A quick rundown of the important real estate news from the week of November 5 – November 11, by the numbers
3.99% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The rate is down slightly from last week’s rate of 4.00%.
7.00% – Increase in foreclosure filings in October from September. Despite the increase, foreclosure filings are still down 31% from the previous year.
421a – A New York City tax exemption program, where residents received a great reduction in property taxes for a set period of time. The program “encouraged development of underused or unused land by drastically reducing property taxes for a set amount of time.” However, with the exemption program set to expire in many instances, many residents will soon see a drastic rise in property taxes.
600– Number of mortgage default notices sent out in October in Nevada. The number is down significantly from September when 5,360 default notices were sent out. The decrease is due largely to a new law protecting against rob0-signings.
4.1% – Decrease in U.S. home prices (including short sales and foreclosures) from September 2010 according to CoreLogic. Removing distressed properties, values were still down 1.1% for the year.
$7.8 Billion – Amount Fannie Mae has requested from the Treasury Department to offset recent losses. Net losses at the government controlled entity were $5.1 billion in the third quarter, up from $2.9 billion in the second quarter.
17.7% – Decrease in the median home value in Mobile, Alabama from a year ago. Mobile topped the list for largest decline in home value in the 150 metros tracked by the National Association of Realtors.
23.7% – Increase in the median home value in Grand Rapids, Michigan. Grand Rapids topped the list for largest increase in home value in the 150 metros tracked by the National Association of Realtors.
57% – Amount earned back on resale for remodeling your home in 2011. “Homeowners who do less costly replacement projects do slightly better at recouping their costs than do those who spend big bucks on additions and new construction, with projects like replacement roofs and front doors earning 64 percent of their costs back in resale value”