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The housing market came out of April in a particularly strong position, according to Redfin's latest Real-Time Price Tracker, with prices, sales, and inventory posting gains across the country. Redfin's monthly report--based on home prices, sales, and inventory across 19 U.S. markets--shows prices rose 4.9 percent in April on a monthly basis and 16.1 percent on a yearly basis. Meanwhile, the number of homes for sale increased 6.4 percent from March to April.

At the Realtors Midyear Legislative Meetings & Trade Expo, NAR's chief economist Lawrence Yun projected further increases in existing-home sales. According to a release, Yun expects existing-home sales to increase to nearly 5 million this year, then grow to an annual rate of 5.3 million sales in 2014, and rise up to 5.7 million in 2015. NAR projects the median existing-home price will increase to about 8 percent this year from 6.4 percent in 2012, and then slow to 5 percent in 2014.

While the worst of the foreclosure crisis appears to be over, foreclosures led to the loss of $192.6 billion in wealth for Americans in 2012, according a report from the Alliance for a Just Society, national coalition of eight state-based grassroots community organizations. On average, the estimated loss in wealth last year comes out to about $1,700 per household for 114.7 million households in the nation, according to the coalition. The report also suggested the crisis is not yet over.

The ""juice"" that will fuel the economic recovery is housing, or more specifically, new home sales, according to Freddie Mac's economic and housing market outlook report for May. As the building of new homes adds to the availability of jobs, the unemployment rate should inch down. ""Based on historical correlations, every additional 100 thousand housing units started brings down the unemployment rate for construction workers by about three-fourths of a percentage point,"" the report stated. For 2013, Freddie Mac forecasts housing starts will increase by 200,000 units.

With housing prices on the rise across the nation, and double-digit increases in some markets, CoreLogic quashes any fears of another housing bubble forming any time soon. After a 7.3 percent price gain in 2012, the nation's housing prices will continue to rise over the next five years but at a slower pace, according to the CoreLogic Case-Shiller Home Price Indexes. The indexes forecast a 3.9 percent annual increase through 2017. Meanwhile, many of the markets that underwent the greatest price depreciation during the housing crisis are now experiencing the greatest price appreciation.

The Alabama Supreme Court affirmed a lower court ruling that upheld Fannie Mae's ejectment action judgment against defaulting borrowers whose homes were lost to foreclosure, MERSCORP Holdings, Inc. announced in a release.

The median price for a home in the San Francisco Bay Area climbed above the half-million mark in April for the first time in almost five years, according to DataQuick. The median price paid for a home in the nine-county Bay Area was $510,000 in April, up 17.0 percent month-over-month and 30.8 percent year-over-year. The monthly increase is the highest on record in DataQuick's Bay Area statistics.

While low inventory continues to curb home sales, April may have seen the first signs that the supply situation is turning around, RE/MAX says in its latest National Housing Report. According to RE/MAX, the months' supply of homes for sale at the April's sales pace was 3.6 months--the lowest supply since the National Housing Report began in August 2008. However, the company observed a monthly increase in April in the overall number of homes for sale--the first since June 2010.

According to Freddie Mac's Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.51 percent (0.7 point) for the week ending May 16, a significant climb from last week, when it averaged 3.42 percent. Last year at this time, the 30-year fixed averaged 3.79 percent and falling. According to Bankrate's weekly national survey, the benchmark 30-year fixed rate climbed to 3.71 percent, an increase of 11 basis points.

According to Zillow, in 64 percent of U.S. metros, buying is more affordable than renting if homebuyers plan to stay in their home for at least three years. In several large metros, it would only take around two years before a buyer reached what Zillow called the ""breakeven horizon,"" or the time it takes for buying to become more financially advantageous than renting. Out of the 30 largest metro areas, Zillow found Miami and Detroit had the shortest breakeven timeline of just two years in the first quarter. In New York, buyers would need to stay in their homes for 5.2 years before reaching the breakeven horizon.