When there are a large and growing number of homebuyers and a minimal inventory of available homes, bidding wars are inevitable in the housing market. That's the situation in many areas of the country today, and the trend is growing.

In many cases, the bidding results in a sales price that's significantly higher than the asking price for the property. Adding to the bidding pressures are the record low mortgage interest rates and the growing number of investors seeking properties to rent out or resell.

In March, 75 percent of agents with broker Redfin said their clients' offers were countered by rival bids, up from 56 percent who said so in late 2011, it was noted in a CNN/Money article.

"The competition has been most intense in California, where 9 out of 10 homes sold in San Francisco, Sacramento and cities in Southern California drew competing bids during the month. And at least two-thirds of listings in Boston, Washington D.C., Seattle and New York generated bidding wars," the article stated.

"The only question is not whether a new listing will get multiple bids but how many it will get," said Kris Vogt, who manages 14 Coldwell Banker offices. One home in an Elk Grove, Calif., subdivision recently received 62 separate bids. The final sale price was for more than $150,000, well above its $129,000 asking price," it was reported.

Q: What's the primary complaint by today's rental tenants?

A: One key complaint is the frequent "no pets" sign. Seventy-five percent of renters say they own pets, yet many are not able to find enough pet-friendly rental options, it was noted in an article published by the National Association of Realtors.

The information was gleaned from a new survey of 1,100 renters by Apartments.com. It shows last year only 43 percent of renters said they owned pets.

More than 60 percent of survey respondents say they've struggled to find pet-friendly rental options. Those who were able to find pet-friendly options said they had to pay a one-time pet deposit or pricey monthly fees.

"Clearly, pets are a deal-breaker for many, and apartment buildings with more flexible pet policies will be the ones to attract this growing group of pet-owning renters — and possibly keep them for a longer period of time," said Tammy Kotula, a spokesperson for Apartments.com. "Nearly all pet owners surveyed said pet policies play a major role in their decision of where to live."

Q: Are new regulations in the works for mortgage servicers?

A: Yes, on May 2, a notice was sent to servicers by Freddie Mac encouraging them to prepare for new requirements for default-related legal services that will take effect in a few weeks.

Under the new requirement, Fannie Mae and Freddie Mac servicers must select qualified law firms by June 1 to handle all new referrals of default-related legal services, such as foreclosures, loss mitigation, bankruptcy and related litigation.

Q: How do commercial real estate executives view the current market?

A: Despite the slow economic recovery and modest job growth following the financial crisis, an overwhelming majority of commercial real estate executives report feeling optimistic about prospects for 2013, according to DLA Piper's 2013 State of the Market survey and report.

Real estate executives cite the strengthening economy, low-cost financing afforded by artificially low interest rates and easier access to capital as the top reasons they are feeling good about the year ahead.

The survey, measuring the attitudes and perspectives of 189 top executives within the commercial real estate industry, reveals that 85 percent of respondents describe their 12-month outlook for the U.S. commercial real estate industry as "bullish," reversing a far more pessimistic outlook that prevailed in 2011 when only 30 percent of commercial real estate executives described their outlook as bullish.

This is also a tremendous leap forward from 2008, when just 10 percent of respondents had a positive mindset for the sector.

Q: Is the number of homeowner households growing?

A: Apparently not. The number of households owning homes fell 698,000 to 74,511,000 in the first quarter of this year, the first decline in almost two years, according to a Census Bureau report.

At the same time, the nation's homeownership rate fell to 65 percent (seasonally adjusted), the lowest level since the fourth quarter of 1995.

To find out more about Jim Woodard and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.