While the Consumer Financial Protection Bureau’s recent report on financing the purchase of manufactured homes (MH) notes buyers of MH are often poor, elderly, rural and vulnerable to high-cost “chattel” (“home only,” personal property) loans, the bureau wants to ensure consumers have access to “responsible credit.” Their report, comments and […]
MH Industry Pros Respond to CFPB Report Read More
As an addendum to a post MHProNews published Oct. 3, 2014 regarding the rise in shipment of HUD Code homes for August, 2014, over the same month last year, of the 5,937 homes shipped, single-section homes rose by 6.8 percent and multi-section slipped 2.7 percent. A total of 9,100 floors
Shipped Floors Number Rises; Number of Plants, Corporations hold Steady Read More
Noting that manufactured housing can provide affordable housing to many low and moderate income families, especially in non-metro areas, several nonprofits are working to reverse the negative image of factory-made homes and their occupants by establishing programs to replace the dilapidated homes with new, high efficiency models. According to Matthew
Energy Efficient Manufactured Homes to Replace Dilapidated Units Read More
While analysts expected the jobs report to indicate 215,000 new jobs had been created in Sept., following the tepid 142,000 in August, the government says 248,000 new jobs were realized in September, more in line with the previous six months (before August) of job growth above 200,000. In addition, according
New Job Growth, Falling Unemployment: Sufficient to Spur Homeownership Growth? Read More
The California homeownership rate for Hispanics was 41.9 percent in 2013 versus 62.7 percent for non-Hispanic whites, according to U. S. Census records. The Hispanic rate in 2006 was 47.9 percent. A 2013 study by Harvard University’s Joint Center for Housing Studies, noting homeownership continues to be a significant source
California Home Prices Rising above Affordability for Hispanics Read More
The Mortgage Bankers Association (MBA) reports for the week ending Sept. 26, mortgage applications slipped 0.2 percent on a seasonally adjusted basis from the previous week, while on an unadjusted basis the Market Composite Index (MCI) decreased 0.4 percent. The Refinance Index fell 0.3 percent from the week prior, while
Mortgage Applications Dip for week Ending Sept. 26 Read More
According to the National Association of Realtors (NAR), the Pending Homes Sales Index (PHSI) slipped 1.0 percent in August to 104.7 from 105.8 in July, and is now below the August 2013 reading of 107.1. Regardless of the slight decline, as the worldpropertychannel.com reports,the index remains above 100 (an average
Pending Home Sales Slip a Percent Read More
In the 20 years from 1991 to 2011, the number of owner-occupied homes grew from 59.8 million to 76.1 million, a gain of 27 percent, while the number of renter-occupied homes rose from 33.4 million to 38.8 million, according to surveys conducted by the U. S. Department of Housing and
Homeownership has Grown Steadily; Rentals are now Surging Read More
Consumer confidence moved to a 14-month high, according to a Thomson Reuters/University of Michigan index. While economists in a Bloomberg survey projected 84.8 for Sept., the actual number came in at 84.6, a jump from 82.5 in August. According to rvbusiness.com, employment is growing at the strongest pace in 15
Latest Survey Indicates Consumer Sentiment is Rising Read More
According to housingwire.com, the latest CoreLogic report indicates 946,000 properties regained positive equity in the second quarter of 2014, increasing borrower equity year over year by an estimated $1 trillion. The number of homes that remain in negative equity has fallen from 7.2 million, or 14.9 percent of all homes
More Underwater Homes are Beginning to Float again Read More
The closing rate for mortgage originations hit a three-year high in August, according to Ellie Mae, which calculated an overall closing rate of 61.1 percent, almost four percentage points higher than July. Ellie Mae’s President Jonathan Corr noted lenders are working hard to maintain leads, as nationalmortgagenews.com reports. The monthly
Mortgage Origination Closings Rise Read More
The National Association of Realtors (NAR) informs MHProNews that sales of existing homes fell 1.8 percent across the country as investors continue to leave the market, making more homes available for individuals to finance. The South and the West, the two largest markets, both saw declines, offsetting the gains in
Existing Home Sales Slip in August Read More
The new head of the Department of Housing and Urban Development, Julian Castro, in his first major policy speech, said lending standards have become too tight and policymakers need to find ways to expand the housing market. Speaking at a housing summit sponsored by the Bipartisan Policy Center, the former
HUD Head Castro Supports Johnson-Crapo Reform Bill Read More
According to data from the National Association of Realtors (NAR), 27 percent of those purchasing a home for the first time last year received a cash gift from relatives—such as the Bank of Mom & Dad– or friends, an increase from 24 percent in 2012. Meanwhile, rising stock and property
Cash Gifts Supporting Millennials in Home buying Read More
Although MHProNews has posted several stories relating to the effect of student debt on home sales, a new study by John Burns Real Estate Consulting, according to The Wall Street Journal, says higher levels of student debt will reduce U. S. home sales by eight percent this year. Studying purchase
Student Debt will Cut Home Sales Eight Percent Read More
The homeownership rate among young adults ages 18-34 has fallen to a new low, 13.2 percent, as Millennials continue to live in their parents’ basements. In 2014, according to Census Bureau data compiled by trulia.com, 31.1 percent of this age group lived with their parents, a slight decline from 31.2
Millennials Continue Living with Mom & Dad Read More
The next round of the Obama Administration’s Promise Zone applications will be discussed Friday, Sept. 19 at 11 AM eastern time by U. S. Housing and Urban Development Secretary Julian Castro, Department of Agriculture Secretary Tom Vilsack, Department of Transportation Secretary Anthony Foxx, Senator Bob Casey of Pennsylvania and Rep.
Promise Zones Set to Expand to other Struggling Communities Read More
In the largest increase since November of 2013, the 30-year fixed mortgage rate rose 14 basis points from one week ago to 4.19 percent, although it peaked on Sunday at 4.30 percent and then fell, according to worldpropertychannel.com. Erin Lantz of Zillow says the rates hit a five-month high last
Mortgage Rate Increase highest in Ten Months Read More
Notching its highest reading since Nov. of 2005, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) tells MHProNews builder confidence in the market for single-family homes rose four points to 59. The HMI gauges builder perceptions of current single-family home sales, sales expectations for the next six
Builder Confidence in Single-family Homebuilding Rises Read More
The past four quarters all the growth in household formation has been among renters, according to worldpropertychannel.com, as the rate of absorption for unsubsidized, unfurnished apartments has been at its fastest pace in a decade. As of Sept., 2014, construction of apartment buildings with at least five units hit the
Frank Nothaft: New Multifamily Housing Units Being Absorbed Read More
