A quick rundown of the important real estate news from the week of October 29 – November 4, by the numbers:
9.0% – U.S. unemployment according the Labor Department’s October report. The rate is down slightly from last month when unemployment stood at 9.1%. Also, 80,000 jobs were added in the month, which is slightly less than the number economists had predicted and lower than the 150,000 jobs needed to keep up with population growth.
$6 Billion – Amount Freddie Mac lost in the third quarter. The government controlled entity is requesting that same amount in additional aid. “Freddie’s losses are increasing mainly for two reasons: Many homeowners are paying less interest because they are able to refinance at lower mortgage rates. And failing and bankrupt mortgage insurers are not paying out as much money when homeowners default.”
0.1% – Amount that home ownership increased in the third quarter. U.S. seasonally adjusted home ownership rate increased to 66.1% from 66% the previous quarter. The rate, however, is down from last year when it was 66.7%.
5.6% – Apartment vacancy rate across the U.S. in the third quarter. The rate is down from the second quarter, when apartment vacancy was 5.9% and is the lowest rate since 2006.
3.6% – Amount home values are expected to fall by next June according to Fiserv, a financial analytics company. If those values are realized, house values would’ve fallen 35% from the 2006 peak, which would be a new low.
4.0% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The rate dropped from last week’s 4.10% and is approching the all-time low rate of 3.96% reached a few weeks ago.
4 Million – Number of home owners who were foreclosed upon in 2009 and 2010 who are having their cases reviewed. “The nation’s 14 largest mortgage servicers — including Citibank, Bank of America, JPMorgan Chase and Wells Fargo — were ordered to offer to review cases after the government found that some rushed the foreclosure process without carefully reviewing documents.”
19% – Amount of males, aged 25-34 that live with their parents, up 5% from 2006. Also, 10% of women in the same age group live with their parents, up 2% from 2006.