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Economic activity "expanded" in the closing weeks of 2012, the Federal Reserve said in its periodic Beige Book released Wednesday, reflecting a slow but steadily declining unemployment rate and low rates of inflation--conditions the Fed said would have to be met before it raises interest rates. According to the report, "real estate activity has expanded or held steady in 11 Districts for existing home sales and leasing; eight Districts for residential construction; 11 Districts for nonresidential sales and leasing; and nine Districts for nonresidential construction."

The CFPB's long-awaited qualified mortgage standards have been unveiled, and Capital Economics says the new rules "will not hamper the housing recovery."

According to its quarterly filing, JPMorgan took in $5.7 billion in net income during 2012's final quarter, up 53 percent from the same quarter in 2011. Revenue for the quarter was $24.4 billion, up 10 percent compared with the prior year. Much of that profit came on the bank of JPMorgan's strengthened mortgage business. The bank's mortgage banking division reported originations of $51.2 billion in Q4, up 33 percent year-over-year and 8 percent quarter-over-quarter.

Mortgage applications continue to perk up after ending 2012 on a low note, according to data from the Mortgage Bankers Association's (MBA) latest Weekly Mortgage Applications Survey. The Market Composite Index, a measure of application volume, increased 15.2 percent on a seasonally adjusted basis in the week ending January 11. On an unadjusted basis, the index was up 45 percent from the prior week. Purchase activity continued strong, with the Purchase Index rising 13 percent to its highest level since April 2011.

Rising demand and limited supply continued to drive home prices up in November, according to the latest Residential Price Index (RPI) data from FNC, Inc.

In St. Louis, Missouri, Mortgage Returns has launched a program to help lenders maximize customer retention.

Builder confidence stalled in January as the Housing Market Index (HMI) stood at 47, remaining at its highest level since April 2006, the National Association of Home Builders (NAHB) reported Wednesday. Economists had expected the index to tick up to 48. With the January report, the index remained below 50--the tipping point between a positive and negative market assessment--for the 81st straight month. The last time the HMI was above 50 was April 2006, when the reading was 51 and falling.

A U.S. district judge in Missouri has dismissed a recording fee suit filed by officials in Jackson County against Mortgage Electronic Registration Systems, Inc. (MERS), on the grounds that the county "cannot enforce a nonexistent obligation." Missouri is the fifth state in which judges have granted MERS' motions to dismiss similar recording fee lawsuits.

The U.S. housing market gained ground in November, according to CoreLogic's most recent Home Price Index (HPI) report. The data provider says November saw the biggest annual gain in home prices since May 2006. Nationally, home prices during the month rose 7.4 percent year-over-year, while also displaying a 0.3 percent improvement month-over-month. Looking ahead to December, CoreLogic's preliminary data show prices continuing upward by an estimated 7.9 percent year-over-year to close out 2012 on a high note.

The Hollywood Hills abode that Ashton Kutcher once called home has hit the market for $2.585 million. According to Zillow, the craftsman contemporary-style house served as the actor├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós bachelor pad prior to his marriage to Demi Moore, and Kutcher reportedly sold the home in June 2011 for $2.35 million.