Home prices are rising at double digit rates. Inventories are at historic lows. Two out of five applicants for a purchase mortgage are rejected. Yet nearly three quarters of Americans say it’s a good time

Homeowners with positive equity in their homes have fewer problem loans and are outperforming the national average for defaults. Their default rates are close to pre-crisis norms.

(MCT)—QUESTION: I bought a vacant lot a few years ago on the Internet, sight unseen. Turns out, the property is unusable because it’s on the edge of a development and on a deep slope. I found out that it is part of an association, and the dues now have exceeded the value of the property. I want out of the deal but am afraid of the ramifications. What can I do? ANSWER: Never buy anything sight unseen. You must always do your due diligence. As the owner of the property, you are responsible for all the obligations, such as association dues and property taxes. You can’t simply give the lot back unless the seller agrees to take it. But if the seller lied to you about the property, you may have some recourse in court.

Freddie Mac recently announced a free, online CreditSmart(R) tutorial  to provide working families and new or inexperienced borrowers with basic sound information about building savings, personal credit, and making wise

We see it every day. Sellers who don’t take the time to ensure a smooth home inspection and who pay for it in the long run. The spring market is upon us. A little preparation can ensure sellers have great home inspections.

(MCT)—Underwater homeowners with Fannie Mae- and Freddie Mac-backed mortgages will be able to try to refinance their mortgages for another two years. The Federal Housing Finance Agency announced Thursday that Fannie and Freddie’s Home Affordable Refinance Program, which was set to expire Dec. 31, will be extended until the end of 2015. “More than 2 million homeowners have refinanced through HARP, proving it a useful tool for reducing risk,” FHFA acting director Edward DeMarco said in a statement.

(MCT)—We are now officially in the peak spring home buying-season. I was asked the other day for advice on what should be at the top of the list for homeowners after they move into their new home. That was an easy question to answer. My No. 1 piece of advice for recent homebuyers is to switch from the traditional monthly mortgage payments to either weekly or bi-weekly payments.

As the time to file income taxes approaches, we need to take a new look at the changing tax landscape for homeowners. The dynamic atmosphere in Washington, D.C. has a different effect each year on which tax breaks are proposed, rescinded, changed, and extended for taxpayers who own a home. Thanks to the efforts of many real estate industry groups including the National Association of REALTORS®, many of the tax benefits that homeowners enjoy–which were on the chopping block over the past few months–have been protected and extended through the 2013 tax season.

There’s a new type of homebuyer on the market. They know what they want and are ready to get their hands dirty to transform a house to meet their unique needs. Stereotypical luxury and prototypical homes do not entice them; rather these consumers strive to own homes that stand apart and suit their personal lifestyle… Enter the next generation of homebuyers. Better Homes and Gardens® Real Estate has released national survey findings of 18-35 year-old Americans that reveal the next generation of homeowners are rewriting the rules to homeownership and reinterpreting traditional norms to fit their values. Results indicate that the next generation of homeowners seeks essential, purposeful homes (77 percent) equipped with the technological capabilities

Many in the housing industry are wondering not only what today’s home buyers really want, but also what they are ready to leave behind in light of current economic realities. A new study recently released by NAHB, What Home Buyers Really Want, was designed to answer these questions, and more specifically, to provide the most current and accurate information on buyer preferences so that NAHB members can deliver the home (and community) that today’s buyers want and are willing to pay for. So what do home buyers really want? The first answer is energy efficiency. Four of the top most wanted features involve saving energy: 94 percent of home buyers want energy-star

Regional spotlight--In an effort to provide California home buyers with up-to-date information about available home buyer assistance programs, the California Association of REALTORS® (C.A.R.)

Regional Spotlight-- Median home-sale price continues to grow by double-digits in the Bay Area of California, but with such a shortage of inventory and fewer new listings, there soon may be nothing left to buy. Year-over-year single family inventory continues its drop from January 2012 levels. Santa Clara County and San Mateo Counties were down more than 50 percent compared to the same month last year, for the second month in a row, with other counties falling only slightly less. Sales were mixed in January; San Mateo County was up 5 percent, Santa Cruz County remained flat, and Santa Clara, San Benito, and Monterey sales dipped moderately.

First-time home buyers have long been an important part of the housing market. And that hasn’t changed today. According to the 2012 Profile of Home Buyers and Sellers from the National Association of REALTORS®,

In this hot market the homes moving fastest have two types of increasingly web savvy buyers: First time homebuyers who take advantage of FHA financing and absentee buyers looking for investments. "All-cash purchases and absentee buyers are at nearly twice their historic 12-year averages," says Chris Pollinger, senior vice president of Sales for First Team Real Estate. "At the same time, FHA loans have dropped for another month even though they are still high, which shows that these two different groups are increasingly competing for single family homes in the price range of $225,000 to $400,000."

All short sales are not alike—especially when an FHA-insured mortgage is involved. FHA short sales must advance through a very exact and systemized process. Here’s what you need to know: