Market Studies

A new report from Zillow shows home sellers in the West tend to have the greatest advantages over buyers when it comes to negotiation, while buyers in the Midwest and Mid-Atlantic areas are likelier to come out of a sale with more left in their wallets. With the exception of Washington, D.C., the top sellers' markets are all in the West, with six of the top eight located in California. Non-Golden Gate State entries include Las Vegas, Nevada; Seattle, Washington; and Phoenix, Arizona.

In Southern Nevada, short sales still proved to be a popular trend as the housing market moves further away from foreclosures, according to data from the Greater Las Vegas Association of REALTORS (GLVAR). Although the percentage of existing homes sold through the short sale process declined in November, the percentage is still in record level territory.

Treasury, HUD, and the Ad Council are reaching out to struggling homeowners with a message of hope. On Wednesday, the groups announced the launch of the third and final phase of their Foreclosure Prevention Assistance Public Service Advertising (PSA) Campaign. With data showing nearly one in 14 homeowners knows what it means to be behind on a mortgage payment, the campaign aims to identify those struggling homeowners and educate them about the free resources available to help prevent foreclosure.

For the fourth consecutive quarter, commercial/multifamily mortgage debt outstanding increased in the third quarter, according to the a report from the Mortgage Bankers Association (MBA). The increase was 0.3 percent over the third quarter of this year. In dollar volume, commercial/multifamily mortgage debt rose $6.6 billion over the quarter, bringing the national total to $2.38 trillion.

The recovery in home sales and prices is taking shape, but will it further solidify, even in the hardest hit markets? Pro Teck Valuation Services and Collateral Analytics say they think the recovery will continue in hard-hit markets such as Sacramento, Phoenix, Las Vegas, and Riverside-San Bernardino ""because prices are still lower than fundamental market drivers"" such as employment. The report also discussed the role of consumer sentiment in the residential market and explained how expectations can reinforce trends and build momentum.

After four and a half years, the National Foreclosure Mitigation Counseling (NFMC) program has assisted 1.5 million at-risk homeowners, according to a NeighborWorks America report. Consumers who received mortgage modification assistance from NFMC saw their monthly payments decrease by an average of $176 more per month compared to non-NFMC clients. In addition, homeowners who sought assistance from NFMC were nearly twice as likely to receive a modification.

With about one-third of the American population residing in rental housing with climbing rents even despite largely stagnant incomes, the Center for American Progress argues for continued participation of the federal government in the multifamily housing market. Specifically, the organization supports a federal guarantee on multifamily mortgages. CAP says the Federal Housing Finance Agency ""appears poised to pursue plans to privatize the multifamily mortgage market."" However, CAP says doing so would ""be a big mistake.""

Freddie Mac made suggestions on what housing might look like in 2013 in its December outlook report. Overall, the GSE expects to see a continuation of positive trends. For one, property values should still rise into the next year and are likely to increase by 2 to 3 percent, Freddie Mac reported. The market should also see more households, with household formation expected to expand from a net 1.20 million to 1.25 million households.

Consumers' perceptions of housing and the economy are growing more and more positive, according to responses in Fannie Mae's November 2012 National Housing Survey. Attitudes about the current selling environment continue to improve, with 23 percent of respondents saying now is a good time to sell a home, the highest percentage since the survey began in 2010.

Based on data compiled in the latest ""housing scorecard, the Obama administration described the housing market as ""strengthening"" and noted the continual rise in home values and the strong home sales in October. The administration also released the Making Home Affordable Program report, which details performance related to modifications. According to the report, since the national mortgage servicing settlement, principal reductions outside of the HAMP Principal Reduction Alternative (PRA) program have been more widely used.