Government

In the Sunshine State, economists have revealed projections for 2013, and their outlook presents a positive, if somewhat sluggish, forecast for the region's housing market. According to experts from Florida Realtors and Fannie Mae, upward trends are set to continue in Florida, while the state's pace of recovery is expected to fall behind the national average.

After rising economic growth in the third quarter, overall economic growth is expected to decline this quarter and in early 2013, according to Fannie Mae. However, the GSE anticipates further strengthening in the housing market. Economists anticipate economic growth of less than 2 percent for the first half of 2013 followed by more accelerated growth for the remainder of the year. However, while the overall economy remains dismal, Fannie's economists finds a bright spot in the housing market.

Carrington Holding Company, LLC, based in Santa Ana, California, announced the hiring of well-known banking industry veteran Christopher Whalen to head the company's investment banking operations. Whalen's title will be EVP and managing director for Carrington Investment Services.

Prudential Mortgage Capital Company announced David Durning will replace the outgoing David Twardock as company president in 2013. Durning is currently senior managing director and head of originations for the firm. He joined Prudential in 1988 as an investment analyst and has stayed with the company ever since.

Even as the market heads into its slow season, sales numbers continued to stand well above their year-ago level in November, according to RE/MAX's latest National Housing Report. The report shows home sales were up 15.7 percent year-over-year in November, the second highest annual increase this year. Prices also rose: The median price for homes sold in November was $163,750, 3.6 percent higher than October and 6.9 percent higher than November 2011. November is the 10th straight month to experience year-over-year price gains.

In Houston, Texas, Southwest Securities, Inc., has added a new senior leader for the firm's taxable fixed income unit. Appointing Bob Anderson as an SVP, Southwest Securities hopes to utilize the housing finance industry veteran's extensive experience to enhance its institutional sales operations.

Builder confidence continued to improve in December as the Housing Market Index (HMI) rose two points to 47--its highest level since April 2006--the National Association of Home Builders (NAHB) reported Tuesday. It was the eighth straight monthly increase in the index and matched economist expectations. Two of the three components of the index improved--the measures of current sales and buyer traffic--while the gauge of sales six months out slipped one point from the revised November reading of 52 (down from the original 53).

U.S. banks may have received an extension on their deadline to implement Basel III regulations, but that isn't stopping the global community from introducing reforms at the start of 2013. While a handful of jurisdictions--including the European Union, Korea, Russia, and the United States--are only in the draft stage, the majority of jurisdictions have published the final set of rules to go into effect January 1. While certain members may be getting more time to create finalized rules, the larger implementation timeline will not be shifted.

In Los Angeles, California, the Pacific Palisades home once belonging to the nation's fortieth president, Ronald Reagan, has hit the market for $4.999 million. Built in 1956, the property's environmentally-friendly design may be its most famous feature, as the luxurious estate has long been lauded as a forerunner of contemporary green housing concepts.

The American Legal and Financial Network (ALFN) is expanding its leadership lineup. Adding a new executive position and naming two new appointees, the national mortgage banking trade group announced Christina Danovsky's promotion to SVP of business development, as well as the hiring of Cade Holleman to the recently-created role of assistant VP of government affairs and communications.