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Permits, Starts Data Show Shift to Multifamily

Housing permits rose a sharp 4.6 percent to a seasonally adjusted annual rate of 946,000 in February to the highest level since June 2008, while housing starts edged up 0.8 percent to 917,000, the Census Bureau and HUD reported jointly Tuesday. Most--almost 62 percent--of the increase in permits came in applications to build multifamily units.

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Survey: 1 in 5 U.S. Households Reside in a Multifamily Rental

The Census Bureau and HUD released the results of its new 2012 Rental Housing Finance Survey, revealing that one in five American households live in multifamily rental buildings. The survey, which was conducted in the winter and early spring of 2012, found that there are nearly 2.3 million multifamily rental properties in the United States, 67 percent of which are owned by households or individuals. Among other findings: 1,337, or 59.4 percent, of multifamily rental properties examined in the survey have at least one mortgage.

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Attorneys General Demand New Leader for FHFA

A coalition of nine state attorneys general is petitioning the national government to replace Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco. The coalition charged DeMarco with positioning Fannie Mae and Freddie Mac as a ""direct impediment to our economic recovery"" and called for his replacement in a joint letter to the president, the Senate majority leader, and the Senate minority leader Friday. The attorneys' general complaint stems from DeMarco's refusal to allow the GSEs to engage in principal reductions for struggling and underwater homeowners.

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Industry Experts Predict Price Growth into 2017

Zillow and Pulsenomics surveyed a nationwide panel of 118 economists, real estate experts, and investment and market strategists to get their thoughts on future home values and housing market policies. On average, the panel forecasts price growth of 4.6 percent in 2013 and 4.2 percent in 2014. More moderate growth averaging 4.1 percent is expected to follow into 2017. The panel also responded to questions on refinance options for underwater borrowers, with the majority expressing support for proposals that would allow certain underwater borrowers to refinance

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More than One-Third of Listed Homes Sold Within 2 Weeks: Redfin

More than one-third of homes were taken off the market in two weeks or less last month, Redfin revealed in its most recent monthly housing report. On average, 34 percent of homes were under contract within 14 days of their debut in February, an increase from 30.3 percent in January, the online real estate broker reported. Redfin also reported a continued year-over-year decrease in inventory, which has fallen 32 percent from February 2012.

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Report: Impact of Investors on REO Inventory Uneven Across Markets

REO inventory declined at an accelerated pace in 2012 as investor activity intensified, but the impact of the reduction has been uneven across markets, according to an analysis from CoreLogic. In the data provider's March MarketPulse report, economist Sam Khater explained markets in the Midwest and Northeast are still struggling with REO inventory, while the South and Southwest are seeing ""massive"" declines. The decline suggests an increase in investment activity from both individual and institutional investors, with different contributions from the investor types.

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Builder Confidence Sinks to 5-Month Low Despite Tighter Inventory

Builder confidence slipped in March to 44, the lowest level since October, the National Association of Home Builders Monday. Economists had expected the Housing Market Index, the measure of confidence, to improve to 47 from February's reading of 46. It was the second straight monthly decline in the index and the third straight month the index failed to increase (it was flat from December to January). Tighter inventories had been expected to improve confidence, but builder attitudes have also been weighed down by prices of new single-family homes.

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House Reps Renew Efforts to Reinforce FHA

The FHA Emergency Fiscal Solvency Act, introduced by Rep. Maxine Waters (D-California) and sponsored by Rep. Michael Capuano (D-Massachusetts), is designed to give the Federal Housing Administration (FHA) more flexibility to take action against originators who engage in faulty underwriting or who have high loan losses. Additional measures include authorizing the agency to require indemnification for improperly written loans. Lawmakers say there is clear, bipartisan agreement on the need to provide FHA with additional risk management tools.

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Titanium Solutions Shutters Doors

A longtime provider of mortgage industry outreach services announced it is closing its doors for good. Titanium Solutions, founded in 1999 and based in South Carolina since 2008, said its services aren't as in-demand as they once were with the market now in recovery. In a statement sent to its vendors, the company said the use of face-to-face outreach has experienced a ""precipitous decline,"" attributable to ""improving mortgage delinquency rates, declining foreclosures, and improved servicer processes."" All outstanding work assignments are being returned to clients.

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Commentary: Budget Pains

It's been two weeks since the dreaded sequester took effect, and so far, the only casualty has been the White House tour. There actually have been some positives, with both parties presenting budgets. However, both the GOP budget and the Democratic plan have one major similarity: Each is dead on arrival and destined to at best be a one-house budget, which leaves the country back where it was. Setting a target for practical balance would bring us closer to reducing the deficit and with less pain.

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