It is a coincidence, says the Blackstone Group, that they are selling off the investment they made in single family rental housing after the 2008 housing/mortgage crisis at the same timeframe that firebrand 2020 Democratic presidential nomination hopeful Senator Elizabeth Warren is taking aim at them. On a day when there is plenty of political, businesses, manufactured home industry, and related stock news – with markets hitting new record highs – that Blackstone move will be our featured topic this evening.
Regular readers please note there are a few tweaks to some of the standard portions of our evening market/investing report. Read carefully as some changes of the ‘standard text’ that follows before our left-right headlines and also in other features near the end of tonight’s reports.
Every evening our headlines that follow provide snapshots from two major media outlets on each side of the left-right news spectrum that reflect topics that influence or move investor sentiment. In moments on this business evening report, you can get ‘insights-at-a-glance.’
This report also sets the broader context for manufactured housing markets, in keeping with our mantra, “News through the lens of manufactured homes and factory-built housing” ©.
We begin with headlines left-of-center CNN followed by right-of-center Fox Business. We share closing tickers and other related data courtesy of Yahoo Finance, and more. 5 to 10 minutes reading this MHProNews market report every business night could save you 30 minutes to an hour of similar reading or fact-gathering elsewhere.
Perhaps more important, you will get insights about the industry from experts that care, but also dare to challenge the routine narrative that arguably keeps manufactured housing underperforming during an affordable housing crisis.
Headlines from left-of-center CNN Business.
- Real estate crackdown – Americans snapped up previously owned homes in May in the biggest monthly sales gain in almost three years, a sign the residential real estate market is regaining its footing after a stumble early in the year.
- There is a push to stop private property listings that get shown to only a handful of buyers
- How to beat the market: Pick the worst stocks that may do a U-turn
- GM president: Electric cars won’t go mainstream until we fix these problems
- Carl Icahn wants to fire Occidental’s entire board of directors
- Charles Schwab agrees to buy TD Ameritrade for $26 billion
- GE hires a new CFO. Task No. 1: Shrinking a mountain of debt
- EBay is selling off StubHub in a $4 billion deal
- Sprint may soon be a dead brand … one way or another
- McDonald’s pays $26 million to settle wage theft suit
- Republican leaders are avoiding TV interviews as impeachment looms
- He invented the web. Now he’s warning of a looming ‘digital dystopia’
- China signals it could reform its IP laws. That’s good for trade talks
- Elon Musk explains why the Cybertruck’s windows broke
- Uber loses London license
- Bernard Arnault could become the world’s richest person
- GAMING – For three days, leading-edge companies, groundbreaking new technologies and never-before-seen products are showcased at E3.
- Facebook gets its biggest name yet to compete in the streaming wars
- Google Stadia is here, but there are still huge issues
- Sony is shutting down PlayStation Vue live TV service
- ‘Call of Duty: Modern Warfare’ won’t be slowed down by Activision Blizzard’s recent controversy
- Caffeine wants to be bigger than Twitch
- America’s largest grocer is revamping its produce section
- Troubled tuna seller Bumble Bee files for bankruptcy
- America’s milk industry is struggling
- Burger King is running out of zesty sauce
- White Claw projects $1.5 billion in sales this year
Headlines from right-of-center Fox Business.
- Chick-fil-A Foundation director’s years of Clinton, Obama donations revealed – PLAYING POLITICS
- Rodney Bullard joined Chick-fil-A in 2011 to start the Foundation.
- Amazon employees suffer ‘staggering’ injuries, worse than cops, report finds
- Chinese businesswoman sentenced to prison for sneaking into Mar-a-Lago
- Boomers’ homes about to flood US market, but who will buy them?
- States’ war on gig economy hurts workers looking to make ends meet
- Worker deported for sounding alarm before deadly hotel collapse: lawyer
- CRUEL PUNISHMENT? – Worker deported for sounding alarm before deadly hotel collapse: lawyer
- Cruise passengers hospitalized with mystery illness
- NIGHTMARE AT SEA – Cruise passengers hospitalized with mystery illness
- Why gun sales are expected to end the year with a bang
- TRIGGER-HAPPY – Why gun sales are expected to end the year with a bang
- EXCLUSIVE: Jailed ‘Jersey Shore’ star comes clean about prison, drug use
- EXCLUSIVE: Jailed ‘Jersey Shore’ star comes clean about prison, drug use
- Hong Kong elections a slap in Beijing’s face — here’s what happens next
- THE PEOPLE HAVE SPOKEN – Hong Kong elections a slap in Beijing’s face — here’s what happens next
- Sanders takes break from attacking the wealthy to go after MLB
- FEEL THE BERN – Sanders takes break from attacking the wealthy to go after MLB
- High-profile Democrats under fire amid accusations of mishandling funds
- THE ‘FRAUD’ SQUAD – High-profile Democrats under fire amid accusations of mishandling funds
- Minimum wage hikes actually hurt workers, study shows
- MORE HARM THAN GOOD? – Minimum wage hikes actually hurt workers, study shows
- Gingrich: This key advantage makes Bloomberg ‘formidable’ against Trump
- Kroger is latest retailer to trash dangerous lettuce amid nationwide E. coli outbreak
- STOCKS SPIKE: Major averages hit record highs on M&A flurry and trade progress
- The latest state set to legalize sports betting
- ‘Working too much’ sparking income inequality, study says
- Impossible Foods could DOUBLE valuation with new funding
- Defiant Bill Cosby reveals what he plans to tell parole board
- Celebrities who went to jail on tax charges
- Hall of Fame coach predicts more ‘absurd’ protests to come
- This CEO betting on charging stations as Tesla grabs headlines
- Food safety experts: Don’t make this mistake when cooking for Thanksgiving
- Protesters delaying Harvard-Yale game yanked off field in mass arrest
- Cowboys owner Jerry Jones on team’s ‘significant setback’ after major loss
- Fed’s Powell heads to this region as its sagging economy drags on America’s growth
- Facebook, Twitter notifying users about potential security flaw
- Why more Americans considering DITCHING TURKEY on Thanksgiving
- CRISIS ON CAMPUS: Colleges swamped by students’ demand for mental health services
- McDonald’s reaches massive settlement amid labor dispute
- ‘Difficult issues’ still not resolved amid UAW-Fiat Chrysler negotiations
- Taylor Swift torches former record label in triumphant AMA speech
- SEE PICS: The Weeknd buys $21M penthouse in swanky Los Angeles high-rise
- Viral new fad Amazon jacket will be everywhere this winter
- American-made ‘Elf on the Shelf’ holiday tradition spreading magic around the world
- Uber CEO, London mayor face off after allegedly fraudulent drivers citywide ban
- One of the world’s oldest museums robbed of ‘priceless’ jewels, heirlooms
- Justices reject call for new trial in ‘Serial’ podcast case
- UAW, amid corruption probe, to sell luxury cabin for former president
- 515K pounds of pork products recalled over lack of inspection
- Louis Vuitton parent buying Tiffany for $16.2B
- Airbus thinks it has a simple trick to save jets 10% on fuel
- Cleveland Browns’ Dee Haslam shows support for Myles Garrett as star serves indefinite suspension
- Robin Williams’ former San Francisco Bay home listed for $7.25M. Check out the photos.
10 Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus – Where Business, Politics, and Investing Meet
Manufactured Home Pro News has periodically spotlighted the rental and ‘build to rent’ markets, to see what insights hey provide to manufactured housing professionals and investors. Bloomberg is among the news sources that have recently reported that Blackstone, one of the companies tracked in our evening market snapshot below.
The timing of the sale, coming days after Senator Warren criticized Blackstone, was “merely coincidental,” according to a note from Bloomberg Intelligence analyst Jeffrey Langbaum.
Indeed, on May 30, 2019 the Motley Fool said that “After the housing bubble burst, Blackstone made a big bet on home rentals. … to buy up foreclosed homes, fix them up, and rent them to families. … the assets under one company called Invitation Homes (NYSE:INVH). … Blackstone is exiting its rental home investment…”
Bloomberg said they started selling off shares in that company in March 2019. Blackstone’s remaining stake in single-family landlord Invitation Homes is for $30.10 per share, according to a statement. It will bring in roughly $1.7 billion. The firm controlled more than 40% of INVH before it started selling shares in the spring. Blackstone has earned about $7 billion from the stock sales and dividends, more than twice what it invested.
Senator Warren accused Blackstone and other firms on Nov. 18 of “shamelessly” profiting from the housing crisis, arguing that Wall Street’s investment in single-family homes was a “huge loss for America’s renters.”
Senator Warren, as our in-depth Saturday report on the 2020 debate revealed, has several stridently progressive positions. Some have directly involved manufactured housing.
From her campaign website is the following.
But if Warren were to get traction beyond her current level, don’t be surprised if Michael Bloomberg or other bring up the contradictions in her claims. Primary polling suggests traction, but if there is a version 2.0 of her Native American claims, it could sink her. While Bloomberg says his aim is on President Donald Trump, his deep pockets could easily arrange a variety of ways to make items like the below more widely known.
Warren has a plan for affordable housing, along with everything else, she says. While asserting she is not a socialist, several of her proposals are similar to those of self-described Democratic Socialist Senator Bernie Sanders, another 2020 hopeful for the Democratic presidential nomination. The two combined have some 40 percent of the total polling in recent surveys.
Blackstone bet big on manufactured home communities by buying a portfolio of land-lease communities sold by Tricon Capital Group Inc.. Our report last year on that topic is linked below.
“We are proud that our investment provided a high quality rental housing option, helped stabilize local housing markets, spurred economic growth, and built a $25 billion company, while delivering value to our investors, which include retirement systems for millions of teachers, firefighters and other pensioners,” Ken Caplan, Global Co-Head of Blackstone Real Estate, said in a statement about the firms exit from INVH.
Despite the obvious statements of some key land-lease community operators and other producers, it may seem odd that there hasn’t yet been a big splash by investors who push for the full implementation of good federal laws and make a bold move in manufactured housing.
But past isn’t always prologue.
Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
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