A quick rundown of the important real estate news from the week of October 8 – October 14, by the numbers:
May 1980 – The last time consumer’s economic outlook was at as low as it is now according to the new Reuters/University of Michigan poll.
610,337 – Total number of foreclosure filings in the third quarter. It is an increase of less than 1% from the second quarter. “Even though the increase was small, it is significant since it broke the trend of three consecutive quarterly decreases, said RealtyTrac Chief Executive James Saccacio.”
4.12% – Average rate on a 3o-year fixed mortgage this week according to Freddie Mac. The rate is up sharply from last week, when the average rate hit an all-time low of 3.94%.
1:44 – Foreclosure ratio (one out of every 44 houses) in Nevada, the highest in the nation in the third quarter. California was second with a 1:88 ratio and Arizona was third with a 1:93 ratio.
14% – Increase in first-time default notices in the third quarter from the second quarter. “That increase signals banks are moving more aggressively now against borrowers who have fallen behind on their mortgage payments than they have since industry wide foreclosure processing problems emerged last fall.”
1.1% – Increase in mortgage purchase applications this week from the previous week. Also, mortgage refinance applications were up 1.3% during the same time span.
$300 Million – Debt owed by Pennsylvania’s capital Harrisburg, which voted to file for Chapter 9 municipal bankruptcy protection. The city of 46,000 has hired Philadelphia lawyer Mark Schwartz to handle the bankruptcy.
53.3% – Home ownership rate in New York, the lowest rate in the country. The honor is due largely to the 69% of household in New York City that are renters.
73.4% – Home ownership rate in West Virginia, the highest rate in the country. West Virginia also has the lowest media home value in the nation at $94,500.