Homeowners underwater on mortgages hold back economic recovery

President's latest effort would offer mortgage relief to members of the military and homeowners with FHA loans. Read more.

Mortgage refinancing takes off as HARP kicks in

Earlier versions failed to help many homeowners, but some banks are now adding staff to keep up with demand. Read more.

Bill to streamline foreclosures moves one step closer to Fla. law

Legislature to vote on plan that limits lenders' ability to recoup seller debt and speeds
abandoned home foreclosures. Read more.

Jan. pending home sales rise, market on uptrend

WASHINGTON – Feb. 27, 2012 – Pending home sales are on an upward trend – an admittedly uneven but meaningful trend – since reaching a cyclical low last April, according to the National Association of Realtors®. Today’s national Pending Home Sales Index (PHSI) rose 2 percent compared to December 2011.The PHSI, a forward-looking indicator based on contract signings, rose to 97.0 in January from a downwardly revised 95.1 in December, and it’s 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the homebuyer tax credit.“Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year,” says Lawrence Yun, NAR chief economist. “With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”The PHSI in the Northeast rose 7.6 percent to 78.2 in January and is 9.8 percent above a year ago. In the Midwest the index declined 3.8 percent to 88.1 but is 10.8 percent higher than January 2011. Pending home sales in the South increased 7.7 percent to an index of 109.1 in January and are 10.5 percent above a year ago. In the West, the index fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun says. “If and when credit availability conditions return to normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”© 2012 Florida Realtors®

Foreclosure bill debuts in Fla. Senate

Lenders could take back abandoned homes faster; owners would gain rights but lose some
protections. Changes expected. Read more.

Lenders embrace more short sales

Many lenders now offer short-sale financial incentives, but it's tough to figure out
who will get cash and who will not. Read more.

A new breed of investors steps forward

Small investors see above-average returns in housing: Buy cheap, rent now and sell
after the market fully rebounds. Read more.