Below is a few interesting Real Estate Facts we discovered and wanted to share
26 Real Estate Facts & Mortgage Facts
- According to Zillow, 28.4 percent of all single-family homes with a mortgage in the United States are now underwater.
- Zillow has also announced that the average price of a home in the U.S. is about 8% lower than it was a year ago and that it continues to fall about 1 percent a month.
- Westminster South Carolina has the largest percentage of big homes – averaging 16,129 sq ft
- U.S. home prices have now fallen a whopping 33% from where they were at during the peak of the housing bubble.
- During the first quarter of 2011, home values declined at the fastest rate since late 2008.
- According to Zillow, more than 55% of all single-family homes with a mortgage in Atlanta have negative equity and more than 68 percent of all single-family homes with a mortgage in Phoenix have negative equity.
- U.S. home values have fallen an astounding 6.3 trillion dollars since the housing crisis first began.
- 63% of renters say that owning a home is a priority in the future. 40% say it is one of their highest priorities and 25% are thinking more about buying a home today than they were just a year ago.
- 32% of owner occupied housing units are owned free and clear.(US Census Bureau)
- 70% report that home values have stabilized in their area as Zillow says differently
- 79% of buyers in the market say it’s difficult to save enough money for a down payment and closing costs.
- 73% worry about qualifying for a loan, and 80% say high unemployment and job insecurity are potential barriers to home ownership.(NAR 2010 National Housing Survey)
- In February, U.S. housing starts experienced their largest decline in 27 years.
- New home sales in the United States are now down 80% from the peak in July 2005.
- Historically, the percentage of residential mortgages in foreclosure in the United States has tended to hover between 1 and 1.5 percent. Today, it is up around 4.5 percent.
- According to RealtyTrac, foreclosure filings in the United States are projected to increase by another 20 percent in 2012.
- It is estimated that 25% of all mortgages in Miami-Dade County are “in serious distress and headed for either foreclosure or short sale”.
- Two years ago, the average U.S. homeowner that was being foreclosed upon had not made a mortgage payment in 11 months. Today, the average U.S. homeowner that is being foreclosed upon has not made a mortgage payment in 17 months.
- Sales of foreclosed homes now represent an all-time record 23.7% of the market.
- 14 4.5 million home loans are now either in some stage of foreclosure or are at least 90 days delinquent.
- According to the Mortgage Bankers Association, at least 8 million Americans are currently at least one month behind on their mortgage payments.
- In September 2008, 33 percent of Americans knew someone who had been foreclosed upon or who was facing the threat of foreclosure. Today that number has risen to 48 percent.
- During the first quarter of 2011, less new homes were sold in the U.S. than in any three month period ever recorded.
- According to a recent census report, 13% of all homes in the United States are currently sitting empty.
- In 1996, 89 percent of Americans believed that it was better to own a home than to rent one. Today that number has fallen to 63 percent.
- According to Zillow, the United States has been in a “housing recession” for 57 straight months without an end in sight.
Fun Real Estate Facts – Data complied from
– Buffini and Company Magazine, Jan 2011
– Mortgage Banker Associciation
– US Census Bureau