News

Capital Economics forecasts the S&P 500 equity price index will end 2013 close to the current level of 1,500 and expects home prices to rise in the neighborhood of 5 percent. In turn, the growth in household wealth, the firms says, could lift GDP by around 0.7 percent. The most recent Flow of Funds report for Q3 2012 showed net household wealth grew to about $64.7 trillion. Capital Economics says the Q4 report, due March 7, is likely to show an increase of household wealth to around $65.1 trillion.

Avison Young, a commercial real estate (CRE) services company headquartered in Toronto, Ontario, announced David Linsmayer has joined the company's brokerage operations in San Francisco. Effective immediately, Linsmayer joins Avison Young as a principal.

Zillow, Inc. announced that HGTV&'s FrontDoor website is joining the Zillow Real Estate Network in the next quarter.

Bank of Commerce Mortgage (BOCM) is expanding its operations in Denver, the company announced. According to a release, BOCM's Denver office saw significant growth in loan volume and staff in 2012, necessitating the move to a larger office space.

Homebuyer interest got off to a strong start in 2013, according to Redfin's Real-Time Demand Pulse for February.

The principal reduction debate resurfaced after 45 members of the House of Representatives--led by Rep. Elijah E. Cummings (D-Maryland) and John F. Tierney (D-Massachusetts)--sent a letter to President Obama, urging him to replace Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco with a permanent director.

Nationstar Mortgage Holdings, Inc., announced the acquisition of Equifax Settlement Services Holding, LLC.

An Internet poll conducted by Lake Research Partners and released by Small Business Majority shows 80 percent of small business owners believe Wall Street and financial companies should face tougher rules and enforcement following the financial crisis. The remainder believe those companies have showed enough evidence of change that further regulation is unnecessary. Additionally, a combined 66 percent expressed their opinion that the level of government oversight should increase or is about right the way it is.

The Wholesale Lending Division of California-based Carrington Mortgage Services announced two new programs designed to assist brokers and borrowers quickly and easily close in the tight housing market. As part of its "Three Day Turn Time Promise" program--offered only for the month of February--the company will decision any eligible FHA or conventional purchase loan within three days of the time it is submitted to underwriting or waive its underwriting fee of $995.

Consumers are showing increased confidence in home sales and a greater sense of job security, according to the results of Fannie Mae's most recent National Housing Survey. January's findings show 41 percent of respondents believe home prices will go up in the next year, a decline of 2 percentage points from December's high. However, the share who believe prices will fall also dropped, returning to a survey low of 10 percent. The average 12-month home price change expectation in January was 2.4 percent.