The future of mortgage giants Fannie Mae and Freddie Mac hang in the balance as the federal government struggles to determine whether it should continue to guarantee mortgages after the market stabilizes.

Homes prices across the U.S. rose between September and October, although prices remain lower than in October 2009.

Today’s homeowners want everything from their kitchens and baths – pampering comfort, useful features and dazzling design

Existing home sales were up again in November, hitting their highest level since the expiration of the tax credit in June. At an annual pace of 4.68 million, sales were up 5.6 percent from October's 4.43 million, according to the National Association of Realtors.

A group of analysts, academics and investors signed a letter urging regulators to create nationals standards for the mortgage servicing industry, the Wall Street Journal reported.

Rising mortgage interest rates have reignited first-time home buyers’ interest in purchasing a home over the last several months, UPI reported. The rates for 30-year fixed-rate mortgages began to rise from record lows this fall, increasing from 4.17 percent to 4.83 percent between November and December.

Despite the recent housing crisis, most Americans still desire to own a home, but their attitudes may not line up with financial realities, CNN reported. A survey by Fannie Mae found that more 51 percent of people polled said the housing crisis did not change their desires to buy a home. Twenty-seven percent said that they were even more likely to buy because of the crisis.

The tax bill passed by both houses of Congress this week does extend the credits, but at the levels they were at before the stimulus package.

Construction material prices have risen in the last year, while finished-building price indexes remained flat, adding additional financial stress to builders and contractors already facing the effects of high unemployment. An analysis by the Associated General Contractors of America reported that material prices rose 0.5 percent in November and 4.8 percent in the last year. The producer price indexes rose 0.4 percent in November, and 3.5 percent in the last year.

New congressional report says program will fall well short of original target