The housing market is speeding up in certain locations faster than others. Recent data shows that housing market recovery can be seen at its best in ten metropolitan cities and is ranked by measuring how many days houses are on the market, supply, and median home prices. The top ten turnaround housing markets have changed drastically with Detroit being number one and Las Vegas taking last place. In the past, California has had the most turnaround towns, but data now shows that California’s ranking has fallen with Santa Barbara-Santa Maria being the only town making the top ten. More here

According to past data, homebuilders are entering their peak season, as November, December and January make up more than 75% of homebuilders’ annual returns. Experts suggest that the jump in supply is due to anticipation for the spring selling season.  Keefe, Bruyette & Woods firm said, “the spring selling season is significant as its strength can drive volume and margin performance for the year based on momentum, pricing, and inventory build.” More here

The housing market has been taking a lot of heat over the last few months as inventory decreased and mortgage rates increased, but many experts say the housing market is on the right track. Home prices jumped 12.8% in August according to Robert Shiller’s S&P/Case-Shiller housing index, the largest increase since early 2006. Shiller did not expect the rebound saying that the housing boom in 2006 was a “fad”. The 20-city composite also increased 1.3% and showed gains in every U.S. metropolitan city. Many experts suggest that home prices will continue to climb in the coming months. More here

Monthly premiums for approximately 1 million homeowners living in flood zones have increased due to the new flood insurance plan many coastal states require their homeowners to have. According to the Federal Emergency Management Agency, Florida, Louisiana, New Jersey, California, and Texas account for approximately two-thirds of all flood insurance policies causing monthly premiums to skyrocket. Many homeowners can not afford the increase in flood insurance and are being forced to move inland. More here

Existing home sale contracts dropped considerably, falling to the lowest level seen in over three years. Mortgage rates have also continued to increase over the past months, though rates have recently leveled off. According to the National Association of Realtors’ Pending Home Sales Index, contracts dropped 5.6% last month, averaging 101.6. Although experts suggest the housing market may be in a temporary slump, it has shown considerable improvement since the recession of 2007-2009. More here

As the reverse mortgage rules have changed, many older Americans are unsure of what the changes actually mean. The program was initially intended to help senior homeowners keep their homes by turning their mortgages into usable money, although the strategy seemed to backfire for many who used the program improperly. The new rule changes made to the reverse mortgage program will help seniors regulate their up-front and accessible principle through the life of the mortgage. Senior homeowners can now draw more money from a reverse mortgage than available in the past, but over a lengthier amount of time. The changes may seem more complicated for many, but experts say that this change is good and will help many seniors financially over time. More here