Finally we are seeing solid signs of improvement in the availability of mortgage loans.

According to a survey from Fannie Mae, credit availability is improving. For the first time in more than three years, the majority of consumers believe it's easier to obtain a mortgage, it was reported by Realty Times.

"The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month's increase in consumers' intention to buy rather than rent their next home," said Doug Duncan, Fannie Mae's chief economist.

The Mortgage Bankers Association says consumers are correct — credit availability has increased, particularly in the jumbo and refinance loan markets.

"The market continues to adapt to the new QM (Qualified Mortgage) regulation by eliminating products that do not fit inside of the QM box," it was noted by Mike Fratatoni, chief economist for the MBA.

"This tightening is being offset, both in the market for higher balance loans, where lenders continue to loosen terms for jumbo loans, and in the refi market, where more lenders are offering streamline refinance programs," Realty Times reported.

Q: Are many homes still underwater?

A: Negative equity rate has dipped below 20 percent in the fourth quarter of last year. Less than 10 million remain underwater, according to a report from Zillow.

U.S. negative equity rate fell to 19.4 percent of all homeowners who have a mortgage. About 3.9 million homeowners were freed; 9.8 million homeowners remain underwater.

Q: Is there still a strong demand for REOs?

A: Fannie Mae's sales of real estate-owned properties (REOs — bank-owned properties) dropped 14 percent in the fourth quarter from the previous quarter, as demand for foreclosed properties weakened, Mortgage Servicing News reported.

"Between higher pricing in some markets and somewhat higher interest rates, we have seen demand for REO properties soften a bit. In addition, we are seeing less interest from institutional buyers," said Fannie's chief executive Timothy Mayopoulos on a conference call with reporters.

The government-sponsored enterprise sold 32,208 REO properties in the fourth quarter, compared to 37,353 in the third quarter. For the full year, Fannie acquired 144,384 REO properties and sold 146,821. It ended in 2013 with an inventory of 103,229 single-family homes.

Q: Do first-time homebuyers have a special problem?

A: Chief economist at CoreLogic, Mark Fleming, notes new factors affecting a homeowners' ability to buy a home.

The ability for a prospective buyer to purchase a home depends greatly on whether the buyer already owns a home. The market is being affected by the intersection of rising home prices, rising interest rates and stagnating incomes, which puts first-time buyers behind the curve that has benefited them greatly since 2007.

Q: Will this be a good year for multifamily housing activity?

A: Freddie Mac recently released its multifamily housing economic outlook for 2014 showing that multifamily growth will be favorable, but will also moderate and become more in line with long-run historical levels.

It found that multifamily rent growth and vacancy in the coming year will be consistent with long-run average performance at the national level, but will slow a bit from 2013. Also, the cap rates will remain below 7 percent for the next few years.

As interest rates rise, the cap rate spread will tighten. The projected positive effective income growth will drive property values higher, albeit at lower rates than last year.

Q: Where are luxury homes usually located?

A: They are usually found in small areas of cities and towns. The Demand Institute, a nonadvocacy, nonprofit think tank jointly operated by the Conference Board and Nielsen, released a new report entitled: "A Tale of 2000 Cities: How the sharp contrast between successful and struggling communities is reshaping America."

The report finds "that a large proportion of housing wealth is concentrated in a relatively small proportion of America's cities, towns and villages."

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.