The Senate Banking Committee is finalizing housing-finance reform legislation, and will present it to the full Senate on April 29.

"After canvassing other members of the committee, we plan to schedule our recommendations for our plan for a bipartisan housing-finance reform proposal," said chairman Tim Johnson.

"From the start, our members have been extremely engaged on the issue and have demonstrated a sincere interest in advancing reform in a bipartisan manner. I look forward to a thoughtful debate in committee as we seek to move reform one step closer to the finish line," he added.

Ranking member Michael Crapo said it is critical the committee votes on reforming the country's broken housing system.

Johnson noted that the committee reached an agreement on a housing-finance reform proposal. Last fall, the Senate Banking Committee hosted an in-depth series of hearings exploring essential elements necessary for reform. They have been negotiating and drafting the reform proposal for the past few months.

The bipartisan agreement includes measures from committee members on both sides of the aisle, the administration and stakeholders.

Johnson and Crapo are putting finishing touches on draft legislative text that they plan to release publicly in the coming days. The bill contains several critical provisions for real estate financing markets and the economic recovery.

Q: Are we heading for another housing bubble?

A: Not according to most analysts. For example, in Trulia's latest quarterly Bubble Watch report, Jed Kolko estimates national home prices are still around 5 percent undervalued when examining long-term fundamentals like historical prices, incomes and rents.

While ongoing improvements in prices have brought the market close to a tipping point, he notes that it's a far cry from the 39 percent overvaluation in the first quarter of 2006.

Q: Are mortgage rates still rising?

A: Yes. In the most recent Primary Mortgage Market Survey, Freddie Mac reported an increase of eight basis points in the 30-year fixed average rate, bringing it up to 4.40 percent (0.6 points) for the week.

A year ago at this time, the 30-year fixed-rate mortgage averaged 3.57 percent.

Q: Are vacation home sales rising?

A: Yes. Vacation home sales are rising, while investment purchases fell below the higher levels seen in previous years, according to the National Association of Realtors.

NAR's 2014 Investment and Vacation Home Buyers Survey found vacation-home sales jumped 29.7 percent to an estimated 717,000, while investment-home sales fell 8.5 percent to an estimated 1.1 million in 2013.

Q: Are mortgage applications still increasing?

A: No, applications are slipping back a bit. At last report, mortgage applications decreased 1.2 percent from one week earlier, according to data from the Mortgage Bankers Association's Mortgage Applications Survey.

The Refinance Index decreased 3 percent from the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index also increased 1 percent, compared with the previous week, and was 17 percent lower than the same week one year ago.

The refinance share of mortgage activity decreased for the eighth straight week, to 53 percent of total applications from 54 percent the previous week. The adjustable-rate mortgage share of activity remained unchanged, at 8 percent of total applications.

Q: Are distressed properties still an important factor in today's market?

A: Yes, but they are decreasing in numbers. Distressed properties have dropped in 2014, according to a new report from LoanLove.com. Following an anticipated decrease in distressed properties, the report found that foreclosure filings in February dropped to the lowest level experienced in over seven years.

Q: Has the stormy weather throughout the country affected the housing recovery's progress?

A: The stormy weather has indeed affected our progress. According to the UCLA Anderson Forecast, the one-two punch of harsh winter weather in the east and a nagging drought in the west (namely California) stalled industries, from real estate to factory production, putting a tight chokehold on the national economy.

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.