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.
MHProNews.com has learned from NationalMortgageNews the minutes from the Federal Open Market Committee (FOMC) meeting Dec. 13 reveal disappointment that attempts by the government to stimulate a housing recovery, combined with low interest rates and increasing employment, has had little effect. Response to the expansion of the Home Affordable Refinance […]
FOMC Notes: What to Do, What to Do? Read More
The Dow rose 20 points on Wednesday with most of the gains going to retailers. The Yahoo Finance Manufactured Housing Composite was down one percent for the day, however. Decliners for the day include Clayton Homes, Vanderbilt Mortgage and Finance, as well as MH home-building, lending and other housing suppliers
Stocks Close Modestly Higher, MH Index Down One Percent Read More
HousingWire reports David Blitzer, chairman of Standard & Poor’s Index Committee, says when current home prices are adjusted for inflation, they are back to 2001 levels. This suggests the rapid rise and decline of home prices did little more than create havoc for the economy. “Allowing for a dip in
Home Ownership: Good Investment? Read More
ReutersAfrica reports that U.S. business magnate Sam Zell, chairman of Equity Lifestyle Properties, the real estate investment trust (REIT) that owns over 134,000 manufactured housing homesites in North America, is in talks to buy a controlling interest in Brazil’s Grupo Tha. At 115 years of age, Grupo Tha is the
Sam Zell: Hunting in South America Read More
No negative news from Europe, and positive manufacturing news from the U.S., China and India cheered investors as the market rallied for the first day of trading, 2012. CNNMoney reports the Dow Jones Industrial Average gained 179.82 points, 1.47 percent, to close at 12,397.98. The NASDAQ moved up 1.67 percent,
Dow Begins Year Well, Most MH Stocks Follow Read More
MHProNews.com learned the stock of MHC owner Sun Communities Inc. has been upgraded by equity analysts at BMO Capital Markets from “market perform” rating to an “outperform” rating. LocalizedUSA reports as of Dec. 31, 2009, the real estate investment trust (REIT)’s portfolio was comprised of 136 properties, 124 of which
New Year Sun Shines on Sun Stock Read More
RealtorMag quotes Frank Northaft, chief economist at Freddie Mac, as saying, “”Mortgage rates ended the year hovering near historic lows in an already affordable housing market,” noting the 3.95 percent mortgage rate for the 30-year FRM. The rate only crossed the five percent line twice in 2011. He says a
Freddie Mac: Sales Should Rise this Year Read More
Following up on an article we ran Dec. 27, 2011 about a Lustron House exhibit being displayed at the Ohio Historical Center in Columbus, the DaytonDailyNews tells MHProNews.com history curator Cameron Woods has sent out a call for the public to help furnish this steel and ceramic relic from the
Lustron House Needs Household Goods Read More
MHPronews.com has reported several times about the North Dakota oil boom that is drawing thousands seeking well-paying jobs, spiking the demand for ASAP housing. “Man camps”, modular dormitories for mostly male oil field workers have sprung up around Williston, ND. Some people are sleeping in cars, tents, and RVs. The
The Other Side of the ND Housing Shortage Read More
NationalMortgageNews tells MHProNews.com that originations of government-backed Home Equity Conversion Mortgages (HECM) have fallen by 950 to 1150 loans a month. October and November both saw 4,650 reverse mortgages a month, a drop from 5,600 and 5,800 a month in August and September, respectively. Wells Fargo, Bank of America, and
Originations of Reverse Mortgages Fall Read More
According to the Harvard University Joint Center on Housing Studies, in the first half of the decade 1.3 new households formed each year, but that fell to less than one million a year since 2005. Part of that is declining immigration, but 20-30 year-olds who have been reluctant to form
Pent-up Demand Will Drive Housing Market Read More
The United States stock markets are closed today in observance of New Year’s Day. They will reopen tomorrow, Jan. 3, at 9 AM. (Photo credit New York Stock Exchange: Wikipedia)
U. S. Stock Markets Closed Today Read More
The Telegram reports from Worcester, Massachusetts, that building permits for single and multifamily dwellings were down 55 percent for the first ten months of 2011. Timothy M. Warren, chief executive of the Warren Group, which publishes Banker and Tradesman, tells MHProNews.com he expects home sales to increase slightly in 2012,
Hopes for Housing Recovery in Central MA Read More
Following up on a story we posted Feb. 14, 2011, Stardust Cruisers in Wayne County, Kentucky, finished two prototype modular homes recently sited on foundations. Boat sales have declined with the drop in the economy, and the company was seeking an alternative product. In a collaborative effort with the University
The TCTimes from Fenton, Michigan, just northwest of Detroit, tells MHProNews a resident of Tryone Township is upset that residents pay $150 a year for fire department services, while Sun Communities and another MHC each pay $250 annually for the same services for the entire communities. Scott Dietrich estimates there
Resident Fuming over Fire Coverage Read More
MHProNews.com has learned that Clayton Homes founder Jim Clayton has chosen Alabama banker Eric Hamilton as president and CEO of Clayton Bank and Trust of Knoxville, Tennessee. Clayton, 77, stepped back into the role after Matt Daniels left in 2007, and had hoped to fill the position the following year,
Hamilton takes Helm at Clayton Bank and Trust Read More
MHProNews.com has learned UMH Properties, Inc., in a Form 4 Filing with the SEC, says director Steven Wolgin bought 5,800 shares of UMH stock over the past 12 months, but did not sell any shares. MMDNewswire also reports during the same period, 6,352 shares of UMH stock were sold by
Insider Trades at UMH Read More
MHProNews.com has learned from OriginationNews that according to Freddie Mac, mortgage rates are well below comparable rates from a year ago even though they edged up a little from last week. The average rate for a 30-year fixed rate mortgage (FRM) rose four basis points to 3.95 from last week,
Mortgage Rates Down from One Year Ago Read More
NationalMortgageNews tells MHProNews.com a survey by mortgage lender Lending Tree reveals Americans who can afford to buy homes are putting 12 percent down on average, even more where the property is more expensive. While some regulatory proposals push for down payments of 20 percent in order to be exempt from
High Down Payments Still Roil Many in Industry Read More
CNN Money reports the Dow Jones Industrial Average, NASDAQ, and the S&P all ended the trading year on a fairly flat note, each losing less than one percentage point. The Dow lost -69.48 points to close at 12,217.56. The Yahoo! Finance Manufactured Housing Composite moved up +0.68 percent to close
Dow Closes Flat, Housing Closes Mixed, but Skyline Shines Read More
