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The News: House-Flipping Revival Creates Jobs in High-Foreclosure Regions

Here's good news for residential real estate sales and mortgage origination professionals: A mini-boom is under way in house flipping in parts of the U.S. that had the highest foreclosure rates during the mortgage bust.

"Flip" sales of homes, made within six months of purchase, climbed 19 percent nationwide last year. The jump is far larger in metropolitan areas with high foreclosure rates: flipping soared 81 percent in Phoenix, 45 percent in California's Riverside and San Bernardino counties, and 38 percent in Las Vegas, Bloomberg News reports.

The movement could get a further boost this year now that a Federal Housing Authority rule against flipping has been waived for a year starting Feb. 1. The waiver lets FHA borrowers buy foreclosed homes from owners who held title less than 90 days.

In Phoenix, a plethora of new companies have sprung up to serve flippers. They include, and

House Flippers in U.S. Crowd Courthouse Steps in Hunt for Deals [Bloomberg News]

Rising Rates, The End Of Fed Mortgage Buying, And Fannie Mae's Stinginess Stoke Fears Of A NYC Real Estate Double Dip [Clusterstock]

Pssst: Wall Street Is Hiring Again [Time]

Loans Without Backing Are Focus of Offer Plan [WSJ]

G20 Sounds Warning Note Over New Bank Rules [Reuters]

Several member countries are dragging their feet on curbing pay, says Financial Stability Board Chairman Mario Draghi: "Firms will need to maintain momentum toward reforming their compensation practices through 2010 and beyond."

How Lou Lucido Let AIG Lose $35 Billion With Goldman Sachs CDOs [Bloomberg News]

NYC Deputy Mayor To Head Citi's Public Affairs [AP, via Yahoo]

Women Employees Sue Bank of America and Merrill Lynch for Alleged Sex Discrimination [Lieff Cabraser Heimann & Bernstein, LLP and Outten and Golden, LLP]

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AUTHORJon Jacobs Insider Comment

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