PHH earnings up as mortgages bring more profit

post from HousingWire on 01 May 2012 05:04:51 PM. © HousingWire

PHH Corp. earnings jumped in the first quarter as the bank boosted profits in its mortgage originations business.

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REOs bolstering home prices; REO home price
gains outpacing fair market prices

post from Real Estate Consumer News on 01 May 2012 04:56:46 PM. © Real Estate Consumer News

Clear Capital just released it's Home Data Index? (HDI) for April, which reveals that REO's, which have been a drag on the market for several years now by bringing home prices down, are actually help bolster prices as a result of investor demand for REO's for rentals. REO home price gains (on a price per foot basis) are "vastly outpacing fair market prices on a national level" according to the report. [...]Related posts:

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Genworth CEO resigns

post from HousingWire on 01 May 2012 04:33:40 PM. © HousingWire

"After navigating through the recent financial and housing crisis, and as the company transitions to the next generation Genworth, I believe this is the right time for me to move on to other opportunities," CEO Michael Fraizer said.

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DeMarco denies 'ideological tilt' in principal
reduction

post from HousingWire on 01 May 2012 03:46:35 PM. © HousingWire

FHFA Acting Director Edward DeMarco claims there is no "ideological tilt" over principal reductions and tells two Democratic lawmakers that such a decision is better left to Congress.

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Why Do Some Long Term Real Estate Investors
Remain Local

post from Real Estate Investing For Real | A BiggerPockets Investment Property Blog on 01 May 2012 03:39:23 PM. © Real Estate Investing For Real | A BiggerPockets Investment Property Blog

This is me asking the over 90,000 members here about their thoughts on staying local, when the investment is, by definition, long term in nature. One of the principles on which I base decisions concerning where solid opportunities might reside, is the use of ‘macro analysis’. That is, learning in detail how a specific region [...]

This Article is Copyright © 2004-2011 BiggerPockets, Inc. All Rights Reserved.

Why Do Some Long Term Real Estate Investors Remain Local?

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Property Flipping Nets Broker 2 Years in Prison

post from Mortgage Fraud Blog - Perp Walk on 01 May 2012 03:29:21 PM. © Mortgage Fraud Blog - Perp Walk

Andrew Hill, 34, Dublin, Ohio, was sentenced in U.S. District Court to 24 months in prison for obtaining more than $1.2 million in fraudulent mortgage loans involving investment properties in Portsmouth, Ohio then "flipping" the properties and selling them to unqualified buyers.

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ipping-nets-fraudster-2-years-in-prison

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Credit ratings agency sharpens focus on mortgage
servicer performance

post from HousingWire on 01 May 2012 01:43:33 PM. © HousingWire

Morningstar, which launched its RMBS services in October, designed a new way to grade mortgage servicers, and the contrasts are sharp in preliminary results.

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CBSs NCIS Series Features MCSF Tonight

Marine Corps Scholarship Foundation Featured On NCIS Show.Be sure to watch NCIS tonight (May 1st) at 8pm on CBS. Somehow, the Marine Corps Scholarship Foundation (MCSF) will be an integral part of tonight?s story line. I was in NYC last week and was[...]

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Residential construction grows slightly in March

The Commerce Department reported the measure rose 0.7% from a month earlier, but actually fell roughly $2.3 billion from an initial February estimate.

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Constuction Spending: March 2012

post from Paper Economy - A US Real Estate Bubble Blog on 01 May 2012 12:23:57 PM. © Paper Economy - A US Real Estate Bubble Blog

Today, the U.S. Census Bureau released their latest read of construction spending showing a slight improvement from last month at near-cycle low levels of spending in March for residential construction while also indicating an improvement for total non-residential spending.

On a month-to-month basis, total residential spending increased a slight 0.68% from February and rose 7.42% above the level seen in March 2011 while remaining a whopping 63.91% below the peak level seen in 2006.

Single family construction spending jumped 3.81% since February rising 10.35% since March 2011 but remained a whopping 75.15% below it's peak in 2006.

Non-residential construction spending rose 0.74% since February and climbed 15.16% above the level seen in March 2011 but remained a whopping 32.49% below the peak level reached in October 2008.

The following charts (click for larger dynamic versions) show private residential construction spending, private residential single family construction spending and private non-residential construction spending broken out and plotted since 1993 along with the year-over-year, month-to-month and peak percent change to each since 1994 and 2000 ? 2005.

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