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The Pending Home Sales Index (PHSI) increased for the third straight month in November, improving 1.7 percent to 106.4, the National Association of Realtors reported Friday. Economists had expected a slightly fast, 1.8 percent increase to 106.7. [IMAGE] The index, the NAR said, is at its highest level since April 2010.

New home sales jumped 4.4 percent in November to 377,000, the highest level since April 2010, the Census Bureau and HUD.

First time claims for unemployment insurance dropped 12,000 to 350,000 for the week ended December 22, the third lowest level of the year, the Labor Department reported Thursday. Economists expected claims to increase to 365,000. The previous week├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós report was revised upward to 362,000 from the originally reported 361,000.

Home prices fell in October for the first time since March according to the monthly Case Shiller Home Price Index.

Economic indicators are never clear and are not isolated bits of data. The numbers released in the week before Christmas provided another example of that maxim.

As Zillow continues to grow its rental offerings, the company announced it's providing a free service to help rental professionals grow their business.

After five years of cumulative losses, home values will finally post their first annual gain, according to data from Zillow. The calculations show homes are expected to gain $1.3 trillion in cumulative value for 2012, the largest gain since 2005 and the first annual increase since 2006, Zillow reported. The company expects the year-end total to reach $23.7 trillion, which is a 6 percent increase from last year's total. In 2011, the cumulative loss in home values was $792 billion compared to 2010.

No matter how foggy the haze is, economists typically dust off their crystal balls in December. However economic forecasts too often involve driving by looking in a rear-view mirror. Because housing is a unique expenditure--combining elements of investment and a service--it depends on a variety of elements. The biggest question mark over the housing picture, though, is the fiscal cliff and the on-again, off-again negotiations to avoid a national financial calamity.

What does the commercial real estate sector have to look forward to in the coming year? Not much, if the fiscal cliff isn't averted, according to a study from commercial real estate (CRE) services provider Cassidy Turley. While dropping over the fiscal cliff would likely cause some serious problems for CRE, the firm also predicts a successful resolution of the problem could build on 2012's gains in GDP and employment, propelling the economy (and the office market) further forward.

Optimism among both real estate professionals and homeowners regarding home values is rising, according to a nationwide survey.