Data

In a conversation Thursday hosted by the Brookings Institution, outgoing Federal Reserve Chairman Ben Bernanke defended the Fed's easy money policies, dismissing concerns of out of control inflation and capital losses. He also eased worries about the long-term effects of the financial crisis--including the impact of unemployment on labor supply and productivity--saying that while they are a problem, none of issues are "truly permanent."

The NAHB's Housing Market Index (HMI) experienced a slight stumble in January, dipping a point from December as builders expressed falling confidence in the single-family market.

DataQuick, a San Diego-based real estate information company, announced the addition of major enhancements to its automated property valuation model (AVM), CMV-Portfolio.

December's discouraging jobs report caused mortgage rates to pull back once again last week.

The latest builder application data from the Mortgage Bankers Association (MBA) suggest new home sales numbers came in below average for December. MBA's latest Builder Application Survey, a measure of application volume from mortgage subsidiaries of homebuilders, shows applications for new home purchases dropped 11 percent from November to December (unadjusted). Unadjusted, MBA estimates the month saw 28,000 new home sales.

Representatives from the Federal Reserve's 12 districts reported moderate economic expansion across most of the country through the end of last year, with indicators pointing to more steady growth ahead. Real estate markets "generally continued to improve," according to the Fed, with most districts experiencing increase home sales activity and construction along with rising home prices. Credit standards were largely unchanged among the districts, though increased competition led to some instances of relaxed standards.

Despite experiencing greater downward pressures from distressed sales and declining housing activity, home prices rose in November at their fastest monthly pace since summer, according to data from FNC, Inc.'s Residential Price Index (RPI) for the month. FNC's national composite index, constructed using sales data on non-distressed properties, rose 0.5 percent in November, perking up from October's meager 0.3 percent gain. The two narrower 10- and 30-city composites also ticked up, rising 0.6 percent and 0.7 percent, respectively.

Loans originated last year are the best-performing mortgage loans on record, according to the November Mortgage Monitor released Tuesday by Black Knight Financial Services (formerly Lender Processing Services). The Monitor also found a significant increase in non-agency loans, a sign that the market might be ready for more risk. Non-agency, first-lien, prime, jumbo loans have increased 75 percent over the year in November, according to Black Knight.

A recently launched survey from New York's Federal Reserve Bank shows consumer expectations for the next year remaining fairly flat in December.

To address concerns related to January's wave of regulations and ensure potential homebuyers still receive the service they're looking for, Churchill Mortgage has recruited a new full-time compliance trainer: Seth Trimble.