Fixed mortgage rates fell back slightly to start November as investors anxiously wait for signs of which direction the economy is headed. According to Freddie Mac's Primary Mortgage Market Survey the average rate for a 30-year fixed-rate mortgage was 3.39 percent (0.7 point) for the week ending November 1, down from 3.41 percent in the previous week. The 15-year fixed average for the week was 2.70 percent (0.7 point), a slip from 2.72 percent in the last survey. Bankrate.com's weekly survey also demonstrated decreases all around.

Hammerhouse LLC announced it has expanded its Eastern U.S. headquarters brought on additional staff to order to meet the increased demands of its growing client base. Hammerhouse has doubled the size of its office in Hickory, North Carolina.

HUD secretary Shaun Donovan announced the department is working to speed up federal disaster assistance to areas in New York and New Jersey following the passage of the storm. HUD is also granting a 90-day forbearance on foreclosures of home mortgages insured by the Federal Housing Administration (FHA).

The inventory of new homes for sale has fallen dramatically since 2008 to 4.5 months, closing in on its lowest level in 50 years, according to the most recent Home Value Forecast report. ""In recent years, new housing supply has been running at the lowest levels since the 1960's due to the slow down in new home construction, the size of homes being built, and the complicated process for selling/buying distressed properties,"" said Pro Teck Valuations CEO Tom O'Grady.

Equifax announced the launch of its Spectrum Verification Services Platform designed to strengthen lender confidence by streamlining the verification processes through underwriting, QA, and closing.

In the report from the Center for Responsible Lending, researchers conclude that based on the 10.9 million loans that entered foreclosure between 2007 and 2011, approximately $1.95 trillion in property value has been lost or will be lost by residents who live close to foreclosed properties. This estimate includes losses stemming from completed foreclosures and future losses projected on foreclosure starts. The average spillover cost per family is or will be $21,000 in household wealth, or 7 percent of median home value, according to the report.

Data from CoreLogic shows the nearly 284,000 properties at risk represent almost $88 billion. Based on early projections of Sandy's path, eight major metro areas in the Mid-Atlantic region--including New York, Philadelphia, and Boston--are at risk.

The FDIC closed another Pennsylvania institution, bringing the state's year-to-date tally to two and the national tally to 47.

A massive mortgage fraud investigation led to 17 defendants being charged with crimes ranging from mortgage fraud to money laundering, according to a release from the Justice Department. The new indictment brings the total number of defendants to 81.

A steady drop in distressed home sales may spell a better future for builders, Capital Economics analyst and property economist Paul Diggle says. In a US Housing Market Update released by the firm, Diggle notes that while a substantial overhang of properties still in the shadow inventory will keep distressed sellers in the market, the peak in distressed supply appears to be well behind us, giving homebuilders more room to grow with less competition from discounted existing homes.