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New home construction increased drastically to almost 41% in April, 2010 compared to last year, according to a government report released Tuesday.

Housing starts increased to a seasonally-adjusted annual rate of 672,000 last month, the Commerce Department said. That was a 5.8% rise over March 2010.

Economists were expecting housing starts to jump to 655,000.

New construction of single-family homes, the key sector of the housing market, rose 10.2% over the month to an annual rate of 593,000.

New construction of multi-family homes — buildings with 5 or more units — was 68,000.

April was the last month in which sales to first-time home buyers could qualify for a federal tax credit of up to $8,000. Earlier this year lawmakers extended the deadline through April 30 and added a new credit of up to $6,500 for some existing home owners who move.

“The increase in demand prompted by the tax credit has lifted construction,” wrote Ian Shepherdson, economist at High Frequency Economics, in a research note.

“But the expiration of the credit … has made homebuilders wary about continuing to add new homes during the summer,” he said.

Pressure is building up on loan servicers and investors to reduce troubled homeowners’ loan balances, but the two largest owners of mortgages aren’t not taking the bait.

Fannie Mae and Freddie Mac, which are controlled by the federal government, do not lower the principal on the loans they back, instead opting for interest rate reductions and term extensions when modifying loans.

But their stance is out of synch with the Obama administration, which is seeking to expand the use of principal writedowns. In late March, it announced servicers will be required to consider lowering balances in loan modifications.

Asked whether they will implement balance reductions, the companies and their regulator declined to comment. The Treasury Department also declined to comment.

The Canada Pension Plan Investment Board (CPPIB) said on Monday that it has bought into the coveted Manhattan real estate market for the first time, taking stakes in skyscrapers valued at more than $1.45 billion.

The CPPIB’s real estate arm bought a 45 percent stake in 1221 Avenue of the Americas, the McGraw-Hill building, from SL Green Realty Corp (SLG.N) for $576 million.

It also formed a joint venture with SL Green, which owns and manages Manhattan properties, to acquire a 45 percent stake in 600 Lexington Avenue for $87 million.

CPPIB, which invests funds from the Canada Pension Plan, to which almost all working Canadians contribute, was one of the world’s top private equity buyers last year.

“These are two great assets in a market that’s coming back,” Graeme Eadie, CPPIB’s senior vice-president for real estate investments, said in an interview.

“These are our first investments in the Manhattan market, and it’s an area that we think has future growth for us.”

The CPPIB was involved in three of the top five global private equity deals of 2009, including the largest leveraged buyout of the year — the $4 billion acquisition by CPPIB and U.S. private equity firm TPG [TPG.UL] of IMS Health Inc RX.N, a prescription drug sales data provider.

With deep pools of capital and long-term investment outlooks, Canadian pension funds are a new breed of financial investor, able to easily outmuscle buyout firms.

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On April 21, FHA Commissioner David Stevens told the House Appropriations Transportation-HUD Subcommittee that FHA has provided essential liquidity while also working to bring private capital back to the credit market. He plus acknowledged that the FHA proposals included in the President’s FY 2011 Budget represent a balancing of FHA’s three input responsibilities: On condition that homeownership opportunities to answerable borrowers, sustaining the housing bazaar during arduous financially viable period, and ensuring the strength of the FHA Mutual Mortgage Insurance (MMI) fund.

Stevens acknowledged to the Committee with the purpose of FHA’s secondary reserves bear fallen lower than the obligatory two percent level to 0.53 percent. He added, however, with the purpose of the unconstrained actuary concluded with the purpose of FHA’s funds spirit keep on affirmative save faced with the nearly all catastrophic of financially viable scenarios. Stevens supposed FHA had not as it should be managed before monitored run the risk of dressed in the history and had obsolete acclaim and run the risk of controls at the same time as well at the same time as weak enforcement. Stevens supposed with the purpose of since he took department, FHA has abruptly increased lender enforcement and has strengthened acclaim and run the risk of controls.

Mortgage rates ping-ponged within a tight range for most of the week. There wasn’t much in the way of news to motivate movement in the first three days of the week. Although several key earnings were released, the economics calendar was essential empty and the market’s general tone reflected a lack of conviction. Rates were unchanged on Monday, rose modestly on Tuesday then recovered from weakness on Wednesday only to give it back positive progress on Thursday after the Treasury announced the terms of next week’s debt auctions. This left rates a few bps higher (vs. Monday) heading into today.

The week wrapped up with two sets of economic data and some unexpected headline news.

The bond market arose this morning to news that Greece had asked the European Union and the IMF to activate their financial rescue package. This request was seen by stock markets as a good thing as it seemed to signal the beginning of the end of a long, drawn out debate over whether or not Greece would be able to raise the funds necessary to pay their creditors. As a result, both European and U.S. stock markets rallied. This had the opposite effect on the U.S. bond market, traders sold positions in risk averse Treasuries in favor of buying stocks which pushed benchmark yields higher. Consequently mortgage rates moved up before the day even began