Daily Dose

Home prices nationwide remain 12.9 percent below the peak of April 2006. Home prices, excluding distressed sales, were 8.6 percent below the peak. Maryland and Connecticut were the only states which showed negative home price appreciation. Four states including Colorado, Texas, New York, and Wyoming hit new state highs for their growth in home appreciation.

These two transactions together represent approximately $55 billion in unpaid principal balance for which Ocwen has agreed in the last week to sell the mortgage servicing rights. Both of the transactions are expected to be completed in the next six months. According to Ocwen's announcement, the Atlanta-based servicer expects the two transactions will generate approximately $550 million in proceeds and "accelerate Ocwen's strategy to reduce the size of its Agency servicing portfolio."

Stegman said the Administration would not end the conservatorship of the GSEs without a viable alternative that provides that elusive balance between eliminating taxpayer risk while still allowing credit access.

Privately funded construction dropped 0.5 percent from a seasonally adjusted annual rate of $697.6 billion in January from $700.9 billion in December. The monthly total, however, was 0.5 percent above the estimated $694.1 billion of construction put in place in January 2014.

Student loan debt, a slow lag in finding employment, and wage stagnation were cited as some of the reasons why millennials have yet to enter the housing market in record numbers. About 70 percent of students walked away with loan debt in 2013 and the average student racks up almost $30,000 in debt by graduation, according to an annual report on loan debt released by the Institute for College Access and Success.

Each 1 percent drop in interest rates in the last 15 years has allowed home sellers to raise prices 12 percent. According to the report, a typical family earning $60,000 per year can afford a mortgage payment of $1,800 per month, and would have qualified for a $245,000 mortgage in the year 2000 when mortgage rates were 8 percent. This same family qualifies for a home priced at $377,000 when rates are 4.0%.

Age matters when it comes to ownership. Older residents are more likely to own their own home. Households owned by residents 65 or older had the highest percentage of ownership rates at 79.5 percent, while residents under 35 scored lowest at 35.3 percent. The rate of homeownership can change drastically by age. While the numbers of homeowners age 35 to 44 was 58.8 percent that number jumps to 75.8 percent for owners age 55 to 64.

The U.S. Bureau of Labor Statistics Employment Summary released in early February reported an average hourly wage gain of 12 cents month-over-month, from $24.63 to $24.75. Still, U.S. Treasury Secretary Jacob Lew said after that report was released that more wage growth is needed in order for the economy, and hence the housing industry, to recover.

Wells Fargo is alleged to have received insurance money from the U.S. Department of Housing and Urban Development even after some loans had defaulted. The bank allegedly submitted over 100,000 FHA loans said to be under HUD compliance and eligible for insurance, knowing that the loans were too risky and did not qualify.

NAR Chief Economist Lawrence Yun said traditional buyers saw more favorable conditions entering the market this year, citing all-cash sales and sales to investors were both down from a year ago, which created less competition and relief for buyers who still face the challenge of seeing limited homes available for sale.