According to Elise Glink today, there will be 20% fewer borrowers in the coming years.  This is due to banks lending less, requiring higher credit scores and larger down payments.  This will hinder the housing recovery. 
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A couple of the newsletters I read are saying that the Western world is reducing its credit borrowing.
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"Restructuring is the necessary condition for credit expansion and job growth. Without private-sector credit growth there can be no jobs. Without justice for investors, pension funds and banks defrauded to the tune of hundreds of billions of dollars, there can be no investor confidence to support private finance. And unless the Fed and other regulators in Washington break the cartel in the U.S. housing sector led by Fannie Mae, Freddie Mac and the top four banks, there will be no meaningful economic recovery for years. Instead we will face hyperinflation and social upheaval, both care of the well-intentioned economists on the FOMC."-Christopher Whalen in HousingWire also in www.zerohedge.com.  
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Interest rates still hover at all-time lows.  The 30 year fixed rate mortgage average was 3.39%.  A year ago it was 4%.  The 15 year FRM was 2.74% this year, whereas last year it was 2.96%.
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Fannie Mae has, apparently, reached agreements with nine mortgage insurers to be more efficient with short sales and deeds-in-lieu.  This should help speed up the foreclosure prevention process as well.  We will see.
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Wells Fargo has mailed refunds of mortgage fees to FHA borrowers.  However, if the recipient cashes the check they are not allowed to sue WF for this practice.
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Superstorm Sandy could cost $100 billion.  While the net economy  of the Northeast will be reasonable, the income will be redistributed from home and business owners to the construction industry.  This event is expected to drop the GDP 1/2 of a percent.
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Some community banks and credit unions are beginning to loan to home owners who have problems proving their income, such as the self-employed.- Paul Muolo in Origination News
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