A quick rundown of the important real estate news from the week of April 7 – April 13, by the numbers:
10% – Increase in foreclosure filings in the first quarter, in states where the foreclosure process must undergo judicial scrutiny. The increase in fillings come on the heels of the $26 billion mortgage settlement between the government and the nation’s largest mortgage lender.
2.4% – Decrease in mortgage applications (seasonally adjusted) for the week ending April 6th, from the previous week.
70.5% – Number of all mortgage applications that were for refinancing for the week ending April 6th. It’s the eight straight week that the refinance share of mortgage applications fell. The previous week, refinances made up 71.2% of all mortgage applications.
3.88% – Average rate on a 30 year fixed mortgage this week according to Freddie Mac. The rate was down from last weeks average rate of 3.98%.
$3 Billion – Amount in refis major mortgage lenders have agreed to give to customers with underwater mortgages that are current. The deal is part of a settlement on complaints of foreclosure abuse.
3.11% – Average rate on a 15 year fixed mortgage this week, a record low. The rate is down from last week’s rate of 3.13%.
6.4% – Increase in initial unemployment claims for the week ending April 7th. Claims are now at the highest level since January.
$700 Million – Amount in seriously delinquent commercial real estate loans and foreclosed commercial properties on the books for 30 banks at year-end 2011. “Michigan Commerce Bank in Ann Arbor reported the highest total with $98.5 million.”