Economic News

According to Freddie Mac, 2013 is kicking off the year with some of the lowest mortgage rates the American economy has ever seen, which could be a catalyst for continued improvement in the housing sector.

Unemployment data can be volatile around holidays, but the U.S. Labor Department is reporting figures that fall short of economists' expectations for the period.

According to the Trulia Price Monitor, home prices are improving at an accelerated pace as 2012 wraps up, and rents are picking up with dramatic rises in some of America's largest cities.

Construction spending fell in November overall, but compared to 2011, the sector is improving, led by private residential construction spending.

Another welcome sign for housing, residential shadow inventory levels are declining slowly, which is critical for a potential housing recovery down the road.

VIP mortgages were given to lawmakers before Countrywide was acquired, but the House Ethics Committee reports that no lawmaker committed any ethics violation by participating in sweetheart mortgage deals.

Consumer confidence is down in December, and it appears the fiscal cliff is causing dramatic levels of uncertainty across the nation.

Pending home sales, or contracts signed, have improved a bit this month, but show double digit increases over the year, pointing to potentially increasing closings in coming months nationally.