News

Consumers are becoming more positive toward the idea of homeownership as home prices rise and the threat of delinquencies and foreclosures subside, Trulia reported Wednesday. Confidence in future ownership is especially prevalent among young renters. According to Trulia's American Dream survey, 93 percent of renters between the ages of 18 and 34 plan to purchase a home some day. For 31 percent of renters, that ""some day"" is actually within the next two years, an increase from 28 percent in May 2012 and 22 percent in January 2011.

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.

Despite recent improvements in the unemployment rate and housing, the Federal Open Market Committee (FOMC) Wednesday voted to continue its program of purchasing $40 million a month of mortgage backed securities and to maintain the target Fed Funds rate at 0 to 0.25 percent. The FOMC vote was 11-1 with only Richmond Fed President Jeffery M. Lacker dissenting.

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.

The Treasury announced Tuesday it will sell the remainder of its shares of American International Group, Inc. common stock. The move brings Treasury's stake in the company to an end. After the offering, Treasury will still hold warrants to purchase about 2.7 million shares of AIG common stock. Together, Treasury and the Federal Reserve invested $182.3 billion to stabilize the failing insurance behemoth in September 2008 at the start of the financial crisis.

The Consumer Financial Protection Bureau (CFPB) put a stop to two companies it believes took part in mortgage modification scams that cheated thousands struggling homeowners. The CFPB alleges Gordon Law Firm and the National Legal Help Center amassed more than $10 million after charging consumers for services that falsely promised to stop foreclosures or provide modifications.

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.

RES.NET introduced an offer submission link tool for real estate agents. Through the new tool, agents who use RES.NET's Agent Portal can post Web links to the MLS and other marketing websites.