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(MCT)—The short sale process could get a lot quicker starting this summer under new rules that will require lenders to respond to offers within a month. Fannie Mae and Freddie Mac, the nation’s two largest mortgage backers, will implement the guidelines on June 15. The changes require mortgage servicers to make a decision within 30 days of receiving a short sale offer. They also must consider requests for pre-approved short sales within that same timeframe. If the lender needs more than 30 days, it must give borrowers weekly status updates and a decision within 60 days of the initial application.

REGIONAL SPOTLIGHT—Sales of single-family homes and condominiums in Massachusetts rose by double-digit percentages in March—marking the strongest first quarter since 2007, according to a new report by The Warren Group.

If you ask the average person how they feel they can give you an answer but not too many can tell you how they got there. Some people believe that they feel a certain way because of whatever the weather happens to be outside or because they “woke up on the wrong side of the bed.” When you consider that so much of what we do or don’t do comes from these feelings, also known as emotions, that is a dangerous reality for most sales people. The reality that you don’t know how to better manage something that can have such a profound effect on what you accomplish and how productive you are for a given day.

Data through February 2012, released recently by S&P Indices for its S&P/Case-Shiller Home Price Indices, showed annual declines of 3.6 percent and 3.5 percent for the 10- and 20-City Composites, respectively.

There has been a flurry of media stories regarding the latest housing data that suggest the recent momentum in the housing market has stalled and the industry is heading toward another downturn. Although the latest monthly housing data showed modest declines, the less volatile quarterly data have continued to show modest improvement. Consequently, there is plenty of evidence for retaining a cautious optimism for a gradual recovery. While the February new-home sales rate dipped a nominal 1.6 percent, sales are still running 11.4 percent above their year-ago level and at the rate expected for the slow recovery. Meanwhile, the inventory for new-homes for sale remains at an all-time record low.

While inventories of homes for sale have been shrinking this spring, MLSs are filling the void with rental listings for single family homes that until recently were foreclosures. Some 16.1 percent of all listings on MLSs today are rentals, more than double the number

Down payments greater than or equal to 20 percent were made by 34 percent of all residential home purchasers last month, a percentage that has remained relatively stable over the past year, according to the latest REALTOR® Confidence Index survey from the National Association of REALTORS®. However, over the past several years, lenders have been raising down payment requirements. The survey shows higher down payment costs than NAR’s 2011 Profile of Home Buyers and Sellers, which is based n part on 2010 transactions. For both conventional and FHA loans, which require only a 3.5 percent down payment,

Existing-home sales were down in March but continue to outpace year-ago levels, while inventory tightened and home prices are showing further signs of stabilizing, according to the National Association of REALTORS®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 2.6 percent to a seasonally adjusted annual rate of 4.48 million in March from an upwardly revised 4.60 million in February, but are 5.2 percent above the 4.26 million-unit pace in March 2011. Lawrence Yun, NAR chief economist, says the recovery is in the process of settling into a higher level of home sales. "The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases," he says.

As winter gives way to warmer weather and spring begins to bloom, heavy rain storms pose a threat to homeowners. Homes that aren’t properly protected from the elements are at risk of flooding and mold infestation, which can cost thousands of dollars to fix once the damage is done.

Just a cursory glance at your television is evidence: the demographic of the U.S. population has changed dramatically in the past decade. America’s population is more diverse than ever before, and savvy real estate agents should prepare now to serve a multicultural base of clients. Multicultural buyers have been important to the health of today’s housing market. Over the next decade, as more baby boomers put their homes on the market, and population shifts continue across the U.S., the role of multicultural buyers will become even more significant. According to the 2010 U.S. Census, Asian and Hispanic populations each increased 43 percent since the last U.S. Census.

Freddie Mac (OTC: FMCC) has released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates holding relatively stable this week amid signs that inflation remains in check with the 30-year fixed up slightly

Greg Rand (@gsrand), CEO of OwnAmerica and host of Rand on Real Estate on 770 WABC, takes a call from a listener from New Jersey. After listening to the show, the caller is now wondering if she should sell her first home, but unsure if she can deal with being a landlord. Greg gives his advice on keeping the property as an investment and hiring a management company to take over all landlord duties.

A narrow definition of the impending Ability to Repay regulation could harm consumers and the housing market recovery, according to the National Association of REALTORS®.

More consumers may be looking to purchase homes with a shift in several key housing market indicators, according to Fannie Mae’s March 2012 consumer attitudinal National Housing Survey.

Today’s homebuyer wants more than the typical sales pitch. They expect that their agent be present, focused and highly in tune with their needs.