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The housing market in California's Southland region closed out 2012 with the highest number of December home sales in three years, real estate information company DataQuick reports. According to DataQuick, a total of 20,274 new and resale homes and condos were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino, and Orange counties in December. The month's total was 5.1 percent up from November and 5.3 percent up from December 2011.

Economic activity "expanded" in the closing weeks of 2012, the Federal Reserve said in its periodic Beige Book released Wednesday, reflecting a slow but steadily declining unemployment rate and low rates of inflation--conditions the Fed said would have to be met before it raises interest rates. According to the report, "real estate activity has expanded or held steady in 11 Districts for existing home sales and leasing; eight Districts for residential construction; 11 Districts for nonresidential sales and leasing; and nine Districts for nonresidential construction."

According to its quarterly filing, JPMorgan took in $5.7 billion in net income during 2012's final quarter, up 53 percent from the same quarter in 2011. Revenue for the quarter was $24.4 billion, up 10 percent compared with the prior year. Much of that profit came on the bank of JPMorgan's strengthened mortgage business. The bank's mortgage banking division reported originations of $51.2 billion in Q4, up 33 percent year-over-year and 8 percent quarter-over-quarter.

Rising demand and limited supply continued to drive home prices up in November, according to the latest Residential Price Index (RPI) data from FNC, Inc.

In St. Louis, Missouri, Mortgage Returns has launched a program to help lenders maximize customer retention.

Builder confidence stalled in January as the Housing Market Index (HMI) stood at 47, remaining at its highest level since April 2006, the National Association of Home Builders (NAHB) reported Wednesday. Economists had expected the index to tick up to 48. With the January report, the index remained below 50--the tipping point between a positive and negative market assessment--for the 81st straight month. The last time the HMI was above 50 was April 2006, when the reading was 51 and falling.

The Hollywood Hills abode that Ashton Kutcher once called home has hit the market for $2.585 million. According to Zillow, the craftsman contemporary-style house served as the actor├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós bachelor pad prior to his marriage to Demi Moore, and Kutcher reportedly sold the home in June 2011 for $2.35 million.

Genworth Financial subsidiary, Genworth Financial Wealth Management (GFWM), is welcoming a new member to its senior leadership team. The company recently announced the hiring of James Hanna as GFWM's chief technology officer.

According to a recent study from FICO, U.S. banks expect an end to the household deleveraging trend observed among consumers during the past five years. The company's latest quarterly survey revealed that bankers are anticipating an uptick in customers' demand for credit. Additionally, results showed that the majority of respondents "believe the supply of financing for auto loans, credit cards, new mortgages, small business loans, student loans, and mortgage refinancing will meet or exceed consumer demand over the next six months."

Alleging that the financial institution misrepresented the quality of $1.02 billion in mortgage-backed securities (MBS) dating from 2006 and 2007, MBIA Insurance Corporation has filed suit against Flagstar Bancorp, Inc. The assets in question were insured by MBIA, resulting in a $165 million loss for the company, according to a complaint filed in a U.S. District Court in the Southern District of New York. "To induce MBIA to guaranty payments due on certain securities, Flagstar made extensive warranties . . . . Flagstar's warranties were false," stated MBIA.