The current trend in real estate has been quite positive. For an extended period of time, we have seen pretty consistent growth in sales and home prices. After years of dealing with poor market conditions, we are all breathing a sigh of relief. Nevertheless, the industry must be vigilant in ensuring that nothing is done to impede or reverse the housing recovery, particularly by Congress and the regulators in Washington. Despite the improved sales numbers, however, mortgage credit remains tight. Nowhere is this more evident than in the consistently high percentage of cash purchasers in the National Association of REALTORS® (NAR) monthly existing home

(MCT)—I was looking at my home's back steps, constructed of pressure-treated wood, and decided it was time for the annual get-rid-of-the-mildew-and-seal-them program. For some reason, they aren't looking as green as they were last year, so the job will be a snap. It has been a long time since I discussed deck cleaning in this space, probably because these few steps are all I have taken since we sold the house with the deck 12 years ago.

Builder confidence in the market for newly built, single-family homes improved three points to a 44 reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for May, released recently. This gain, from a downwardly revised 41 in April, reflected improvement in all three index components – current sales conditions, sales expectations and traffic of prospective buyers. “Builders are noting an increased sense of urgency among potential buyers as a result of thinning inventories of homes for sale, continuing affordable mortgage rates and strengthening local economies,” notes National Association of Home Builders (NAHB) Chairman Rick Judson,

Freddie Mac recently announced it is making its new Streamlined Modification program immediately available to all eligible borrowers nationwide in order to expedite financial relief for potentially thousands of distressed families. Freddie Mac's Streamlined Modification program had originally been scheduled to start on July 1, 2013. The recent announcement extends to the entire country Freddie Mac's decision to make the Streamlined Modification immediately available to eligible Hurricane Sandy victims.

Regional Spotlight—A significant decline in Massachusetts foreclosures during the month of March indicates the foreclosure crisis is over, according to an article in Monday's issue of Banker & Tradesman. Lenders filed 284 petitions to foreclose in March, an 82 percent decrease from 1,621 in March 2012, according to data from The Warren Group, publisher of Banker & Tradesman. A total of 2,080 petitions to foreclose have been filed in Massachusetts during the first quarter, a 52 percent decrease from 4,348 in the first quarter of last year. Petitions to foreclose represent the first step in the foreclosure process in Massachusetts.

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

Clear Capital®, a provider of data and solutions for real estate asset valuation and collateral risk assessment, has released its Home Data Index™ (HDI) Market Report with data through April 2013. Using a broad array of public and proprietary data sources, the HDI Market Report publishes the most granular home data and analysis earlier than nearly any other index provider in the industry.

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.

Buying a house is the biggest investment most people will make in their lifetime, and the complex process can be intimidating to many homebuyers. Knowing the right questions to ask and receiving professional advice

Buoyed by rising home prices throughout much of the nation, both single-family and multifamily housing starts are expected to post double-digit gains over last year in 2013. However, headwinds continue to hold back even stronger growth as the housing recovery evolves, according to economists at NAHB’s Spring 2013 Construction Forecast Conference Webinar. “The broadening housing expansion is evidenced by the NAHB/First American Improving Markets Index, which now lists 273 metro areas out of a universe of 361, or three-quarters of the metropolitan areas in the U.S.,” says NAHB Chief Economist David Crowe.

Pending home sales increased in March and remain above year-ago levels, but contract activity in recent months shows only modest movement, according to the National Association of REALTORS®. ...

Since late last year, industry experts forecast a drop in mortgage refinancings as rates rise, and a revival of purchase mortgages, as the housing recovery creates business for lenders willing to work with buyers. The spring housing market is here and now the mortgage market is following. Purchase mortgages zoomed to their highest monthly market share since last August in Ellie Mae’s latest originations report, a sign that the mortgage business is shifting gears and the greatest boom in refis in recent years is ending. Loans to buyers made up 38 percent of all loans processed by the nation’s largest mortgage processing platform, up from 32 percent in February and 27 percent in January.

(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

As the market continues to shift, one industry trend seems to be making continuous waves: vacation homes. With low prices and mortgage rates still available in most parts of the country, affluent buyers—or those who have always dreamed of a cabin on a lake—are making their move and purchasing second homes in exotic locations to be used as vacation getaways. According to the National Association of REALTORS® (NAR), sales of investment and vacation homes jumped in 2011, with the combined marketshare rising to the highest level since 2005. NAR’s 2012 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2011, showed vacation-home sales rose