- The Wuhan Virus/COVID19 pandemic
- Racial unrest and growing violence in numerous cities
- Ongoing business shutdowns or restrictions
- Work from home
- Lower cost housing
While the Foundation for Economic Education (FEE) reported on the trend pre-pandemic on June 4, 2019 of more people leaving California for Texas than in reverse, there are several indicators that the movement is accelerating.
U-Haul, for instance, has said that demand for rental trucks or cargo trailers has some locations turning away business because they are at capacity.
All of the bulleted issues appear to be among the drivers for a growing number of city dwellers leaving cities. Data from the Mortgage Bankers Association (MBA) in a media release to MHProNews will be our featured focus tonight. That report follows our left-right headline summary, quotable quotes and 2 of our 3 market graphic snapshots for today. The manufactured housing connected stocks at the closing bell are found after featured focus and the linked related reports.
Quotes That Shed Light – American Social, Industry, National Issues…
Headlines from left-of-center CNN Business
- Unprecedented demand
- An employee distributes a Google Chromebook laptop during a technology deployment event at Parkrose High School in Portland, Oregon, U.S., on Wednesday, Aug. 26, 2020. Parkrose School District estimates it may spend as much as $900,000 on cleaning supplies this year, the school’s director of business services & operations Sharie Lewis said. It has already paid out $411,000 on Chrome books for students to learn at home, cutting its reserves almost in half.
- First toilet paper, then yeast. Now laptops are hard to find
- The stock market thinks Joe Biden is going to beat Donald Trump
- LIVE UPDATES S&P 500 and Nasdaq close at record highs
- United says it will furlough 16,000 workers
- United Airlines Chairman: This recovery has to work for ‘all of us, not just a few of us’
- Ford will cut 1,400 salaried jobs, offering early retirement
- Permanent work from home is here. Will cities survive?
- Problem for capitalism: Few Black Americans run regulatory agencies
- Startups race to show what alternatives to Uber and Lyft could look like for California drivers
- Small businesswomen trying to recover find ‘ghost town’ where crowds used to be
- LONDON, ENGLAND – MARCH 05: Meghan, Duchess of Sussex and Prince Harry, Duke of Sussex attend The Endeavour Fund Awards at Mansion House on March 05, 2020 in London, England.
- Harry and Meghan sign production deal with Netflix
- Intel has a new logo and jingle
- Michael Jordan, owner of the Charlotte Hornets, takes part in a ceremony honoring the 2020 NBA All-Star game during a break in play as Team LeBron take on Team Giannis in the fourth quarter during the NBA All-Star game as part of the 2019 NBA All-Star Weekend at Spectrum Center on February 17, 2019 in Charlotte, North Carolina. Team LeBron won 178-164. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, user is consenting to the terms and conditions of the Getty Images License Agreement.
- DraftKings shares soar after Michael Jordan becomes an investor
- AMAZON VS WALMART
- NORTH BERGEN, NJ – AUGUST 23: People past walk by a Walmart store on August 23, 2020 in North Bergen, New Jersey. Walmart saw its profits jump in latest quarter as e-commerce sales surged during the coronavirus pandemic
- Walmart launches $98-a-year subscription service
- Amazon is opening a new grocery store
- Walmart will stay open later, joining other chains
- Amazon may replace closed stores at struggling malls
- Look out, Amazon: Walmart.com is getting bigger
- SUGAR HIGH
- Reese’s made a breakfast cake so you can have dessert in the morning
- McDonald’s launches new Chicken McNuggets flavor
- Kraft mac and cheese is now a breakfast food
- Wendy’s is eating McDonald’s breakfast
- This new Mac & Cheese is made with Cheetos
Headlines from right-of-center Fox Business
- Job growth over next decade may be slower than after ’08 crisis: Labor Dept.
- Private employers fall short of job growth expectations in August
- Barstool’s Portnoy on starting a business: ‘Just do it’
- Michael Jordan buying into DraftKings ‘won’t help profitability’: Dave Portnoy
- Salon owner rips Pelosi for not wearing mask: She ‘thinks she’s above everyone’
- Tesla’s biggest outside investor dumps shares
- Want to buy a new home? Here’s when to submit a low offer and be successful
- Barstool’s Portnoy on electric vehicle stocks: ‘I’m big on SPAQ’
- PULLING THE TRIGGER
- August sees record-high in gun sales compared to same month in past years
- STOCK IS HOT
- Barstool’s Portnoy on stock market profits: It’s been ‘six-figure days’
- FORCED EXIT AT FORD
- Ford looking to cut 1,400 US salaried jobs with retirement offers
- CRYPTO OR NO?
- Barstool’s Portnoy on bitcoin: ‘It’s kind of stuck in the mud’
- EATING OUT FACING EXTINCTION
- Celebrity chef says restaurants face ‘mass extinction’
- ‘PERFECT LEARNING TOOL’?
- SEE IT: Target removes ‘WWII’-inspired costume after Anne Frank comparisons
- ROLLING IN RECORDS
- S&P, Nasdaq at all-time highs as Dow advances into positive territory for 2020
- BONE TO PICK
- 20% of food delivery customers claim they encounter a problem with orders
- Theme park owners unamused with Cuomo
- Tyler Perry officially named a billionaire by Forbes
- Israeli CEO ‘very excited’ to be among first to do business with UAE after historic peace deal
- Finding love during the coronavirus pandemic: Daters using apps, matchmakers to facilitate safer meetups
- WATCH: Target staffer allegedly makes ‘Blue Lives Matter’ drink with bleach
- Fox News’ Chris Wallace to moderate first Trump-Biden presidential debate
- Rolls-Royce says demand for luxury cars is recovering
- Wedding venues sue Cuomo to get same rights as eateries during COVID
- Why Old Navy says it will pay staffers to volunteer as poll workers
- Macy’s loss narrows as coronavirus stress eases
- Lowe’s to donate $1M for Hurricane Laura relief
- Acting DHS Deputy Secretary Ken Cuccinelli: Partisanship should not interfere with stopping violence
- Couple builds ‘pandemic restaurant from scratch’ after coronavirus crushed their bar
- Lego building sales momentum as housebound families turn to play
- FOOD & DRINKS
- Reese’s releasing ‘mid-morning’ snack cake for early chocolate cravings
- Woman living with Vegas poker player allegedly stole $1M in cash, valuables
- Why the US government is canceling ventilator contracts
- Apple says App Store created 300K jobs in 16 months amid antitrust battle
- Highly anticipated ‘Tenet’ scores blockbuster debut at overseas box office
Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus –
Where Business, Politics and Investing Can Meet
The following is from the Mortgage Bankers Association (MBA) earlier today to MHProNews.
WASHINGTON, D.C. (September 2, 2020) – Mortgage applications decreased 2.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 28, 2020.
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week and was 40 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 0.2 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 28 percent higher than the same week one year ago.
“Both conventional and government refinancing activity decreased last week, despite 30-year fixed and 15-year fixed mortgage rates declining to near historical lows. Mortgage rates have remained below 3.5 percent for five months now, and it’s possible that refinance demand may be slowing and will not significantly increase again without another notable drop in rates,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Purchase applications were essentially unchanged over the week and were 28 percent higher than a year ago – the 15th straight week of year-over-year increases. Lenders are reporting that the strong demand for homebuying is coming from delayed activity from the spring, as well as households seeking more space in less densely populated areas.”
The refinance share of mortgage activity decreased to 62.5 percent of total applications from 62.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 2.6 percent of total applications.
The FHA share of total applications decreased to 10.2 percent from 10.5 percent the week prior. The VA share of total applications decreased to 11.4 percent from 11.8 percent the week prior. The USDA share of total applications remained unchanged from 0.6 percent the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to 3.08 percent from 3.11 percent, with points decreasing to 0.36 from 0.38 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $510,400) remained unchanged at 3.41 percent, with points increasing to 0.38 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.19 percent from 3.16 percent, with points increasing to 0.34 from 0.29 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.67 percent from 2.70 percent, with points decreasing to 0.36 from 0.39 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 3.08 percent from 3.14 percent, with points increasing to 0.43 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.”
The MBA report above makes a good segue into the report linked below.
See the related reports for more insights.
Related, Recent, and Read Hot Reports
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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Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.
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That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.