‘Federal Agencies Update Manufactured Housing Policies to Improve Attainability’ ‘Barriers to Manufactured Homeownership Ease’ per MMI MH Communities 1H2024 Report-Facts-Analysis; plus MHMarkets


The subheading for the Marcus & Millichap, Inc. (MMI) 1H 2024 Manufactured Home Communities (MHCs) report said: “Federal Agencies Update Manufactured Housing Policies to Improve Attainability, Contributing to Long-Term Low Vacancy.” Per MMI’s website: “Marcus & Millichap is a leading firm specializing in commercial real estate sales, financing, research and advisory services. Our firm has the largest team of investment specialists in the industry, dedicated to meeting the diverse needs of private and major/institutional investors throughout the United States and Canada.” MMI has reportedly been a Manufactured Housing Institute (MHI) member for years. “Attainability” is the new terminology that MHI began testing in the spring of 2023 and then using on their website’s revised home page later that year. According to definitions supplied by left-leaning Bing’s artificial intelligence (AI) tool dubbed Copilot, the word affordable implies housing that is more affordable than the term “attainable.”  Specifically, per Copilot: “Attainable housing refers to housing that is affordable to individuals or households earning around the Area Median Income (AMI).” While “affordable” may be construed by some as subsidized housing, affordable housing, said Copilot on 4.24.2024 “…caters to households earning much less than the AMI.” As the Masthead recently reported, HUD defines affordability like this: “Affordable Housing: Affordable housing is generally defined as housing on which the occupant is paying no more than 30 percent of gross income for housing costs, including utilities.” The financial news site Seeking Alpha said: “Motoi Research’s estimate of median household income in January 2024 is $77,397…” Per the U.S. Census Bureau: “Real median household income was $74,580 in 2022, a 2.3 percent decline from the 2021 estimate of $76,330.” The Urban Institute stated: “The median income of manufactured homeowners ($38,087) is well below the $79,800 for single-family owner-occupants.” Clearly, manufactured homes are attainable, but they are also affordable, which is what tens of millions of younger and most other Americans need during times of rapidly escalating high-cost housing

Part I of this report will provide the bulk of the text and illustrations MMI published regarding their most recent report on mobile and manufactured home communities (MHCs), or what some industry players like apparently notorious MHI member Frank Rolfe may errantly refer to as a “trailer park” or “mobile home park.” 

Part II of this report will provide additional information with more fact-checks, MHProNews analysis and commentary. Part III is our Daily Business News on MHProNews manufactured housing industry connected equities and market report.

Highlighting in what follows in Part I is not in the original, it was added by MHProNews. The layout of what follows is somewhat different than on the download available from MMI’s website, but the content below is cut-and-pasted from their report.


Part I – MMI National Report – MANUFACTURED HOME COMMUNITIES – 1H 2024

QuoteMarksLeftSideFederal Agencies Update Manufactured Housing Policies to Improve Attainability, Contributing to Long-Term Low Vacancy

HUD launches funding for community revitalization. Over 22 million U.S. residents live in manufactured homes. At the end of February 2024, the U.S. Department of Housing and Urban Development announced the PRICE* program, which is $225 million in financial resources to help preserve and revitalize existing manufactured homes and communities. Grants are available to individuals to rehabilitate homes, and also community owners for infrastructure updates like water, sewer, utilities or extreme weather protection. As new manufactured home communities are complicated and often challenging to zone, improvements to existing sites will likely draw new, or retain existing, residents.

Barriers to manufactured homeownership ease. As HUD provides funds to improve manufactured home communities, the Federal Housing Administration (FHA) and Ginnie Mae are also implementing plans to make manufactured homeownership more attainable. FHA announced new methodologies for calculating the loan limits allowed under the Title I Manufactured Home Loan Program, so that they align with current market pricing for these properties. Ginnie Mae also re-examined its program, a source of capital for lenders to support the supply of manufactured housing. By revising its financial eligibility requirements for Title I issuers, Ginnie Mae has reduced the barriers to entry for lenders to participate in its securitization program for Title I loans. These changes will increase the feasibility of personal property loans to purchase a home and occupy space in a community.




Limited land supply and zoning laws keep conditions tight. Policy changes from HUD, FHA and Ginnie Mae will take time to show their full effects, but long-term manufactured housing demand is likely to increase as a result. Elevated single-family home costs and a 3.8 million housing unit shortfall have placed a national spotlight on manufactured housing as a viable ownership option. Subsequently, demand for lot space in manufactured housing communities will stay strong this year, particularly in regions with warmer climates and more costly single and multifamily housing. The re-purposing of open land, combined with decreasing lot availability at existing communities, contribute to tight conditions.

Population growth tied to lower vacancy. Southern, mid-Atlantic and Mountain states led population growth in the first half of 2023, placing Texas, Florida, North Carolina, Georgia, South Carolina, Tennessee and Arizona among the top 10 states by absolute population growth last year. Areas of high in-migration have logged increasing housing costs over the last three years, leading many residents to seek lower-cost options and lowering manufactured home lot vacancies in these regions. Those states are also home to 13 of the 15 fastest-growing age 55-plus cohorts. Elevated inflation levels in recent years have eaten away at retirement savings, leading aging populations to consider lower-cost housing options. The Southeast and Pacific subregions exemplify this trend. The areas account for three-fourths of age-restricted supply, with respective vacancy rates of 4.2 and 1.3 percent amid rising home costs.





Vacancy benefits from long-term tailwinds. Overall lot vacancy sat at 5.4 percent entering 2024. The rate is pulled up by the elevated Midwest metric, but aided by the nationally low rate in the Pacific subregion. Rezoning for new manufactured home communities remains difficult, aiding vacancy across the country. Manufactured homes are also notably more affordable than single-family homes. In October 2023, the average sale price of a new manufactured home was $120,000, relative to the median single-family home price of nearly $400,000. Improving loan standards will also make purchasing a manufactured home more attainable in 2024, further generating demand for community lot space.





• Manufactured home shipments peaked in 2022 as supply chain issues cleared and demand resurfaced after pandemic disruptions. Shipments did fall in 2023, but over one-third of houses delivered were placed on rented lots, a year-over-year increase. Southern states received the most home shipments, lowering vacancy here.

• Vacancy in the Midwest remained elevated last year at 10.1 percent, but was starkly contrasted by the West’s 2.1 percent rate. Many communities in the Great Lakes and Great Plains regions are older and require updated amenities. Together with minimal population growth in the region, these factors are impacting vacancy.

• Orange County has one of the largest rentable lot tallies in the U.S., but is also home to the sixth-lowest vacancy rate nationally. Nearly all of California’s markets are home to sub-1 percent vacancy, leaving few rentable lot options for new owners to place a home.





Population growth and single-family home costs drive up lot rates. Some municipalities have enacted rent control regulations that tie community rent increases to inflation; however, this is not yet a widespread practice and proposals can take a significant amount of time to move through legal channels before becoming law. Population growth, rising single-family home costs and tightening vacancy place upward pressure on the average lot rent in the Southeast and Gulf Coast regions. The Pacific and Mountain states, however, continue to hold the highest average lot rents in the country.

California markets, in particular, noted strong rent growth in 2023, as metros here claimed all 10 of the highest average lot rents in the U.S.


Metro 2023


  Y-O-Y      2023

Basis Point Average Lot

Change      Rent



Oakland 0.4% 0  $1,058 15.8%
Baltimore 1.3% 30  $822 6.6%
Sacramento 1.5% -10  $840 5.4%
Fort Lauderdale 2.0% -10  $872 7.8%
Houston 2.4% 60  $564 9.1%
Riverside-San Bernardino 2.6% -60  $831 3.4%
Minneapolis-St. Paul 3.0% -50  $553 5.7%
Philadelphia 3.7% -50  $624 7.4%
Chicago 3.7% -60  $788 6.2%
Austin 4.1% 70  $709 7.1%
Daytona Beach 4.7% 100  $708 8.9%
Tucson 6.7% 30  $521 8.1%
Cleveland 6.8% -100  $490 7.7%
Fort Myers 7.2% 350  $898 18.5%
Las Vegas 8.4% -190  $706 5.2%
Sussex 9.7% -50  $700 7.7%
Detroit 9.8% 0  $556 4.3%
St. Louis 9.8% 70  $457 10.7%
Atlanta 9.8% -20  $543 -5.7%
Indianapolis 10.0% -230  $424 6.8%


• Communities in California, New Jersey and Massachusetts have enacted rent control policies, while Colorado has a proposed statewide law. Oregon and Delaware have similar rent protections. Still, many metros in these states hold nationally high mean lot rents, like the Bay Area, Denver and Portland, despite regulations.
The average lot rent in the U.S. nearly reached $700 in 2023. While most regions hold mean rates in the mid-$500 to high-$600 zone, the Pacific West is largely responsible for a higher national average as the subregion claimed an average lot rent of $1,100 in 2023.
• Excluding Pacific metros, Denver, Fort Myers and Fort Lauderdale had the highest mean lot rents nationally, highlighting the impact of rising shelter costs in Mountain and Southeast markets.

Sales [MHProNews note: of MHCs, not MHs]

Investors closely follow policy updates. Government policy changes aimed at modernizing manufactured home communities could motivate investors with the time, resources and eligibility to pursue grant funds to seek communities with upside potential. While this funding may come with stipulations on rent increases, improvements will still make the community more attractive to future renters. However, there could also be an uptick in resident-owned communities. The FHA is finalizing a program that will expand loan access to resident cooperatives and similar borrowers to purchase communities from current owners. While there will be no immediate impacts, this could limit buyer options long-term.

• Similar to most other property types, transaction velocity slowed last year relative to 2021 and 2022. The Northeast, mid-Atlantic and Southeast regions had the smallest year-over-year adjustments. Trades could pick back up this year as buyers anticipate interest rate cuts from the Federal Reverse some time in 2024.
• Most of 2023’s transactions were in lower price brackets, resulting in a slight decrease in the overall price per unit year-over-year. The South and West regions logged most of this dip, while the Northeast and Midwest averages inched up. The national mean cap rate also rose above 7 percent, more in-line with historical standards.
Several manufactured home communities were sold last year with the buyer intending to repurpose the land. As communities age and require more maintenance, this trend has emerged, limiting supply.




Age-Restricted Communities

As older cohorts migrate, vacancy compression will likely follow. Vacancy in age-restricted communities was 3.4 percent in 2023, sitting 200 basis points below the overall national rate. Roughly one-third of manufactured home communities are restricted to the age 55-plus demographic. Limited inventory contributes to these tighter conditions. Chicago, Los Angeles, New York, Dallas-Fort Worth and Philadelphia are home to the largest share of residents over the age of 55 in the country, corresponding with age-restricted vacancy sitting 1.5 percent or lower in four of the five markets. Areas like Austin and Orlando with rapidly growing older populations are likely to post similarly high demand in coming years.




• As persistently high inflation and rising housing costs impact retirement savings, people age 55-plus could seek out alternative housing options. Age-restricted manufactured home communities offer a lower cost-of-living than maintaining a single-family home or an independent seniors’ living home.
• The Southeast and Pacific regions account for most of the age restricted manufactured home communities in the country. Mountain and Northeast states claim 18 percent of the remaining inventory, and have respective 2.5 and 3.9 percent vacancy rates.
• The Great Plains has the fewest age 55-plus communities, limiting the impact of the area’s high vacancy. The Midwest overall holds a 5.7 percent vacancy rate, reflecting the Great Lakes region’s rate.


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Manufactured Housing Communities
Michael Glass
Senior Vice President, Director

Prepared and Edited by:
Jessica Henn
Research Analyst | Research Services
For information on national manufactured housing communities trends, contact:
John Chang
Senior Vice President, Director | Research & Advisory Services

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied may be made as to the accuracy or reliability of the information contained herein. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice.

Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics; Datacomp-JLT; CoStar Group, Inc.; Institute for Building Technology and Safety; Manufactured Housing Institute; U.S. Census Bureau;
White House; U.S. Department of Housing and Urban Development; Ginnie Mae; Federal Housing Administration …” ##


Part II – Additional Information with More MHProNews Analysis and Commentary

Disclaimers at the end of a report can be a marvelous thing. Citing sources as specifically as possible is not only the right thing to do legally and ethically, but it can be clarifying too. In no particular order of importance are the following points.

1) As a use of the MHProNews search tool reveals, this platform has been reports with analysis on the MMI research for several years. There are times that MMI team members have responded to inquiries about their report prior to publication, but in this instance, they declined to do so. In terms of looking back before looking ahead, the screen capture below – for example – was uploaded on November 12, 2019.


Similar data has been developed by others, sometimes cited by MHC REITs.


Compared to data from MMI’s 1H 2024, the rate of increased site fees (a.k.a.: “lot rent”) since that report in 2019 is significant.

2) Reports like this one tend to ignore some obvious points to those who read between the lines. For instance. MMI’s report writers are correct in saying that there is a significant difference in price between a new HUD Code manufactured home and an existing or new conventional house, even if some of the data points may be somewhat off.

3) That said, if the demand for affordable housing was robustly attracting new manufactured home buyers in a strong, steady stream to selling land lease communities operators or to street retailers that could deliver into a land-lease community, then these communities would have been at essentially at full occupancy virtually everywhere nationally years ago.

Most MHCs should have a waiting list, but they don’t.

When MHC based manufactured home sellers that do ‘education’ and ‘boot camps’ brag about a ‘record year,’ a close look reflects what should be embarrassingly slow sales per community.  It must be recalled that MHI commissioned what became the Roper Report about 2 decades ago.  Once the Roper Report was published, it revealed troubling levels of public perception issues.  MMI’s report doesn’t mention Roper nor MHI’s research on that topic. But an evidence- and common-sense based case can be made that one reason that those land-lease communities that had vacancies in 2019 still have vacancies in 2024 is because of a combination of factors that point to issues raised by MHI-commissioned Roper’s research.



But it wasn’t just Roper that noted that there is a need to engage with and educate the public on the realities vs. the perceptions of manufactured home communities (MHCs) and modern manufactured housing. No less a figure than Kevin Clayton with Berkshire Hathaway owned Clayton Homes admitted to the issue and said over a dozen years ago that the industry was ready to do an image and educational campaign. What happened to that statement by Kevin? Doesn’t he think that keeping his word would be an issue? Keep in mind that Clayton also said that “Warren” personally told him that he could access plenty of capital if he needed it. Apparently, the Buffett moat that Clayton has also spoken about must take precedence over accountability for honoring his statement below?




Land lease communities would be full and would have waiting lists, much as they do in California, if the so-called leaders of the manufactured housing industry and conventional housing were not busily engaged in what Sam Strommen and other researchers have said are apparent violations of antitrust law. More on that further below. MMI didn’t mention those researchers.


4) MHI has stopped providing their annual updates that reflected what percentage of new HUD Code manufactured homes go into a land-lease vs. onto private property. As MHProNews and very few others, have publicly reported, this same 21st century low production environment would be lower than it already is absent shipments into MHCs. This is where “the rise and fall” of HUD Code manufactured housing must be understood and brought into focus. The linked reports shed light on those topics.


ManufacturedHomeProductionGrowthContinuesInFebruary2024ManufacturedHousingAssociationForRegulatoryReformMHARRlogoPhoto (1)


5) As MHProNews has noted in other reports, this remark from MMI: ‘Barriers to Manufactured Homeownership Ease’ is demonstrably misleading at best, if not outright false.  As a publicly traded firm, that may raise certain concerns as it might be considered as materially misleading. In fairness, they may be thinking about lending ‘improving,’ but that is hardly the only barrier. Indeed, what changes have taken place in the lending landscape has yet to play out in terms of what impact Ginnie Mae/FHA Title I loans. Unless sales volume increases, the number of lenders that might be interested in tapping into the changes may or may not be significant. Only time will tell.




Additionally, ECN Capital-Triad Financial Services is getting cozy with a deal struck with fellow MHI member Skyline Champion (ECN). Will Triad-ECN at some point become entirely owned by Skyline Champion? There are concerns that have been expressed by industry insiders. So, while there is new lending available in MHCs, that clearly has not been sufficient, in conjunction with all other factors, to substantially raise manufactured home sales (and thus production) to levels that begin to harken back to the headier days of the mid-to-late 1990s. So, barriers absolutely persist, as several MHI members have openly stated.




6) MHProNews recently reported that the transaction velocity or cadence of deals for land-lease communities appears to have slowed in 2023 compared to 2022 and 2021.  That noted, as businesses and the public begin to adjust to the notion that interest rates appear poised to stay higher thanks to Bidenomics, it could well be that 2024 may see more deals ahead. Time will tell. The deals reported on below could be the leading edge, or not, when the story of 2024 is told in 2025.






7) MHProNews has noted that an update on the antitrust concern aspects of the land-lease community business merit an update. That updated report may occur in a week or so. Until then, the apparently most complete reporting on the subject are found on MHLivingNews and MHProNews, as in the reports linked below. Each of the reports below has some overlap. But there are other aspects to each that are unique and relevant.






ManufacturedHousingInstituteHitByAntitrustAllegationsInOpEd_MHI-AttorneyDavidGochMollyBoyleAskedRespondEvidenceBasedConcernsCopilot-AiFac CheckRefersToMHIsOrwellianApproachMHProNews
When MHI leaders and outside attorneys are asked by MHProNews to respond to remarks like the one posted above, they routinely remain silent. A recent example of MHI failing to respond to a standing invitation to weigh in, supplemented by an almost business-daily publicly announced remark to that effect, is a specific contact with respect to the timely and demonstrably relevant topics linked here. MHI launched the use of that new logo in 2022 when manufactured home production was in the early phase of what became a sharp 15-month long production downturn. Meaning, MHI’s use of such slogans are similar to Soviet-style or Orwellian propaganda slogans.  https://www.manufacturedhomepronews.com/manufactured-housing-institute-hit-by-antitrust-allegations-in-op-ed-mhi-attorney-boyle-asked-to-respond-to-evidence-based-concerns-ai-fact-check-refers-to-mhis-orwellian/




8) There is a proverbial circle fest in a hot-tub apparently operating in and involving manufactured housing and several companies involved with MHI and/or MHI state association affiliates. It is not entirely clear if MHI began removing certain documents and pages from their website as a result of fact-checks akin to this one, or if it was part of their plan for their window dressing swap online. It seems that the once timely and routinely monthly reports from the Texas Real Estate Research Center (TRERC) have not been quite as routine in the wake of fact checks and analysis like this.






Narratives can be crafted out of almost anything. That said, while the bulk of the information from MMI seems to be more or less (noting the concerns herein) supported by evidence, the untold stories may be more important than what is mentioned. At about the same time as UMH Properties called for the development of 100,000 new properties across the U.S., which they plan to be a part of, others in the MHC sector have said they are slowing their development and acquisitions.



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This is indeed a compelling comparison. According to Sun’s 9.2023 Investor Relations presentation, the company had 55,000 applications to live in a Sun Community.
This claim merits more data and explanations. Why?
Because Sun reports over 97 percent occupancy. They have 100,000 total sites. One might think that with that many applicants, they ought to have sold out their inventory, and filled every vacant unit and site. They ought to have a long waiting list. Their own statements bear scrutiny and follow up questions.  For instance. What percentage of those applications were for properties other than MH?  What is the fallout rate of interest (applications) and actually closing on a deal that results in a move-in? What would such insights tell current or potential investors in manufactured housing? https://www.manufacturedhomepronews.com/sun-communities-compelling-supply-demand-fundamentals-virtually-no-new-supply-added-for-years-but-manufactured-home-sales-drop-quarterly-y2d2023-data-with/
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For those who grasp the bas relief method of insight and related inquiry, almost every statement that Sun, MMI, or other higher-profile MHI member remarks lead to often troubling concerns.  For instance. Who would think that it is healthy if there were more closures of apartment complexes than development of new multi-family properties?










9) MMI offers clear disclaimers at the end of their document. It is an interesting report. But it is in several respects unsatisfying, due in part to an apparent mix of misleading, accurate, and missing information, as this relatively focused exploration has demonstrated. When MMI said: “The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information…” and then said: “Datacomp-JLT; CoStar Group, Inc.; … Manufactured Housing Institute; White House; U.S. Department of Housing and Urban Development…” those sources should have resulted in mix of groans or laughter.


https://www.manufacturedhomepronews.com/masthead/rest-of-story-residents-media-complain-rhp-properties-on-evictions-discrimination-stiff-hikes-havenpark-communities-named-where-is-manufactured-housing-institutes-code/ Note: Havenpark, per a source, is no longer an MHI member, but the reason for that is unclear. If Havenpark was booted, why are others tolerated? Or did Havenpark’s leaders, after fact checks like this one, figure out that it simply didn’t make sense to stay a member of MHI and they just left on their own?


  • Concerns about MHI are not just voiced by evidence-based critics like MHARR. They are also voiced by MHI members. They are voiced by detailed antitrust and consumer legal research.
  • Concerns about MHI are also given life by AI, when Copilot said that MHI is giving apparently false and misleading information. So, in what sense can MMI say that there information is “obtained from sources deemed to be reliable…” when there are swirls of evidence-based allegations that MHI has been corrupted?
  • Then there is Costar.


Manufactured, Conventional Home Lender Home Point Capital and CoStar Group Face Class Action Suits from Pomerantz Law


While it is true that almost anyone could find something to ‘sue’ over, generally speaking, plaintiffs’ attorneys are trying to maximize their time and the value of that time.  It would be common for attorneys to launch a suit only if there is a reasonable expectation of success. The wonder, thus far, is that MHI hasn’t be hit directly by suits, instead of several suits that involve several MHI members.








https://www.manufacturedhomepronews.com/i-blame-mhi-sales-could-be-much-better-mhi-insider-finger-points-essential-for-hud-to-use-mhia-authority-affordable-housing-crisis-should-yield-manufactured-housing-in-reports-plus-mhmarke/ and https://www.manufacturedhomepronews.com/gross-incestuous-symbiosis-bloodbath-claims-denial-by-manufactured-housing-institute-mhi-firms-frank-rolfe-andrew-keel-passive-investing-subculture-interview-rent-control-hit-mhi/


If MHI were doing its job as advertised, quoting their home page: “Grow your business” how is it possible for a retailer to “grow” their business when as MHI’s current chairman has admitted, there are zoning barriers that are keeping sales at historically low levels? MHI member Legacy Housing has not openly blamed MHI, but they have made it plain that product placement is the biggest headwind the industry faces.


https://www.manufacturedhomepronews.com/legacy-delivered-18-6-return-on-shareholders-equity-over-last-12-months-hiring-retail-mhc-insights-legacy-housing-legh-earnings-call-transcript-q3-20/ “Look, the biggest headwind of this – in this entire industry is where to put these [HUD Code manufactured] homes.” Duncan Hunter, President and CEO Legacy Housing (LEGH).

So, in what sense does MMI think that MHI is a reliable source?


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Ironically, Skyline Champion’s own investor pitch-deck provides ample evidence for manufactured housing industry underperformance. That same pitch-deck further provides evidence that Mergers and Acquisitions are a key part of their business model. What is there in such revelations that Birch and Williams miss? Bear in mind, that they are mere stand-ins who voluntarily raised their hands in defense of Berkshire and MHI firms like Skyline Champion. Notice: Several of the illustrations shown in this report can be opened in many browsers to reveal a larger size. To open this picture, click the image once. When the window opens, click it again to reveal the larger size photo. Use your browsers back key to return to the article. https://www.manufacturedhomepronews.com/masthead/true-tale-of-four-attorneys-research-into-manufactured-housing-what-they-reveal-about-why-manufactured-homes-are-underperforming-during-an-affordable-housing-crisis-facts-and-analysis/
Remarks like this by the now late Sam Zell point to an apparent conspiracy and collusion hiding in plain sight. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts.
There is apparent evidence that a conspiracy to consolidate the manufactured housing industry is hiding in plain sight. The kind of monopolization method could be described as oligopoly. Because it is an ongoing conspiracy, the statute of limitations has not yet begun to run. 


MMI has produced very nice charts and graphics, but they have no chart or graphic that reflects that sharp drop in production from the mid- to late-1990s to essentially all of the 21st century (see production graphics above and below). Again, to use an analogy, if multifamily housing production were to suddenly dry up, would that be viewed as a healthy thing for the housing industry? Yet, those who are busy trying to scoop up (or broker) the sales of existing land-lease communities know, much of the premise for the community side of the industry’s narrative is based on the notion of limited inventory and not much new development. That’s an indictment waiting to happen, not a bragging point. And as the Landys at UMH have demonstrated and expressed, and as even Sun Communities admitted is true in many cases, new communities can be developed at lower costs and better returns for investors than buying existing communities at compressed cap rates.


“Drew, it’s Gary. There certainly is and it’s certainly the West Coast, certainly right up to the Northwest is area of concentration where we feel, we can actually develop communities to a better return for our shareholders than buying them at the cap rates that they’re trade at currently.” From a Seeking Alpha earnings call transcript. See that in full context at this link here: https://www.manufacturedhomepronews.com/sun-communities-3rd-quarter-new-acquisitions-sales-detail-new-sites-inside-info-plus-manufactured-home-investing-stock-updates/


10) Note that Legacy CEO Bates’ remark is not a one-off. Something similar was said in their most recent earnings call. And most publicly-traded firms have reported that sales to communities declined, which helps explain part of that 15 months of industry downturn.




11) MHProNews received another tip from a source now outside of MHVille that asserted knowledge concerning financing and production. That source indicated that the remaining independent producers of HUD Code manufactured homes are being sought for acquisition by one or more of the Big Three. That source specifically mentioned our reporting on Cavco as pointing to those steady consolidation efforts. There are certainly examples that support statements made by that source, whose specific claims are being investigated.


The first two months of 2024 yielded some 15,830 homes. If that pace was maintained through the year it would equal about 94,980 total new HUD Code manufactured homes in the U.S. That would be a pace similar to the years 2019-2020, and less than 2018, 2021 and 2022. That would also be about 72 percent lower than production in 1998.


So, there is apparent blame and responsibility to go around in the retail, production, finance, and community sectors. Where are the feds and/or state officials? While there is antitrust litigation (finally!) occurring in the community sector, where is the comparable litigation involving production and retailers?

12) So, when MMI’s report said: “Limited land supply and zoning laws keep conditions tight.” That is true enough. But it doesn’t reflect the notion that some in the industry have outright, or de facto, been championing those conditions.  The apparently notorious Rolfe put it like this. Our MHLivingNews sister site called that out back then. While Rolfe’s MHI and industry collogues have phrased their pitch somewhat differently, they each appear to celebrate the lack of development and zoning barriers as a feature rather than as a problem.



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“Virtually no new supply [of land lease manufactured home communities or MHCs] has been added for years” That is stated in contrast to the fact that with multifamily housing (apartments, etc.) there is a steady addition of new developments and rental properties being produced. https://www.manufacturedhomepronews.com/sun-communities-compelling-supply-demand-fundamentals-virtually-no-new-supply-added-for-years-but-manufactured-home-sales-drop-quarterly-y2d2023-data-with/
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So-called “enhanced preemption” and the Manufactured Housing Improvement Act of 2000 insights are linked as shown. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts.

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https://www.manufacturedhomepronews.com/pulling-back-the-veil-on-mhi-mhv-connected-nathan-smith-kurt-keeney-and-flagship-communities-reit-fact-check-and-analysis-of-flagships-ir-pitch-tsx-mhc-u-plus-mhville-markets-u/ Note: depending on your browser or device, many images in this report can be clicked to expand. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts.

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Each of the firms above are or have been MHI members. ELS has been on the MHI executive committee for years. Nathan Smith has been an MHI chairman and is on the MHI board of directors too. Sun Communities has held a board position too. This is hardly subtle. This is arguably blatant, because as the above screen captures reflect, these firms have made it a point that their business models are based on zoning and development barriers. So, while MHI is claiming that they want to grow the industry and overcome zoning/placement barriers, they have several members who are banking on the opposite. Is it any surprise that with large numbers of orders for MHI member producers coming from community operators that this appears to be a wink and a nod scheme that runs counter to some of MHI’s claims? And those claims made by MHI include statements made under penalties of perjury on their IRS form 990.


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13) As MHProNews recently reported, there was another recent call by a D.C. insider (not in MH) who as part of that professional’s insights into antitrust issues stated that “elections have consequences.” There are now multiple sources that have told MHProNews that a meeting of antitrust officials met to specifically discuss manufactured housing industry connected concerns during the Trump Administration. If a Trump 2.0 occurs, will antitrust probes and litigation involving manufactured housing occur? Deposed 45th President Donald J. Trump has not been known to have said so. However, as MHProNews previously reported, Don Trump Jr. specifically said in response to an inquiry by MHProNews that antitrust is the number two or three issue in the U.S. Meaning, there are reasons to believe that concerns about possible regulatory and legal violations shown and linked herein are potentially on the table if a Trump 2.0 takes place in the wake of the approaching November election. Trump has consistently led in most polls for months.  And that polling historically tended to skew against Trump, not for him. Recall that in 2016, few in the public survey space predicted a Trump win. While it is far from assured, there are plenty of reasons to think that the public is slowly wising up to how the system has been rigged and are increasingly looking to Trump as a possible remedy.




14) There is more that could be said about this MMI 1H 2024 communities research document. As noted, there is useful information. There is also information that is arguably incorrect. Then there is information which isn’t mentioned, but which could or should have been cited. Then, there is information from “sources deemed to be reliable” which upon closer examination may not routinely be reliable at all. The insights in the report below include sister brands to Datacomp/JLT.








15) Perhaps because MHProNews/MHLivingNews have in recent years gone to longer reports that pack facts, evidence, and expert analysis, there are certain advantages to publishing reports like this in MHVille (there are obvious downsides too). On the advantages side, we get periodic calls, contacts, and messages from attorneys, public officials (past/present), or people who have or do work for the firms in question. There are also communications with individuals in mainstream media that may or may not publish a report in their own publications for various reasons, but who nevertheless have insights they may be willing to discuss.  While the timing or specifics of what they do are not always clear based on their remarks, they nevertheless have indicated their interest in probing or exposing some aspect of the manufactured home industry’s ‘dark side.’  So, months before the first of the antitrust cases launched in 2023 occurred, MHProNews was able to run a report like the one below.




16) The challenge for MHI and their ‘insider’ brands is that there is now so much contradictory information available on MHProNews/MHLivingNews and/or on MHARR, that they run afoul of the keen insight made by the 16th President, Abraham Lincoln.  It isn’t just the “No man has a good enough memory to be a successful liar,” it is that when so many are telling their stories, when the puzzle pieces of those stories are placed side-by-side in the context of an article like this one, the contradictions come into focus.


By carefully tracking the various statements and claims, past or present, by various MHI linked operations, MHProNews is able to demonstrate the apparent disconnects between their prior claims and their later deeds. It is often comparing past claims by the same source with more recent ones that disconnects appear and prior claims are revealed to be inaccurate. Knowing those past and more recent claims, who is and is not reliable, is a potentially important advantage in exploring legal, regulatory and other issues in MHVille. 


17) These behaviors are not victimless crimes.  As our report yesterday indicated, arguably millions of younger Americans are being negatively impacted by the fallout that results from these affordable-housing market limiting issues.




18) Additionally, the twisting of programs like the Fannie Mae and Freddie Mac Duty to Serve (DTS) has drawn scrutiny from sources such as MHI member ROC USA and the Lincoln Institute’s George “Mac” McCarthy.




19) Time will tell if the joyride that MHI and/or several of their members will end in a wave of legal and regulatory woes.  But whatever the future holds, MHProNews plans to continue to shine the light on the need for accountability by corporate, governmental, and nonprofits.  Stay tuned for more special reports that shed light on what’s behind the curtain of the affordable (vs. attainable) housing crisis.  ##



Part III – Our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.

This segment of the Daily Business News on MHProNews is the recap of yesterday evening’s market report, so that investors can see at glance the type of topics may have influenced other investors. Thus, our format includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines.

The macro market moves graphics below provide context and comparisons for those invested in or tracking manufactured housing connected equities. Meaning, you can see ‘at a glance’ how manufactured housing connected firms do compared to other segments of the broader equities market.

In minutes a day readers can get a good sense of significant or major events while keeping up with the trends that may be impacting manufactured housing connected investing.

Headlines from left-of-center CNN Business – 4.24.2024

  • Judge approves multimillion-dollar Realtor settlement, upending the way Americans buy and sell homes
  • Pro-Palestian protesters gather on the campus of Columbia University in New York City on April 23, 2024. Tensions flared between pro-Palestinian student protesters and school administrators at several US universities on April 22, as in-person classes were cancelled and demonstrators arrested.
  • Calls grow for Columbia University president to step down as protests spread nationwide
  • Pawan Chandana, the co-founder of Skyroot Aerospace
  • ‘Cabs to get into space’: How this Indian startup wants to revolutionize satellite space travel
  • Boeing 737 MAX airplanes are pictured outside a Boeing factory on March 25, 2024 in Renton, Washington. A mid-air door plug blowout on an Alaska Airlines flight and subsequent grounding of flights precipitated a management shakeup at Boeing.
  • Boeing to pay $443 million to airlines for Max 9 grounding as losses and problems mount
  • Travelers use Clear Plus kiosks at San Francisco International Airport (SFO) in San Francisco, California, US, on Wednesday, Nov. 22, 2023.
  • California wants to crack down on Clear at the airport
  • The logo of Swiss bank UBS is seen at the company’s headquarters in Zurich, Switzerland February 10, 2015. REUTERS/Arnd Wiegmann/File Photo
  • Switzerland says UBS may need more cash. The bank is fuming
  • The TikTok logo is seen on a mobile device in this photo illustration on 16 March, 2024 in Warsaw, Poland.
  • Biden just signed a potential TikTok ban into law. Here’s what happens next
  • A phone screen displays the Truth Social app in Washington, DC, on February 21, 2022.
  • Truth Social owner Trump Media asks Congress to investigate ‘troubling’ market manipulation claims
  • People walk past the headquarters of ByteDance, the parent company of video sharing app TikTok, in Beijing on September 16, 2020.
  • Banning TikTok would hit China’s tech ambitions and deepen the global digital divide
  • EU raids offices of Chinese security equipment maker in subsidy probe
  • Jamie Dimon fears for the future of the free world and US debt
  • Australia is taking on ‘arrogant billionaire’ Elon Musk over violent images on X
  • Streaming and texting on the Moon: Nokia and NASA are taking 4G into space
  • Former National Enquirer boss reveals sleazy tactics the tabloid used to protect Donald Trump and smear his rivals
  • Labor complaint reveals allegations of Boeing retaliation against two workers
  • Tesla’s earnings plunge, but the company promises cheaper car model
  • FTC votes to ban most employers from using noncompete clauses. But legal challenge is expected
  • Federal labor board has been much more pro-worker under Biden. Employers want courts to end that
  • Google has fired 50 employees after protests over Israel cloud deal, organizers say
  • US new home sales surged in March despite elevated mortgage rates
  • The anti-union South is starting to crack
  • Former National Enquirer boss breaks his silence on ‘catch and kill’ as lead witness in Trump trial
  • Is the tea bubble bursting? ChaPanda shares plunge in Hong Kong IPO


In instances such as Apollo, Berkshire Hathaway, Blackstone or others, manufactured housing may only be part of their corporate interests. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts.
Notice: MHProNews invites the firms named in these reports to respond to any concerns about possibly inaccurate information via email that identifies the concern and offers evidence that sheds a different light on the topic discussed. That said, neither MHI nor MHI publicly traded ‘insider brands’ have done so. They’ve been repeatedly invited to do so, including but not limited to an outreach on Dec 7, 2o23 and Feb 25, 2024.


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