News

Unemployment rates fell in 22 states in December but rose in 16, the Bureau of Labor Statistics (BLS) reported Friday in its monthly Local Area Unemployment Statistics (LAUS) release. In November, unemployment rates dropped in 45 states. According to the LAUS report, the West had the highest regional unemployment rate--8.6 percent, down from 8.7 percent in November and 9.8 percent in December 2011. The Midwest registered the lowest unemployment rate with 7.1 percent, unchanged from November and down from 7.9 percent in December 2011.

Consistent with 2012 trends, Realtor.com found Florida, California, and Arizona, ""markets that were once the epicenter of the housing crisis,"" are improving, while markets in the Midwest and Northeast continue to struggle. List prices increased in 66 of the 146 markets Realtor.com observes. Prices remained unchanged in 31 markets and decreased in 49. One trend that remained relatively consistent across most markets was inventory, which declined in 145 of the 146 markets observed.

Best Homes Title Agency is expanding its presence in Michigan. The company recently announced that it is putting down roots in several locations in the western part of the state with the acquisition of the Closing Office Title Agency. Best Homes Title is headquartered in Farmington Hills, with an ancillary office in Saginaw. The acquisition of the Closing Office Title Agency will add six additional locations to the company's statewide footprint.

Nine days after an $8.5 billion foreclosure settlement was reached between regulators and 10 servicers, Goldman Sachs and Morgan Stanley struck a similar deal to settle allegations of wrongful foreclosure. Goldman Sachs and Morgan Stanley will pay $557 million in cash payments and other mortgage assistance.

Overall personal bankruptcy filings in Connecticut decreased in 2012 as consumers become more confident about their ability to handle debt, according to a report from the Warren Group. In Connecticut, personal bankruptcy filings numbered 7,242 in 2012, down from 8,518 in 2011, representing a 15 percent decrease.

Freddie Mac's Primary Mortgage Market Survey registered little motion among rates for the week ending January 17. The average 30-year fixed rate slipped to 3.38 percent (0.7 point), down from 3.40 percent last week. The 15-year fixed rate averaged 2.66 percent (0.7 point), the same as in the previous week's survey. Bankrate.com, on the other hand, reported more extreme shifts as markets grow increasingly nervous about the country's continued financial uncertainties.

Foreclosures declined in 2012 compared with the previous year, but RealtyTrac expects this year to be ""book-ended by two discrete jumps in foreclosure activity,"" according to the firm’s latest report released Thursday. Foreclosure filings were doled out to 1.84 million homes in 2012, which is 3 percent fewer homes than in 2011 and 36 percent below the foreclosure peak in 2010 when 2.9 million properties received foreclosure filings. In December, foreclosure activity fell 10 percent month-over-month to a 68-month low.

Bank of America and Citigroup both released their fourth-quarter earnings Thursday, revealing the scars their legacy mortgage issues have left. BofA reported net income of $732 million, a significant decline from $2 billion in Q4 2011. The bank did better on a year-long scale, coming in at $4.2 billion (well above its $1.4 billion income in 2011). While Citi pulled ahead compared to last year, its earnings still fell well short of forecasts.

Fannie Mae and Freddie Mac approved National Mortgage Insurance Corporation as an eligible mortgage insurer, the new private insurer announced. According to National MI, the GSEs have indicated they will be ready to accept loans insured by the company in the second quarter of 2013.

The housing market in California's Southland region closed out 2012 with the highest number of December home sales in three years, real estate information company DataQuick reports. According to DataQuick, a total of 20,274 new and resale homes and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino, and Orange counties in December. The month's total was 5.1 percent up from November and 5.3 percent up from December 2011.