News

Serious delinquencies for U.S. RMBS improved across all sectors in the fourth quarter of 2012, according to a new mortgage market index from Fitch Ratings. Furthermore, the agency expects RMBS delinquencies to continue declining this year. According to Fitch, the improvement ""reflects positive selection in the remaining pools, loan modification efforts by servicers, and positive home price trends.""

U.S. home values in 2012 rose 5.9 percent over 2011, according to data in Zillow's latest Home Value Index (HVI). The 5.9 percent appreciation rate is the largest annual gain since August 2006, near the peak of the housing bubble. As home values rose throughout 2012's fourth quarter, foreclosure activity declined, with 5.22 out of every 10,000 homes nationwide facing foreclosure in December.

Existing-home sales fell 1.0 percent in December to a seasonally adjusted annual rate of 4.94 million, and November sales were revised downward, slipping below 5 million, the National Association of Realtors reported Tuesday. Economists had expected the sales pace to improve to 5.1 million. The supply of existing homes for sale fell in December to 1.82 million, the lowest level since January 2001. At the current sales pace, the homes available for sale represent a 4.4 month supply.

In Michigan, zipLogix, the creator of zipForm--the real estate industry's leading contract software--announced the release of a new web conferencing service powered by AnyMeeting, a leader in small business web conferencing.

Now that the industry has its long-awaited ""qualified mortgage"" (QM) definition, Fitch Ratings believes jumbo prime securities are poised to see a jump start. While many analysts anticipate a kick start in lending and securitization now that the rules are clear, Fitch asserts most of the underwriting guidelines suggested have already been put into practice since the financial crisis. However, the ratings agency sees the QM definition as a boon for the jumbo prime market.

In a commentary from Capital Economics, economist Paul Diggle declared existing home sales are now at a ""historically-normal level"" relative to population after breaking past the five million mark. The NAR reported existing-home sales in November rose to a seasonally adjusted annual rate of 5.04 million. Based on pending home sales in November, the firm's calculation shows existing-home sales in December should increase to an annual rate of 5.15 million. NAR is scheduled to release data on existing-home sales on Tuesday, January 22.

The Missouri Eastern District Court of Appeals allowed for an injunction to halt a St. Louis County ordinance that requires banks to notify borrowers of their right to mediation before facing foreclosure.

When Treasury issued the Troubled Asset Relief Program (TARP) in October 2008, it designated $45.6 billion for mortgage-related programs. However, a little more than four years later, when a few of the non-mortgage TARP programs have drawn to a close, more than $40 billion in mortgage relief remains unspent, according to a report from the Government Accountability Office (GOA).

As home prices continue to climb, real estate agents and homebuyers are maintaining a positive outlook for home values in 2013, a recent survey found. The survey, which was jointly released by Point2Homes and PropertyShark, reported 71 percent of survey respondents predicted home prices will go up or maintain their current level in 2013. The survey included nearly 1,500 real estate professionals and homebuyers.

The housing market finished 2012 strong with year-over-year gains in home sales and prices, according to RE/MAX's December National Housing Report. The report, which covers 52 metro markets, shows a broad recovery all across the country, with both sales and prices rising almost every month in 2012. The biggest issue leftover from 2012 is inventory, which in December saw its 30th straight monthly decline.