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

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