CoreLogic: Foreclosure inventory tumbles 35%

CoreLogic: Foreclosure inventory tumbles 35%

But don't celebrate just yet

Only “Number Jesters” report 2Q economic growth at 4% pace

Economic revisions infuriate

4 factors weighing down housing in the second half of 2014

Will housing collapse?
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Investments

Trulia posts 2Q14 net loss of $2.4M on rising revenues of $64.1M

Acquisition target posts dramatic web traffic gains
July 31, 2014
Trulia reported total revenue of $64.1 million, up 116% year-over-year, with a net loss of $17.9 million, compared with a net loss of $2.4 million for the second quarter of 2013.
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Moody’s: HFA single-family bond financing will increase

Bond financing will drive revenue growth
July 31, 2014
As housing finance agencies seek to rebuild their balance sheets amid a favorable bond market, Moody’s Investors Service expects bond financings to become a more significant part of HFAs’ mortgage funding sources, reversing the downward trend since 2011, a note to clients says.
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GAO takes up investigation into discrimination at CFPB

Non-partisan investigation comes at request of House Republicans
July 31, 2014
The Government Accountability Office will look into the CFPB’s organizational culture and management practices in light of allegations that bureau managers are discriminating against employees based on race and gender and retaliating against employees who complain.
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Mortgage-bond price tumbles amid increased risks

Fannie, Freddie witness significant drops
July 31, 2014
Prices of a new type of U.S. Mortgage bond are tumbling as investors discover the risks in the market from Wall Street banks, with Fannie Mae and Freddie Mac bonds witnessing some of the biggest drops.
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Activist investors critique Zillow, Trulia deal

Valuations skyrocket while earnings expectations have fallen
July 31, 2014
While most mainstream Wall Street analysts are generally positive on the pending $3.5 billion Zillow acquisition of Trulia, skeptics of both the operational and valuation elements of the companies and the deal continue to raise questions.
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Stewart 2Q profits plummet to $6.3M down from $26.9M in 1Q

Litigation and acquisition costs weigh on earnings
July 31, 2014
Stewart Information Services on Thursday reported net earnings attributable to Stewart of $6.3 million, or $0.27 per diluted share, for the second quarter 2014, compared to earnings of $26.9 million, or $1.09 per diluted share, for the second quarter 2013.
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Ocwen Financial posts 2Q revenue of $553.1M, up 2% Y/Y

Regulatory, compliance costs drag on $67M net income
July 31, 2014
Ocwen Financial reported net income of $67 million, or $0.48 per share, for the second quarter of 2014, compared to net income of $76.7 million, or $0.53 per share, for the second quarter of 2013.
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Wall Street doesn’t see antitrust hurdles for Zillow’s Trulia acquisition

Deal would increase pricing power for combined entity
July 30, 2014
A survey of analysts, speaking off and on the record, showed that none had serious concerns about antitrust issues with the deal.
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Did Treasury plan to shortchange Fannie, Freddie investors?

As more layers peel away, a pattern forms
July 30, 2014
A report on TheStreet.com Tuesday focusing on the potential for conflict of interest in Blackstone serving as an advisor to the U.S. Department of Treasury missed a much bigger story.
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Sterne Agee: Housing continues to struggle

Builder opportunities exist in light of shrinking inventories
July 30, 2014
A note to clients from Sterne Agee reports on the state of the homebuilder market, which shows housing continues to struggle against falling inventories and subpar sales.
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