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Nation’s Unemployment Picture Expected to Improve

Experts agree that job creation is critical to getting the housing and mortgage markets back on track - both in curbing delinquencies by ensuring homeowners have the ability to make their mortgage payments and in giving consumers the confidence to become homebuyers. If unemployment remains elevated for an extended period, the housing recovery is expected to grind along at a snail's pace. Currently the nation's unemployment rate sits at a 26-year high. But what can we expect heading into the new year?

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HUD Awards $73 Million to Housing Counseling Organizations

The Obama Administration announced on Thursday a round of grants totaling nearly $73 million to more than 500 national, regional, and local organizations to provide housing counseling services. Agencies receiving the grants will focus on helping homebuyers and homeowners understand their financing and down payment options, and will help combat predatory lending by assisting borrowers with reviews of loan documentation. The new round of grants represent a 22 percent increase over last year's funding.

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Property Appreciation Expected in 40% of Major Metro Areas in 2011

According to the latest forecast from Veros Real Estate Solutions, select markets in the United States can expect 2.5 percent to 3.5 percent appreciation in home values over the next 12 months. Although only mild appreciation is anticipated, approximately 40 percent of all major metro areas are forecast to see property values go up in 2011. Veros places San Diego, California, at the top of the list in terms of strong price gains. Homes in Reno, Nevada, on the other hand, are projected to lose the greatest share of equity.

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Freddie Mac’s Nothaft Predicts Mortgage Rates to Remain Below 5%

Frank Nothaft, chief economist for Freddie Mac, says he expects long-term mortgage rates to hold below the 5 percent threshold throughout 2011, as key macroeconomic drivers provide a backdrop that supports a continued, albeit gradual, housing recovery. Turning to home prices, Nothaft says markets that have large inventories of for-sale homes and REO properties will continue to see home-value weakness in 2011, but he believes price indexes for the U.S. as a whole are close to bottoming out.

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Fitch Gives United States Title Insurance a Negative Outlook for 2011

A report from Fitch Ratings paints a negative picture for the Title Insurance Industry in 2011. According to the report, the title insurance market is severely affected by the current state of the economy, most notably the sharp decline in real estate and mortgage activity. According to the report, the title insurance market is severely affected by the current state of the economy, most notably the sharp decline in real estate and mortgage activity.

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Prediction: Mortgage Delinquencies Will Decline in 2011

The annual consumer credit forecast from U.S. credit bureau TransUnion foretells a 20 percent drop in national mortgage loan delinquencies by the end of 2011. TransUnion predicts that the number of delinquent accounts -- 60 or more days past due -- will drop to 4.98 percent from an expected 6.21 percent at the conclusion of 2010. The company anticipates at least double-digit declines in mortgage delinquencies in every state and the District of Columbia through 2011.

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CoreLogic Estimates $11B Lost to Mortgage Fraud in 2010

The research firm CoreLogic has released its official assessment of the monetary toll mortgage fraud has had on the industry in 2010. According to the CoreLogic Fraud Index, fraud losses for this year are estimated to be $11 billion. That figure is actually down from $14 billion in fraud losses during the 2009 calendar year. The company says while the probable rate of fraud has increased by 20 percent since last year due to higher risk government loan programs, actual fraud losses are lower because origination volume is down by 26 percent.

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Field Asset Services Releases Industry Predictions for 2011

Field Asset Services (FAS) anticipates the field services industry to focus on advancing the vendor network and creating higher quality field service offerings in 2011. The company says with the decline of the housing market, the use of field services has become a core business practice for banks, servicers, and investors taking on the day-to-day maintenance and preservation of REO properties. With predictions that the REO inventory will grow in 2011, FAS says there will be greater reliance on third-party support to gain control over costs and risks.

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Commercial Real Estate is Stabilizing and Will Improve, Says NAR

The commercial real estate market will see slight improvements in 2011, according to National Association of Realtors (NAR) chief economist Lawrence Yun. According to the economist, commercial real estate seems to be stabilizing. He says rising commercial leasing demand means overall vacancy rates have or are about to peak.

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Moody’s Predicts Another Rocky Year for Servicers in 2011

Moody's recently published 2011 Mortgage Servicers Outlook predicts more troubles ahead for servicers regarding foreclosure practices and documentation. The agency says more scrutiny of procedural irregularities could allow for definition of just how bad things are, but the added scrutiny could also lead to the discovery of even more problems with foreclosure practices. Moody's says foreclosure flaws will add at least three months to the timeline it takes to foreclose on properties.

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