- The economic recovery is gaining traction slowly, with first quarter GDP growth of 3.2% indicating a sustainable recovery, though it remains subdued compared to past recessions. High unemployment and foreclosures continue to hamper a robust recovery. - Existing home sales strengthened in March, up 6.5% from February and 16% from the previous year, with 44% of sales being first-time buyers. The median home price was up 0.4% from a year ago. - Total housing inventory rose slightly but is down 1.8% from the previous year, indicating the market may bottom out in the next few months. Fannie Mae shortened the waiting period for a new mortgage after a short sale