News

The report showed that mid-sized metros experienced some of the largest price increases in the country, while larger metros saw home prices decline.

Rising home sales in seven of the Fed’s 12 districts—Boston, New York, Philadelphia, Cleveland, Richmond, Chicago, and Kansas City—were largely responsible for the Fed’s reports of moderate growth in housing markets.

Earlier this year, the nation's third-largest mortgage lender and the Department of Justice went back and forth in a legal battle accusing the lender of improperly originating and underwriting Federal Housing Administration-insured mortgages. This battle could very well be the lender's motivation to leave the government program alone for good.

The future of housing in America can seem so close, yet so far away, but government officials and housing experts are already hot on the case making their evaluations of the present state of the market and prediction on the future.

"The trend in the market indicates consumers appear more confident in the economy and are moving forward with their lives and borrowing money again." -Assad Lazarus, SVP, Product and Customer Experience at Equifax Personal Information Solutions.

As 2016 lies just under one month away, the mortgage industry is already on top of what to expect in the coming year with predictions on what the housing sector may or may not bring.

Fannie Mae’s gross mortgage portfolio continued its rapid contraction in October by expanding for the seventh consecutive month in October and the eighth time in 10 months year-to-date in 2015, according to Fannie Mae's October 2015 Monthly Volume Summary.

The Justice Department recently announced a settlement agreement to resolve allegations that a Lowell, Massachusetts-based bank practiced discriminatory lending based on race and national origin.

Construction spending in the U.S. rose to the highest level since December 2007 in October 2015, when the recession had just began.

"Many markets have experienced a low inventory of homes for sale along with strong buyer demand, which is sustaining upward pressure on home prices. These conditions are likely to persist as we enter 2016,” said Dr. Frank Nothaft, chief economist for CoreLogic.