Government

In its October Economic Outlook report, Fannie Mae's Economic & Strategic Research Group pointed to financial and policy issues in the U.S. and abroad as looming challenges that could restrain meaningful economic growth in 2012. While the outlook on the economy was uncertain, the assessment for the housing market was more stable. Chief economist Doug Duncan said various indicators show "continued momentum toward a sustainable, long-term recovery," particularly the upward trend in home prices.

When it comes to the continuation of current housing policies, both President Obama and Governor Romney largely agree.

In San Francisco, California, Capsilon is welcoming a new company leader, recently appointing David Chen as the VP of finance and administration. The technology provider added Chen to Capsilon's executive team, where he will be responsible for implementing the company's financial processes to support growth initiatives.

First time claims for unemployment insurance shot up 46,000 to 388,000--the highest level since July--for the week ending October 13, the Labor Department reported Thursday. Economists expected initial claims to bounce back up to 365,000 after seasonal factors drove the number of claims down to the lowest level in 54 months. The weekly increase was the steepest since the end of January 2009, when claims soared 53,000 in one week. Since claims reports are usually revised upward the "final" claims total will likely end up as the highest since January.

Churchill Mortgage's family got quite a bit bigger with the addition of 17 new employees across multiple branches, the company announced.

California attorney general Kamala Harris announced Tuesday the arrest of two suspects who are believed to have participated in a mortgage fraud enterprise that mainly targeted the Spanish community. Joana Sosa and Zoila Ortega are facing charges of grand theft, burglary, unlawful collection of advance fees, tax evasion, and conspiracy in a wide-ranging mortgage fraud scheme.

A rather rough quarter for Bank of America still resulted in a better-than-anticipated quarterly net income of $340 million, the bank reported.

Mortgage applications continued to fall last as long-term fixed mortgage rates rose, the Mortgage Bankers Association reported.

The median sales price for homes sold in September continued to move higher yearly and monthly while sales stalled from August, according to a housing report from RE/MAX, which tracks MLS data in 52 metropolitan areas. The median sales price in September was $164,989, a slight 0.7 percent increase from August and a 7.8 percent improvement from September 2011. So far, prices have been rising yearly for eight straight months.

A study released by Interest.com shows homes are only truly affordable in about half of the nation's major cities.