Sales of existing homes jumped more than 7% last month, indicating progress in the recovery of the housing market.

According to the National Association of Realtors, sales of previously occupied homes climbed 7.6% in August from July to a seasonally adjusted annual rate of 4.13 million units. The average sales price, on the other hand, inched up by 0.8% from a year earlier to $178,600. Despite the monthly increase, however, August remains the second-worst month for home sales in more than a decade as sales fell 19% from the same month a year ago.

Read More

Michigan’s largest city topped Coldwell Banker’s list of most affordable city to purchase a home this year. On the other end of the survey, it was Newport Beach, California, earned the spot as the most expensive city to buy a home.

The survey examined more than 18,000 four-bedroom, two-bathroom properties listed on its website between February and August.

Read More

Despite government efforts to ease the country’s worsening foreclosure problem, it seems that the Obama administration’s flagship mortgage relief program continues to garner unfavorable responses from its intended recipients.

Data released by the Department of Treasury revealed that more than half of those who have applied to get their mortgage payments lowered have fallen out of the program. As of last month, 680,000 homeowners, or 51%, have been disqualified. The figure jumped from 48% in July.

Read More

Various groups have expressed concern over the possible effects of Ally Financial’s decision to review foreclosure cases in 23 states.

Iowa Assistant Attorney General Patrick Madigan said that the move might be a huge issue across the country, not only in the affected states. “If servicers are submitting court documents that aren’t true or that have not been verified, that is of great concern,” said Madigan, who heads a national foreclosure prevention group.

Read More

Market analysts and real estate experts breathed a sigh of relief as last month’s housing starts registered the highest increase since November last year after a series of declines.

According to the U.S. Department of Commerce, groundbreakings for new homes expanded by 10.5% in August to an annual rate of 598,000 units. The figure surpassed market expectations as analysts earlier predicted an increase of just a 550,000-unit pace.

Read More

The Federal Housing Administration (FHA) is on its way to financial recovery. The agency’s chief said the government body is benefiting from the fees borrowers shoulder and on more stringent standards imposed by lenders.

“While there is still much work to be done, FHA is on a predicted path that will put the agency in a stronger position for the future,” FHA Commissioner David Stevens said.

Read More

Some 23 states will be affected by a halt order on foreclosures imposed by one of the country’s largest home lender.

GMAC Mortgage, the troubled lender that once served as the financing arm of General Motors, said that the moratorium would last for a few weeks or probably until the end of the year. It is meant to review a “potential issue” that it found on the cases.

Read More

Home builder sentiment has remained at its lowest level in more than a year amid worries on a potential home sales decline.

The National Association of Home Builders (NAHB) revealed that its monthly index of builder’s confidence remain at 13 points this September. Since March 2009, the index, which is broken down into three readings, has been at its lowest level for two straight months. According to the group, readings below 50 points suggest a negative outlook on the market.

Read More

If you believe that owning a home amid the housing slump is a bad idea, then you’re probably one of the more than 30% of Americans who no longer consider homeownership as a safe investment.

According to a new survey conducted by the Federal National Mortgage Association, or Fannie Mae, homeowners’ confidence hasn’t improved that much since the beginning of the year as the number of respondents who consider owning a home a safe investment fell from 70% in January to 67% in July. Two years ago, 83% of respondents were willing to put their money on residential real estate. The National Housing Survey also revealed that33% of the respondents said they would rather rent than buy a house if ever they decide to move out of their current home.

Read More

A new survey of economists shows that home sales probably rose last month. It could be an indication that the real estate market is stabilizing, albeit at a very slow pace.

According to a Bloomberg survey, signs of housing stabilization following the expiration of the federal government’s first-time home buyer tax credit. The program’s expiration on April 30 was blamed for the sudden plunge in sales in July.

Read More