According to the National Association of Home Builders/Wells Fargo Housing Market Index, construction demand has increased the housing market confidence level to 58 this month. The market measures conditions, sales expectations, current sales, and prospective buyer traffic. Buyer confidence continues to grow even as interest rates increase. Rick Judson, NAHB Chairman said, “This is definitely an encouraging sign, the HMI is up 11 points since December of 2012 and has been above 50 for the past seven months. This indicates that an increasing number of builders have a positive view on where the industry is going.” More here

According to market experts, rental prices are expected to increase next year for much of the nation due to rising demand and tight supply. Experts at Axiometrics, an apartment market researching company, expect a 3.1% growth in rental costs, while Reis, another apartment marketing company has forecasted a 3.3% increase. Research has shown that 50% of all American renters spend, on average, about 30% of their income. More here

New research suggests that home ownership may be decreasing and rentals rising as the number of seniors increases. Rentals are projected to grow by 40% over the next 10 years as baby boomers downsize and those age 75 and above need more accessible homes. In 2012, 35% of Americans were renting their homes with 43 million more added by the beginning of 2013. The number of rentals is expected to jump to 4 million to 4.7 million by 2023. More here

According to Freddie Mac, fixed mortgage rates fell this week. The 30-year fixed rate mortgage averaged approximately 4.42%, down .02% from last week. The 15-year fixed rate mortgage also dropped, falling from 3.47% last week to 3.34% this week. Additionally, the total mortgage debt for single-family housing jumped for the first time in nearly six years. Freddie Mac chief economist Frank Nothaft said, “This a positive sign, as it reflects that the pickup in new purchase money originations has offset loan pay-downs.” More here

According to the Mortgage Bankers Association, mortgage applications have increased from last week, jumping approximately 1%. Refinancing also increased, with the refinance index rising 2% from last week, averaging 65%. The 30-year, fixed-rate mortgage with a conforming loan limit grew .10%, averaging 4.61%, while the 30-year, fixed-rate mortgage with a jumbo loan balance also increased 10%, averaging 4.59%. More here

A new research survey from RealtyTrac states that 71% of single-family homes in the United States were constructed before the year 1990. 5 years ago when the housing market struggle began, home construction came to a halt, cutting the percentage of new home construction by more than 40%. Home builders began to focus on multi-family housing. The vice president of RealtyTrac, Daren Blomquist said, “Wall Street-backed money has scooped up newer homes to use as rental properties.” More here

Foreclosure completions in the U.S. fell approximately one third from last year, averaging 48,000 in October according to CoreLogics National Foreclosure Report. As completed foreclosures decrease, experts and consumers are gaining higher confidence in the housing market. The president and CEO of CoreLogic, Anand Nallathambi said, “the scourge of an elevated foreclosure inventory is easing. In October, every state posted a year-over-year decline in completed foreclosures, which is positive news.” More here

According to a report from the Commerce Department, new U.S. single-family home sales in October soared, jumping to a seasonally adjusted rate of 444,000, a 25.4% increase from earlier months and the highest rate seen since April 2013. The vice president of mortgage information site HSH Associates, Keith Gumbinger said, “It may very well be that a lot of folks are feeling better about their prospects and buying a new home, and builders are motivated to get folks into homes.” More here

New research released from Boston College has found that 53% of Americans in 2010 were not prepared for retirement even when adding in their home equity. According to the National Retirement Risk Index, many seniors may be at risk for having a low success rate during retirement even as housing and stock markets seem to be strengthening.  Researchers working on the study said, “interestingly, updating the asset values only reduces the index to 50% because the rise in house prices has been relatively modest in real terms and the more robust growth in stocks mainly benefits the top third of households.” More here

According to the Commerce Department, U.S. construction spending in October reached the highest level seen in approximately 4 1/2 years. Public construction projects have helped level-out low spending on private projects with an average annual spending percentage of 0.8%, 0.4% higher than many experts had expected. Federal government spending helped aid public construction planning, jumping 10.9%. More here