20% of China’s overall gross domestic product. “‘In the United States, housing was a borrowing vehicle for households. In China, it’s a savings vehicle,’ said Stephen Green, an economist with Standard Chartered in Hong Kong.”
83% – Rise in mortgage refinance applications since February, when applications hit a low for 2011. In February, mortgage rates topped 5% and now are slightly below 4%.
42% – Drop in mortgage related bank failures in 2011 from 2010. According to MortgageDaily.com, the number of FDIC banks that have failed this year is 74, whereas as the same point last year, 127 FDIC banks had failed.