In recent weeks, several reports have noted that the housing market has returned to a "normal" level of activity. It's time to focus on a highly credible source of information — the Department of Housing and Urban Development.

The market has made notable gains in recent months in terms of home prices, foreclosures and new-home construction, but government officials caution that the economy is not yet back to normal, according to a report published by the National Association of Realtors.

"The Obama Administration's Housing Scorecard for February takes note of rising new-home construction (purchases rose 9.6 percent in January, the highest pace since mid-2008), as well as dropping foreclosures and stabilizing home prices. Each month the scorecard provides a snapshot into the nation's housing market, as well as a performance overview of some of the administration's housing programs," the report stated.

Homeowner equity soared to more than $400 billion in the fourth quarter of 2013, reaching more than $10 trillion for the first time since 2007, the report notes. Also, HUD's Neighborhood Stabilization Program — which helps communities repair foreclosed and abandoned homes — has completed or rehabilitated 32,000 units and provided direct assistance to 10,800 homeowners.

"This encouraging news does not detract from the need to build on this progress, as too many home owners remain underwater and mortgage delinquency rates remain elevated," says Kurt Usowski, HUD deputy assistant secretary for economic affairs.

Q: What is the new Flood Insurance Act all about?

A: On March 13, the Senate voted 72-22 to approve the Homeowner Flood Insurance Affordability Act. The Senate acted quickly to pass the bill as amended by the House to avoid the need for a conference committee to reconcile any differences, according to a report by the National Association of Realtors.

The new bill further reins in and holds the Federal Emergency Management Agency accountable for the Biggert-Waters implementation issues. As passed, the bill repeals FEMA's authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase.

The bill limits premium increases to 18 percent annually on newer properties and 25 percent for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance.

Q: Is the millennial generation buying a strong share of homes in today's market?

A: Yes, it's quite a strong share. According to NAR's Home Buyer and Seller Generational Trends study for 2014, millennials — aka "Generation Y" or "Generation Next" — comprised 31 percent of recent purchases, leading all other age groups.

Q: Is the plan to change Fannie and Freddie still progressing?

A: It's progressing as originally planned. Committee Chairman Tim Johnson and ranking member Mike Crapo of the Senate Banking Committee announced plans to move forward on a new proposal to wind down Fannie Mae and Freddie Mac in favor of a new government backstop for private financiers.

Q: What are "zombie foreclosures"?

A: They pose a rising concern for mortgage professionals. Foreclosure filings are down to record lows, but a more sinister-sounding problem may be on the rise — "zombie foreclosures" — it was reported by DS News.

RealtyTrac released its Foreclosure Market Report for February, stating that foreclosure filings (default notices, scheduled auctions and bank repossessions) were at 112,498, down 10 percent from January and down 27 percent from the previous year.

Q: Are new home sales increasing?

A: The Mortgage Bankers Association estimates sales of new single-family homes were running at a seasonally adjusted annual rate of 533,000 units in February 2014, based on data from MBA's Builder Applications Survey.

The estimated sale pace for February is an increase of 1 percent from the revised January pace of 527,000 units. The sales pace for January was initially reported at 543,000 units. On an unadjusted basis, the MBA estimates that there were 43,000 new home sales in February 2014, an increase of 13 percent from 38,000 in January.

The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.

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.