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Remodeling sentiment rose to the highest level in five years, according to the National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) for the fourth quarter of 2011. Released yesterday, the RMI increased to 46.6 in the fourth quarter from 41.7 in the third quarter. In the fourth quarter, the RMI component measuring current market conditions rose to 48.4 from 43.0 in the previous quarter. The RMI component measuring future indicators of remodeling business was also positive, increasing to 44.8 from 40.4 in the previous quarter.

In his recent State of the Union speech, President Obama announced he will push for legislation that will significantly expand the newly revised HARP program that allows underwater homeowners to refinance at today’s historically low rates.

National Association of REALTORS® President Moe Veissi made the following statement, regarding President Obama’s State of the Union address this week. "The National Association of REALTORS® commends President Obama for his remarks in support of homeowners and the struggling housing market during tonight's State of the Union address. As leading advocates for homeownership, REALTORS® know that restoring the health of the housing market is the only way to achieve a broader economic recovery. "REALTORS® stand ready to help Congress and the administration implement Obama's proposal to significantly reduce monthly mortgage payments by streamlining the refinancing process.

RealtyTrac®, a leading online marketplace for foreclosures, recently released its Q3 2011 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 20 percent

The end of 2011 brought good news on the nation's economic front, with unemployment in December falling to its lowest level in three years and the economy adding 200,000 jobs during the same month. Dave Liniger, chairman and co-founder of RE/MAX, said that the country's improving economic fortunes bode well for the residential real estate market in 2012. Based on the recovering economy, the leader of RE/MAX recently predicted a continued rebound in the nation's housing market this year.

In another sign that investors are more important to residential real estate markets than ever, nearly one out of three home sales in December went to buyers who paid all cash.

While 2011 was clearly a challenging year, there is a lot to be positive about looking ahead. Economically, while buffeted by natural disasters and fiscal policy indecisiveness at home and a European sovereign debt crisis abroad, the U.S. economy was able to stave off economic stagnation in 2011 and is likely to continue to do so in 2012. Housing statistics and the duration of the housing downturn to date indicate that 2012 may be the year we begin to turn the corner. In the summer of 2011, economic concerns peaked as the economy appeared to be on the brink of stagnation.

Nationwide production of new single-family homes rose 4.4 percent to a seasonally adjusted annual rate of 470,000 units in December, according to newly released figures from the U.S. Commerce Department. This marked a third consecutive increase and the fastest pace of single-family housing starts since April of 2010. Meanwhile, the overall number of housing starts for the month declined 4.1 percent to a 657,000-unit rate due to a 20.4 percent dip on the more volatile multifamily side.

Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates changing little amid mixed economic data. Regardless, the 30-year fixed-rate mortgage edged down slightly to 3.88 percent

Don’t blame the real estate appraiser if it turns out that house you’re trying to sell or buy isn’t worth what you thought it was. That was the message delivered recently by the Appraisal Institute, one of the nation’s largest professional associations of real estate appraisers. “The fact is that appraisers are undertaking the same thorough research and thoughtful analysis that they always have in order to continue producing reliable, credible opinions of value,” said Appraisal Institute President Sara W. Stephens. “Don’t shoot the messenger.”

Mortgage applications increased 23.1 percent from one week earlier (last week’s results included an adjustment for New Years Day), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 13, 2012.

"Cautiously optimistic" might be the best description of the feelings of members of Midwest Real Estate Data's Board of Managers for the upcoming year in real estate. Most think we may have "hit bottom" in the difficult last few years and that 2012 will be a year of improvement

According to the monthly RE/MAX housing report, December home sales did not follow the seasonal trend but rose an unexpected 5.7 percent from sales in November. Sales were also up 1.1 percent from December 2010, the 6th consecutive month to show a year-over-year sales increase.

National Taxpayer Advocate Nina E. Olson recently released her annual report to Congress, identifying the combination of the IRS’s expanding workload and declining resources as the most serious problem facing taxpayers. The result, the report says, is inadequate taxpayer service, erosion of taxpayer rights, and reduced tax compliance. The Advocate expressed her continuing concern that the IRS’s expanding use of automated processes to adjust tax liabilities is causing harm to taxpayers and recommended that Congress enact a comprehensive Taxpayer Bill of Rights.

(MCT)—President Barack Obama on Friday proposed merging six government agencies that focus on international trade and commerce into a single department, saying it will help the nation's exporters and boost the economy.