A quick rundown of the important real estate news from the week of December 24 – December 30, by the numbers:
1.2% – Decrease in home prices in October from the previous month according to the S&P/Case-Shiller 20 city index. It’s the sixth straight month homes prices have fallen. Prices are also down 3.4% from a year ago.
3.95% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The average rate is up from last week’s record low rate of 3.91%.
2013 – Year that Moody’s Analytics’ chief economist, Mark Zandi, believes home prices in the U.S. will stabilize. Home prices have already fallen 40% in the last five years. Mr. Zandi also sees a 3-5% price decline in 2012.
$132.5 Million – Listing price for a Montana ranch . The property, located on 123,000 acres, was assembled by the late William and Desiree Moore, co-founders of Kelly-Moore Paints
7.3% – Gain in pending home sales in November from the previous month according to the National Association of Realtors. Pending home sales are based on signed contracts. Pending home sales are also at the highest level in 19 months.
674 – Average amount of days it takes to process a foreclosure (from first missed payment to foreclosure) according to LPS Applied Analytics. Just four years ago, it took an average of 253 days to process a foreclosure.
1 Year – Extension granted for a waiver on the “anti-flipping” rule. ” Homebuyers relying on FHA-insured financing will continue to be able to buy homes that have changed hands in the last 90 days.”
26,000 – Rise in short sales in 2011 from 2010. The increase was accompanied by a big drop in foreclosures, 255,000, during the same time period.
15,000 – Increase in new jobless benefits claims last week. The 381,000 jobless benefits claimed last week are still below the number of claims in early November, when there was more than 400,000.
$20 Million – Sales price for Will and Jada Pinkett Smith‘s Hawaii home. The 7-acre property sold for $6.5 million more than when they purchased the home two years ago.