If you're looking for a useful way to interpret where we're headed with the U.S economy, and housing prospects in particular, consider this from Dallas Federal Reserve Bank president Richard Fisher:

He sees the national economy as sort of a football team that for 18 months was pinned deep in its own territory toward the end zone, deeply in trouble.

Then we got some good plays.  Housing took off with the help of the federal tax credits, businesses and consumers started spending, and the economy overall expanded for several quarters.

More recently we got thrown for a couple of losses as the stock market plunged on global economic jitters caused by the heavy indebtedness of European counties such as Greece, Spain and Portugal.

Consumer confidence tumbled and home sales dropped in the wake of the tax credits' phase-out.

So where are we now? Fisher believes that we are essentially grinding it out, with short yardage runs, small gains or small losses in any given week, but we are still moving up the field.

"I believe we are going to continue to produce short yardage," Fisher told CNBC in an interview. More importantly, "I don't think we will go backwards."

Put another way, Fisher rejects the doomsayers' predictions of a "double dip" for the economy, where we slide back into recession again - which of course would be a major negative for housing and real estate.

In fact, if you look carefully at some recent economic and housing-related reports, there's evidence of those small gains, even if they don't generate splashy headlines.

Take, for example, last week's national home price data index release from Clear Capital. It documented quarterly and year-over-year gains in home values in most of the top 15 metropolitan real estate markets. Alex Villacorte, the index's chief statistician, said the metro market gains represent "a liftoff" from the lows registered last year and the year before.

The price gains, he also noted, come despite heavy concentrations of distressed sales in some of the largest markets. In the report, Los Angeles prices were up 13 percent over the same time last year, and metropolitan Washington DC was up by 10 percent.

Record low mortgage rates, well below 5 percent for extended periods, have been a huge contributing factor here.

Still another modestly positive sign that catch economists' attention: Homeowners have begun spending again for home improvement projects. A study released last week by Fitch Ratings projects a 3.5 percent jump in spending for the year, not a spectacular number, but a modest one, pointed in the right direction.

Look for more of the same.

Ken Harvey, Realty Times

1. FHA Loans Are Not Only For Lower-Income Borrowers. FHA loans are available to everyone. In fact, even Bill Gates can get one. There is no maximum income restriction associated with FHA loans. Borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.

2. FHA Loans Are Not Only For First-Time Buyers. Many people believe FHA loans are available only to first-time homebuyers. This is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option.

3. FHA Loans Are Not Just Small Loans; In Fact, Loan Amounts Can Be As High As Almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county. Later this summer, condo buyers interested in FHA loans can visit www.checkfhaapproval.com to instantly identify FHA-approved condo associations and review maximum loan amounts for a given location.

4. FHA Loans Are Not Affiliated With The Section 8 Housing Program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.

5. FHA Loans Are Often More Affordable Than Conventional Loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5 percent.

6. FHA-Approved Condo Developments Are More Desirable To Buyers. With 87 percent of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.

Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.

Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers.

Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply. More information about the FHA- approval process is available at www.getfhaapproval.com.

7. FHA Loans Are Assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.