Russ,
I can actually give you part of the numbers, quite accurately.
In California, income from real estate transactions declined $184,133,100 from Sept 05 to Oct 05. (# of sales dropped from 59,600 to 53,700)
The decline is $18,725,400 from Oct 04 to Oct 05. (# of sales dropped from 54,300 to 53,700)
This is for the month of Oct 2005 and it does not include income loss from decline in refinance activities.
Here is how I arrived at that number.
dqnews.com
I used the following assumptions:
$454,000 - median price from dataquick above
$90,800 - 20% down
$363,200 - 80 % conventional financing
$22,700 - 5% broker commission.
$3,622 - 1% mortgage broker commission.
$2,127 - title insurance for both sides.
$350 - appraisal
$1,800 - escrow fees for both sides.
$600 - junk including inspectors, termite, underwriting.
$31,209 - per transaction. |
