With full-fledged sellers’ markets underway in dozens of metropolitan areas around the country, new research has found curious statistical patterns emerging: Even in cities where listings get multiple offers within days or hours, significant numbers of homes are sitting on the market for six months, 12 months, or more with no takers. [more]

Jed Kolko

Trulia’s chief economist Jed Kolko said that although the housing recovery was “for real,” the price rises in many major markets were simply a rebound from the dark days of the housing bust. Speaking in an interview on Bloomberg News, Kolko said that strong job growth was increasing household demand, leading to an appreciation in house prices. See the video after the jump.

Jed Kolko, Mitt Romney and Pres. Barack Obama

Although both presidential candidates largely ignored the housing crisis during the race, Trulia chief economist Jed Kolko argues that housing policy would look very different had Romney won. For one, Obama has emphasized stimulating the housing market, making it easier for mortgage borrowers to refinance to a cheaper interest rate. On the other hand, Romney’s housing plan did not even mention refinancing, despite support from one of his economic advisors.

Obama has also worked to better regulate lenders, establishing the Consumer Financial Protection Bureau, under the Dodd-Frank Act. The Bureau will introduce new mortgage standards by January 2013 crafted to penalize lenders that push consumers into unaffordable loans. Romney had blasted Dodd-Frank for holding back mortgage lending and pledged to “repeal and replace” the legislation. [more]

Limiting the homeowner mortgage interest deduction came up in two of the presidential debates, but specifics about who would be affected and how much they might lose in tax benefits were minimal. To put some rough numbers on the issue, here’s a quick primer on the mortgage interest deduction and related housing write-offs.

How big are they? Very big, which is why they have become such a tempting revenue-raising target for candidates seeking to reduce the massive federal deficit.  According to estimates from the congressional Joint Committee on Taxation, the mortgage interest deduction alone will “cost” the federal government $484.1 billion between fiscal 2010 and 2014 — $98.5 billion in 2013 and $106.8 billion in 2014. Write-offs by homeowners of local and state property taxes account for another $120.9 billion during the same five-year period. [more]

Jed KolkoIn the midst of presidential debate season, Jed Kolko of Trulia said that neither Obama nor Romney “have housing as a winning issue” (see video after the jump). In order to win two key swing states, he said, the candidates need to step it up.

Two swing states at issue: Florida and Nevada, which Kolko refers to as the states with “the highest housing misery in the country,” with sharp declines and a lot of borrowers delinquent, behind on payments or in foreclosure. … [more]

CNBC screenshotThis year’s red-hot rent spikes have cooled down a bit. Citing Trulia.com data, CNBC reported that U.S. rents climbed 4.7 percent year-over-year in August, far less than the 5.8 percent annual increases recorded in May and the smallest such jump since March. See the video after the jump…. [more]