Stock Markets Closed Today
The stock markets in the United States and Europe are closed today, Dec. 26, 2011 in observance of the Christmas holiday. Trading will return to a normal schedule, Tue., Dec. 27. (Graphic credit: Wikipedia)
Manufactured and Modular Housing News
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.
Zoning Change to Restrict MH
The Mount Vernon, Illinois, Zoning and Planning Commission is considering an ordinance change that restricts manufactured housing to communities, instead of conditional permit zoning. The Register-News tells MHProNews.com that Mt. Vernon City Councilman David Wood says, “We’re trying to get away from spot zoning,” Wood said. “The way the ordinance …
Vintage MHC: Historical, or In the Way?
MHProNews.com has learned from the LosAngelesTimes the owners of the Village Trailer Park in Santa Monica want to develop the 109 home site land lease community (LLC) into a 400,000 square-foot mixed-use retail, residential, and office complex. The four acre community was saved from extinction in 2007, but the owners …
Christmas Comes Early to Many on Wall Street
Santa Claus arrived on Wall Street today on the last trading day before the Christmas holiday, adding more than one percent to the down, nine to the S&P and 19 to the Nasdaq. The Yahoo Finance Manufactured Housing Composite Index did not mirror the broader averages, however and ended the …
Foreclosures Coming out of the Woodwork
HousingWire reports the Office of the Comptroller of the Currency (OCC) says while mortgage delinquencies stabilized in the third quarter, foreclosures climbed 21.1 percent from the last quarter as mortgage servicers rolled back the reprieve imposed in late 2010, following disclosure of the robo-signing controversy. New foreclosures fell 11.8 percent …
Shipping Factory-built Homes to China? Yes Indeed
MHProNews.com has learned from the Maine Public Broadcasting Network that Katahdin Cedar Log Homes has won a contract to supply China with factory-built homes. The initial building will be a 10,000 square- foot reception center on the shores of a man-made lake in Chengdu, in Southwest China, to serve as …
Flood Victims to Receive Modular Homes
WinnipegFreePress tells MHProNews.com members of Lake St. Martin First Nation will be moving to new temporary modular homes in mid-February northwest of Winnipeg, Manitoba, Canada. Spring flooding forced over 700 residents of Lake St. Martin from their homes, 487 of whom are living in hotels in Winnipeg. An additional 1,687 …
Manufactured Housing Value Composite Outpaces Dow
CNNMoney reports the Dow Jones Industrial Average rose 61.91 points on a quiet day of trading, although bolstered by government reports that first-time unemployment claims fell to their lowest level since April 2008. The Dow closed at 12,169.65, a gain of +0.51 percent. The Yahoo! Finance Manufactured Housing Composite Value …
MHC Ownership: Good Retirement Income
Frank Rolfe, CEO of MHC owner American Home Communities, LP, writes in NuWireInvestor that buying a small manufactured home community for retirement income is a feasible way to maintain a reasonable standard of living. Given that safe investments only give you a return of two percent, you need $3,000,000 in …
Site-Built Homes Replaced with New MH
The JeffersonPost reports from Ashe County, North Carolina, the High Country Council of Governments is once again applying for a grant to help low-income residents make much-needed home repairs, and in some cases, replace unlivable homes with new manufactured homes. Since 2002, every three years all NC counties, except Wake …
Underwater Borrowers: A Chance to Breathe Again?
OriginationNews tells MHProNews that after a two-year study, a Columbus, Ohio-based insurance company has introduced the Home Value Protection(HVP) plan to offer a modicum of protection to homeowners interested in refinancing or taking on a new mortgage. In light of the negative equity many homeowners face, Home Value Insurance Co. …
MH Index Up, Dow Closes Flat
Wall Street was in the doldrums most of the day, but managed to close four points in the positive. The Yahoo Finance Manufactured Housing Composite Value closed higher, however, up 3.3 percent. The bulk of individual stocks watched were also up. Allied Managers Group added .47cents a share (.5 percent) …
Patrick Industries Acquires Graphics Company
SacBee reports MH and RV component manufacturer and distributor Patrick Industries, Inc., has finalized its acquisition of Elkhart, Indiana-based Performance Graphics, a designer, producer, and installer of exterior graphics for the RV, marine, enclosed trailer, and racing industries. Todd Cleveland, President and CEO of Patrick, said, “The acquisition of Performance …
Partisan Battle Continues to Dog Richard Cordray as Head of CFPB
NationalMortgageNews reports the battle over President Obama’s nomination of Richard Cordray to head the Consumer Financial Protection Bureau (CFPB) has stymied three uncontroversial confirmations in related areas. Senate Minority Leader Mitch McConnell (R-Kent.) has put a hold on Martin Gruenberg’s nomination to head the Federal Deposit Insurance Corp. (FDIC), Thomas …
Partisan Battle Continues to Dog Richard Cordray as Head of CFPB Read More
Good News Housing Market Helps Propel Dow
CNNMoney reports the Dow Jones Industrial Average surged over 300 points on positive news from the housing market, and as overhanging fears about the European debt crisis subsided. The Dow climbed throughout the day, gaining 337.17 points, +2.87 percent, to close at 12,103.43. The Yahoo! Finance Manufactured Housing Composite Value …
Candidates Being Considered to Monitor Foreclosure Probe
BostonGlobe reports three potential candidates have been identified as possible monitors to make sure banks comply with any settlement of a nationwide foreclosure probe. In the wake of disclosures that mortgage companies were using faulty documents to seize homes during the foreclosure process, all 50 states began investigations. The monitor …
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Board Member Resigns
MarketWatch reports from Eagle, Idaho, that Terrence J. Sheldon has resigned from the board of directors of T.J.T., Inc., effective Dec. 15, 2011. T.J.T. is a major supplier of recycled axles and tires to the manufactured housing industry, serving 14 western states from its recycling facilities in Idaho and California. …
Multifamily Building Outpaces Single-family Home Construction
MHProNews has learned from the National Association of Home Builders (NAHB) reports that production of single-family homes and apartments rose in November 9.3 percent to a seasonally-adjusted annual rate of 685,000 units, the highest pace since October 2008. The primary impetus from the increase came from the multifamily sector which …
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MHARR’s meeting with GNMA may Spur MH Industry
MHProNews has learned that theMHARR Board officials and staff met on December 14, 2011 with Government National Mortgage Association (GNMA) President Theodore W. Tozer to discuss the securitization requirements that have limited FHA (Federal Housing Administration) Title I manufactured housing loans. Currently, GNMA requires a minimum net worth of $10 …
Home Builder Confidence Inches Up
MHProNews has learned from the National Association of Home Builders (NAHB) that builder confidence in the market for new, single-family homes rose for the third month in a row. This marks the first time that has happened since mid-2009, bringing the NAHB/Wells Fargo Housing Market Index (HMI) to 21, its …
