President Barack Obama in his State of the Union speech on January 24, 2012 proposed a plan to streamline mortgage refinancing for underwater homeowners so they can take advantage of historically low interest rates. The President said borrowers could save $3,000 a year. Cost of the program would be offset by a fee charged to the country's largest banks. The NATIONAL ASSOCIATION OF REALTORS^® (NAR) President Moe Veissi after the speech released a statement saying NAR stands ready to help efforts to streamline the refinancing process for struggling homeowners. For more information on this topic, visit realtor.org.  

After reaching a 19-month high, pending home sales eased in December but stayed above year-ago levels, according to the NATIONAL ASSOCIATION OF REALTORS^® (NAR).
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, declined 3.5 percent in December from November but is 5.6 percent above December 2010. The data reflects contracts but not closings.

The PHSI in the Northeast declined 3.1 percent in December and is 0.8 percent below a year ago. For additional information, check out the REAL Story Market Facts.