A quick rundown of the important real estate news from the week of February 4 – February 10, by the numbers:
Less than 50% – Number of lenders offering mortgages to applicants with FICO scores less than 620 and a 10 % down payment. Borrowers are being rejected, even though the applicants fit within the government sponsored enterprises’ purchasing guidelines.
3.33% – Drop in consumer sentiment in January from the previous month according to Reuters/University of Michigan’s monthly index. The 72.5 reading (previous month was at 75), was less than the 74.8 reading economists expected.
358,000 – Number of seasonally adjusted initial unemployment claims. The number is down 15,000 from last week’s revised figure of 373,000.
42% – Increase in the number of housing markets that showed measurable improvement in February. The list of improving housing markets is now at 98.
$25 Billion – The amount of a mortgage settlement reached between the federal government and the nation’s 5 biggest banks. Approximately 750,000 borrowers from 49 states (Oklahoma is the only state not participating) who lost their home due to foreclosure between 2008 and 2011 will receive $2,000 over a 3 year period.
$35,000 – Amount banks are offering up to for struggling homeowners to sell their home, via a short sale, prior to foreclosure. In many cases, banks take less of a hit incentivizing homeowners to short sale, than if they just let the home get foreclosed.
3.87% – Average rate on a 30-year fixed mortgage this week according to Freddie Mac. The record low rate of 3.87% has stayed steady for two weeks now.
20.2% – Drop in single-family median home prices in Q4 2011 from Q4 2010 in Boise City – Nampa, Idaho. Boise City had the largest drop in value out of the 29 metros that lost value during the same time period.
25.6% – Increase in single-family median home prices in Q4 2011 from Q4 2010 in Cape Coral-Fort Myers, Florida. Cape Coral had the largest rise in value out of the 29 metros that gained value during the same time period.