Facebook plans to build in Altoona. North of I-80 and Bass Pro will be the new home of Facebook’s Tech Center. There is some controversy about how much of an economic impact this will have on our local economy. They will be building a “data center” – whatever that is. It probably will not be built by local contractors. It will employ fewer than 30 people. They are not elite tech positions – salaries expected to be $50,000/yr. They’ve received $18 million of incentives to locate in Altoona. It looks like, at least on paper, Hubbell Realty is making a profit. Hubbell purchased the 197 acres in 2005 for $2.5 million with the intent to develop for residential construction. They sold to Facebook for $4.8 Million. Mortgage rates dropped again this week, according to CNN money. You can get a 15 yr. fixed rate loan for a record low of 2.56%. The most popular term for a mortgage is 30-yr, that was at 3.35%. Greater Des Moines foreclosure rates decreased in February over the same period last year, according to real estate analytics firm CoreLogic Inc. The rate of foreclosures among outstanding mortgages was 2.3 percent, down from 2.65 percent in February 2012. The national foreclosure rate was 2.85 percent in February. The delinquency rate also dropped in Greater Des Moines, to 4.23 percent from 4.7 percent a year ago. Feed Energy’s parent company – Riley Resource Group has begun remodeling work on the former Lakeside Fitness Center building in Pleasant Hill. 30 of the 100 employees will be located in the newly remodeled building. The north side of the this building is predominately glass. Wouldn’t that be a great work view? Home ownership statistics for the 30-35 yr old age group still needs a boost. This is the age group that is typically looked at, as an indicator of the housing market. If you’re in this age group and don’t yet own a house – give us a call and we’ll help you define the advantages of buying a home in today’s market. Eisenlauer Team, Easy to Work With…Hard to Beat!Bill 770-2455 Bob 979-2883
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