Following is the text of the Housing Opportunity Index from the National Association of Home Builders.
U.S. courts are clogged with a record number of foreclosures . Next, they may be jammed with suits contesting property rights as procedural mistakes in those cases cloud titles establishing ownership.
Fidelity National Financial Inc. , the largest U.S. title insurer by market share, will require lenders to sign a warranty assuring their paperwork is sound before backing sales of foreclosed homes.
As many as 9 million U.S. mortgages in the foreclosure pipeline or already through the process may face legal challenges because of questions about the validity of documents, according to Morgan Stanley.
"Today's report shows that the majority of U.S. metros are experiencing strengthening house prices, employment and permitting activity, which is a much more positive picture than the one we were seeing a year ago."
- Kurt Pfotenhauer on May 06, 2013