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A slight decline in mortgage rates spurred refinance activity up in November, Ellie Mae revealed in its latest monthly Origination Insights Report.

In Texas, Wingspan Portfolio Advisors hired Aaron Luburich to take the newly created position of SVP for business development.

The National Association of Realtors (NAR) calculated an adjusted annualized sales rate of 4.90 million for existing homes last month, representing a drop from 5.12 million in October and 4.96 million in November 2012. According to the group, it was the first time in 29 months that sales fell below year-ago levels. Singling out single-family home sales, transactions were at an adjusted pace of 4.32 million, down 3.8 percent month-over-month and 0.9 percent year-over-year.

For all the Sturm und Drang surrounding discussions of the Federal Reserve slowing down its monthly asset purchases, mortgage rate movements were somewhat subdued this week leading up to Wednesday's announcement of cuts to the stimulus program. Freddie Mac reported small rate jumps for the week ending December 19, with the 30-year fixed-rate mortgage (FRM) average inching up to 4.47 percent (0.7 point) from 4.42 percent previously. Last year, the 30-year FRM averaged 3.37 percent.

November saw new housing starts jump to a nearly six-year high, the Census Bureau and HUD revealed Wednesday in a joint release. According to initial estimates, starts ran at a seasonally adjusted annual rate of 1.09 million, a 22.7 percent spike from October and the highest rate since February 2008. Single-family housing starts contributed 727,000 (adjusted annual rate) to November's total, while the rate for multifamily buildings was about 354,000.

U.S. Bancorp announced the promotion of P.W. Bill Parker to the position of vice chairman and chief risk officer.

According to the National Association of Home Builders' (NAHB)/Wells Fargo Housing Market Index (HMI), builder sentiment picked up in December to end the year at 58. The index first climbed to that level in August before falling to 57 in September and 54 in October and November. After struggling through most of the year's first half, the headline index climbed above the 50 mark in June for the first time since 2006; it has stayed in the 50-range ever since.

Nearly 800,000 homes returned to a state of positive equity during the third quarter--leaving about 6.4 million underwater, according to the latest data from CoreLogic. The numbers indicate a little more complexity in the market, however. Of the 42.6 million residential properties in positive equity, CoreLogic estimates 10 million have less than 20 percent equity, and more than 1.5 million are at less than 5 percent equity. These "under-equitied" borrowers are at risk of falling back under should prices fall.

A recent Zillow survey of market conditions around the country shows the healthiest markets can be found in the West, with San Jose, San Francisco, Los Angeles, San Diego, and Denver outclassing the rest of the country. Zillow chief economist Dr. Stan Humphries explained that rapid home value appreciation has improved local conditions in those markets, though the hit they'll take in terms of affordability may soon create unhealthy environments in what were once the healthiest markets.

With only weeks left before the end of 2013, FDIC has added another tally to its list of the year's bank failures. The Office of the Comptroller of the Currency (OCC) announced Friday the closure of Texas Community Bank, National Association, in the Woodlands, Texas.