The median sales price for condominiums in Miami was $145,000 in the third quarter, a 28 percent increase over the same period in 2011, according to a new report from the Miami Association of Realtors. Single-family prices rose 5 percent in the same time frame. “The Miami real estate market continues to perform remarkably well despite the shortage of housing inventory that is limiting potential sales,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “Such performance is reflective of the strong demand being fueled by both U.S. and international buyers. Buyer interest will continue to positively impact our market long into the future.” — Alexander Britell 

Freddie Mac is continuing a streak. The government-sponsored mortgage backer posted a $2.9 billion third-quarter profit today, which marks the fourth consecutive quarterly gain for the once embattled company, the Wall Street Journal reported.

The third-quarter profit figures stand in stark contrast to the $4.4 billion loss in the third quarter of last year. This year’s profit is the result of stabilizing home prices, stronger housing demand and a low inventory of homes for sale. [more]

JPMorgan Chase disclosed $1.3 billion of expenses linked to faulty mortgages and foreclosures in the third quarter of 2011, bringing the bill for the five biggest home lenders since 2007 close to $69 billion, Bloomberg News reported.

The bank had designated $314 million for buying back defective and faulty loans, but also incurred $1 billion in litigation costs related to the loans and foreclosures, according to its quarterly report.

“This is still far from over,” said Neil Barofsky, former inspector general for the U.S. Troubled Asset Relief Program. “These numbers are very high to begin with, but this is now an enormous overhang on the industry, and it’s well deserved. Sooner or later the banks will pay the price for their behavior.” [more]