SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Aug 10, 2012) - The U.S. housing market has finally begun to show signs of a long awaited recovery in 2012 as home prices continue to rise and new home-building is at its highest level in years. Fannie Mae and Freddie Mac have benefited from the recent recovery as both companies have recently reported some of their strongest quarterly results since the collapse of the housing market. The Paragon Report examines investing opportunities in the Mortgage Investment Industry and provides equity research on Federal National Mortgage Association (OTCQB: FNMA) and Federal Home Loan Mortgage Corp. (OTCQB: FMCC).
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CoreLogic recently reported that U.S. home prices have increased 2.5 percent in June. This marks the fourth consecutive year-over-year, and month-over-month increase.
"At the halfway point, 2012 is increasingly looking like the year that the residential housing market may have turned the corner," Anand Nallathambi, CoreLogic's president, said in a statement. "While first-half gains have given way to second-half declines over the past three years, we see encouraging signs that modest price gains are supportable across the country in the second half of 2012."
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Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. The company reported net income of $5.1 billion in the second quarter of 2012, compared with net income of $2.7 billion in the first quarter of 2012. Shares of Fanny Mae are up over 50 percent for the year.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. The company reported net income of $3.0 billion for the second quarter of 2012, compared to net income of $577 million for the first quarter of 2012. Shares of Freddie Mac have soared over 45 percent year-to-date.
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