Mortgage Market Update

The housing market received good news in November as the sector continues to improve. CoreLogic reported today that its Home Price Index, which includes distressed sales, rose by 11.8% in November 2013 compared to November 2012. This marks the 21st consecutive month of year-over-year gains. Prices were up 0.1% from October to November. However, home prices still remain 17.6% below their peak from April 2006.

The Senate today agreed to push forward on extending unemployment benefits for three months for the long term unemployed, which has affected nearly 1.3 million people across the U.S. However, the Senate still has to pass the bill, and if it does pass, it would then have to pass through the Republican controlled House of Representatives where it could face some hurdles.

In an historic vote in Washington, D.C. yesterday, Janet Yellen has been confirmed as the first woman chief of the Federal Reserve Bank of the the United States. Ms. Yellen, the Fed’s vice-chair since 2010, is the first woman to head the central bank in its 100-year history. Ms. Yellen was raised in Brooklyn, New York served on the Fed’s board of governors in the 90s and serves as the San Francisco Federal Reserve Bank President.