Consumer confidence is suffering as many are still wary from the financial crisis. Experts say that confidence in the economy is necessary in order for the housing market to continue to strengthen. Many consumers have cut back spending, lowering the percentage of home sales in the U.S. 2013’s black Friday event produced the lowest level of sales in approximately seven years according to the National Retail Federation. Although confidence remains low, numerous experts expect the confidence level to increase as consumers are decreasing the amount of debt created during the financial crisis. Managing director at FBR Capital Markets, Paul Miller said, “our findings suggest that the consumer de-leveraging experienced since the financial crisis will trough in the next year or two, driven by improved mortgage credit availability and better consumer demand.” More here

Home prices have dropped from this summer’s high according to the most recent Clear Capital Home Data Index, an index that compares past and present home prices. Prices fell .02% from last quarter averaging approximately 10.8% this quarter. Vice president of research and analytics at Clear Capital, Alex Villacorta said, “as the year comes to a close, make no mistake, home prices across the country are cooling from the red-hot 2013 recovery.” Additionally, the quarter growth fell from 3.3% to 1.8%. More here

According to recent data from the S&P/Case-Shiller Home Price Indices, home prices shot up at the fastest rate seen since early 2006. The data came as a surprise to many experts surpassing forecasted rates. Single-family homes in many metropolitan areas jumped 13.3% year-over-year. The chairman of the Index Committee at S&P Dow Jones Indices, David M. Blitzer said, “regionally, the West continues to lead with Las Vegas gaining 29.1% year-over-year followed by San Francisco at 25.7%, Los Angeles at 21.8% and San Diego at 20.9%.” More here

The housing market may seem like it is losing steam lately, but many experts expect a jump in momentum as construction plans get underway. According to the Commerce Department, building permits in the U.S. for new homes skyrocketed last month to the highest level seen in five years, increasing 6.2%. The new construction plans will inevitably bring new jobs helping the economy grow in more ways than one. Trulia’s chief economist, Jed Kolko said, “the increase in building permits is clearly a bright spot for the recovery.” More here 

Home prices spiked in September according to a survey showing that single family home prices in the United States experienced the largest annual gain in nearly eight years. Although home prices may scare off potential homebuyers, experts suggest that the housing market is on the right path. The chairman of the index committee at S&P Dow Jones Indices, David Blitzer said, housing continues to emerge from the financial crisis: the proportion of homes in foreclosure is declining and consumers’ balance sheets are strengthening.” More here

Previously owned home contracts decreased in October to the surprise of many economists. October was the fifth consecutive month that contracts dropped while borrowing costs increased. According to the National Association of Realtors, pending home sales fell 0.6% while prices and mortgage rates increased due to low inventory. Economists suggest that we may be leveling out from the spike in contracts earlier in the year. More here

According to research, approximately 8% of individuals age 62 and above have thought about the possibility of a reverse mortgage while only 2% secured the loan. The survey suggests that many homeowners have had trouble dealing with long-term debt after the housing market crash, and reverse mortgages may be of great assistance to many people. An increase in the number of people with mortgage debt has grown over the last decade. Many experts are suggesting that seniors seek financial help in order to decrease debt among the age group. More here

Freddie Mac’s Primary Mortgage Market Survey states that mortgage rates fell this week after 2 weeks of sustained rates. According to the report, the average 30-year fixed-rate mortgage fell to 4.22%, down from last week’s average of 4.35%. The Vice President of Freddie Mac, Frank Nothaft said, “fixed mortgage rates fell this week on reports of weaker manufacturing growth and declines in overall inflation rates.” Nothaft also stated that industrial production also decreased more than experts forecasted. More here

Lowe’s, a home improvement retail store, reported a jump in earnings last quarter showing signs that the housing market is still making strides towards recovery. The report showed a 26% increase in earnings, and experts say the rise is due to new home construction and many consumers being able to set aside extra money for home improvements. Robert A. Niblock, Lowe’s Chief Executive said, “the home improvement industry is poised for persisting growth in the fourth quarter and further acceleration in 2014.” More here

According to Freddie Mac, the average 30-year fixed-rate loan has increased to 4.35%, up .19% from last week, and the highest level since mid-September. The average 15-year fixed-rate mortgage also jumped, averaging 3.35%, up .8% from the previous week. Additionally, a government report stated that 204,000 jobs were added to the market in October. More here