News Reports: Housing news updates and reports for Manufactured Home and Modular Housing Industry professionals and investors. Business – daily fact checks, market reports, and analysis.
In reference to a story MHProNews.com posted, NorthCentralPA reports the Pennsylvania House of Representatives has passed House Bill 1767 which requires MHC owners to give 60 day notice to residents when a community is to be closed and the land used for an alternate purpose. The Pennsylvania Housing Finance Agency …
MarketWatch says publicly-owned REIT UMH Propeties, Inc. reports in its first quarter 2012 financials, funds from operations (FFO) fell from $0.25 per share in Q1 2011 to $0.17 at the end of March 2012—$3,512,000 down to 2,656,000, respectively. Net income for common shareholders dropped from $2,125,000, $0.15 per share, in …
NationalMortgageNews says new data shows the number of loans in foreclosure plus loans delinquent 90 or more days increased June 2011 to Dec. 2011 from 9.2 percent to 9.7 percent, following six consecutive quarters of decline. Foreclosure-Response.org notes, for the 100 largest metropolitan areas, the foreclosure rate has risen to …
David Stiff, chief economist at Fiserv, a financial analytics firm, forecasts housing prices will begin rising later this year and increase four percent a year for the next five years. CNNMoney says according to the National Association of Realtors (NAR), around half of 146 metro housing markets surveyed indicated a …
ReinforcedPlastics says MSP Property Management & Development Company, a real estate developer and manager in the Caribbean, has agreed to buy modular homes for a housing project in Antigua from Innovative Composites International (ICI). As we last reported April 6, 2012, at MHProNews.com, ICI’s new Ecoscape plant in Orangeburg, SC …
Killam Properties Inc. announces in its first quarter 2012 results, net operating income (NOI) for its same store MHC registered 4.7% growth versus the same store apartment building that generated only 1.5% growth. Overall, funds from operations (FFO) rose from 0.145 per share in Q1 2011 to 0.151 per share …
CNNMoney reports the Dow Jones Industrial Average dropped 97.03 points on continuing problems in Greece and Spain, at one time falling to 12,750, but finally rallying back to only losing -0.75 percent, closing at 12,835.06 The Nasdaq dropped -0.39 percent to 2,934.71, while the S&P closed down -0.67 percent, to …
While Michael Fratantoni, vice resident of research for the Mortgage Bankers Association (MBA) is predicting under $1.1 trillion in new loans this year, NationalMortgageNews, the article’s source, projects originations will be $1.3 trillion, 18% higher than MBA’s. As refinancings continue to slide, says Fratantoni, he is expecting purchase loans to …
Factory Homes, Ltd (FHL) in Hull, England has received the Q-Mark Certification by BM Trada, one of the toughest standards for construction products, and will begin producing modular homes with a low-carbon footprint to meet the need for affordable housing. Based on automobile manufacturing, the cutting-edge technology focuses on high …
Following up on a story concerning the flooding in Minot, North Dakota last spring, KFYR-TV reports the Minot City Council is relaxing zoning requirements to allow manufactured homes to be sited in areas not previously zoned for them, sometimes to the chagrin of neighbors. Working on a case by case …
As follow up to a story we last covered March 16, 2012, RVBusiness tells MHProNews.com the RV/MH Hall of Fame and Museum in Elkhart, Indiana has initiated a new campaign to raise $100,000 by Aug. 31 to reduce its $200,000 bank loan with 1st Source Bank. The Boots Ingram family …
The National Association of Home Builders (NAHB) asked Congress to amend the Lacey Act that holds unknowing purchasers responsible for buying illegal wood products from overseas. Under current law the U.S. government can seize any imported wood product—cabinet knobs, wood trim, lumber—made from plant material sold in violation of foreign …
CNNMoney reports the Greek stock market fell 3.6 percent today, as that country’s uncertain political situation kept investors lined against the wall on U.S stocks. All three of the indexes lost ground today, as the Dow Jones Industrial Average dropped 76.44 points, -0.59 percent, to end the day at 12,932.09. …
The Rapid City Journal in South Dakota reports the Box Elder Planning and Zoning Commission wants developer Bob Akers to rethink his plans to replace the 125-site Wagon Wheel Village MHC with 166 modular homes spaced ten feet apart. Located just east of Rapid City, the local government has no …
Following up on a story we published April 25, 2012, TCPalm says state-run Citizens Property Insurance in Florida wants to reduce its policyholders by some 687,000, 45 percent. Created by the state to provide insurance for manufactured home owners ineligible for private insurance, Citizens is now the largest insurance company …
BusinessReviewUSA informs us Moosic, PA-based Signature Building Systems, LLC is marking two milestones: Building its 4,000th custom modular home, and its 20th anniversary. CEO Victor DePhillips says, “The last four years have been difficult and we are thrilled to say we have made it through the storm and are currently …
The Manufactured Housing Institute (MHI) reports MH shipments for the first quarter of 2012 totaled 12,780 homes as opposed to 9,696 for the same period 2011, an increase of 31.8 percent. March 2012 saw 4,696 new manufactured homes shipped, 16.4 percent more than the same month 2011. Although shipments of …
UPI says Berkshire Hathaway Chairman Warren Buffett told stockholders gathered at the company’s annual meeting in Omaha his successor will have a sharp eye for profitable long-term investments, good negotiating skills at making large-scale deals to benefit the stockholders, while sticking to a solid investment strategy. Although share prices of …
Although Florida’s shadow inventory decreased nine percent from Q1 2010 to the end of 2011, the 550,000 units still account for almost one-third of the nation’s underwater inventory of 1.6 million properties, according to CoreLogic. In its study, Florida Realtors says 28 percent of the state’s homes as of Feb. …
The U.S. Department of Housing and Urban Development (HUD) and the Department of the Treasury, in their April 2012 housing scorecard, report mortgage delinquencies are significantly below levels of a year ago, having declined four straight months; and sales of existing homes in the first quarter were 5.3 percent better …
