Although many industry experts agree that recovery for the overall housing market is still far off, some of them believe that several local markets can get back on their feet over the next four years. Moody’s Economy.com and the Wisconsin-based financial services industry information company Fiserv predicted that by 2014, markets in the Pacific Northwest will lead a 7.2% increase in national home prices.

According to analysts, home prices in Washington State’s Bremerton-Silverdale area, in particular, are likely to soar by 44.7% over the next four years, posting an annual growth of 9.7%. The area, a quiet naval community across the Puget Sound from Seattle, received the highest forecast among 384 metropolitan statistical areas surveyed by Economy.com and Fiserv.

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The Federal National Mortgage Association (Fannie Mae) has posted its best quarter since the government took over the mortgage-finance firm in September 2008.

Fannie Mae, in its second quarter report, posted losses amounting to $3.13 billion, or 55 cents per share. It was better the loss of $2.67 a share in the same April-to-June period last year. That quarter, the firm lost $15.2 billion.

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Demand for mortgage applications to purchase residential real estate jumped for the third-straight week as more borrowers took advantage of low mortgage rates, latest data revealed.

According to the Mortgage Bankers Association (MBA), overall applications for loans to buy homes rose 1.3% with refinancing applications, which made up 78% of total applications, inching up by 1.3%. Applications for loans to purchase residential properties, on the other hand, grew by 1.5% from a week earlier.

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While condos, single family homes, and even commercial properties across the country are losing value, farmlands are going the other way.

The U.S. Department of Agriculture (USDA) reported that the value of farmland grew 1.4% from last year. The appreciation was fuelled by stronger real estate values in the northern Plains states of Kansas, Nebraska, and the Dakotas, the USDA said.

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If everything goes according to plan, cash-strapped homeowners in Ohio, North Carolina, South Carolina, Oregon, and Rhode Island will receive more financial assistance from the government.

A top official from the Department of Treasury said as many as 50,000 homeowners from the five states will benefit from the $600-million “Hardest Hit Fund.” The fund, which was announced earlier this year, is geared towards minimizing foreclosure activities in areas with high unemployment rate.

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The Federal Housing Administration (FHA) remains concerned about home prices, saying they could overturn possible green sprouts of recovery.

In a report submitted to Congress, the government agency said the mortgages it backs improved in performance but slides in homes prices could be a problem. The report compares the results of a study on FHA’s loan portfolio from October last year to June this year and the projections of an independent audit.

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The prices of some of the condominiums across the country have gone so low, they are cost less than a brand new family car.

Reports said some condos are now extra affordable. “Not to sound like a salesman, but there are some real bargains out there,” Kevin Berman, a broker with Bankers Realty Services in Fort Lauderdale, Florida, was quoted as saying.

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It looks like things are looking well for the Federal National Mortgage Association. Popularly known as Fannie Mae, the country’s biggest home loan purchaser has announced that its mortgage portfolio grew in June while the delinquency rate on the loan it guarantees fell to the lowest level this year in May.

According to the government-sponsored enterprise, its gross mortgage portfolio jumped 6.3%, or about $4.1 billion, to $817.8 billion last month. The figure was said to increase by 12.1% from last year. Fannie Mae chief executive officer Michael Williams attributed the growth to stricter lending standards that the company has implemented in recent years. He said the “stringent” lending criteria have helped Fannie Mae develop strong business books over the past decade.

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If the Congress had its way, it will recoup the money the government spent to save state-backed mortgage-finance agencies from insolvency.

Lawmakers revealed that they will be holding hearings in September to find ways to recover some of the $145 million the government has spent so far on the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac).

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To help prevent another financial crisis from crippling the U.S. economy, the Federal Reserve and other regulators have stepped up the campaign against wayward mortgage brokers.

As part of the new rules, brokers who work for agency-regulated institutions must register with the Nationwide Mortgage Licensing System and Registry. They are also required to have their fingerprints scanned before they can conduct business in the future. The new regulation will be implemented on October 1, while the registry is expected to accept registrations by January 28, 2011.

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