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.
NationalMortgageNews reports the Federal Housing Administration (FHA) unloaded 102,195 repossessed housing units in FY 2011, bringing in over $7 billion to the coffers of the Treasury. Tom Rose, director of real estate owned by FHA, says the government, which pays a six percent commission and sells only through Realtors, paid …
CNNMoney reports the Dow Jones Industrial Average fell slightly today as investors got jittery about whether the leadership changes in Greece and Italy will help the European debt crisis. The Dow lost 74.7 points to close at 12,078.98., a -0.61 percent loss. The Yahoo! Finance Manufactured Housing Composite Value closed …
HousingWire reports that the heads of Fannie Mae and Freddie Mac will face questions from Congress regarding the bonuses they received last year. Fannie CEO Michael Williams and Freddie CEO Charles “Ed” Haldeman each earned a base salary of $900,000 but according to the Securities and Exchange Commission filings, received …
Bonuses for GSE Heads Topic of Congressional Hearings Read More
The JournalSentinel reports while Republicans and Governor Scott Walker lauded the efforts of the state legislature to create jobs in their three-week session, the Democrats are skeptical of their claims. However, they did pass legislation that would allow trucks to transport larger and heavier loads, like modular homes, on the …
RiverheadNewsReview reports from Long Island, New York, that prices for manufactured housing in Riverhead have fallen 38 percent since 2008, even though more homes are being purchased. The median price fell from $36,000 in 2008 to $22,500 this past year. The 500- homesite Glenwood Village continues to offer new, upscale …
In a column by Bill Dunkleberg, Philly reports the Board of Governors of the Federal Reserve met with the Federal Reserve of Atlanta and the Kauffman Foundation to discuss employment. They determined while the gross domestic product (GDP) is the same as 2007, the reason unemployment is so high is …
Fed Led Conference Denotes Economic Problems, Recovery Uncertain Read More
Following up on a story we published Oct 21, 2011, about the oil boom and subsequent housing shortage in Williston, ND, ArgusLeader reports neighboring South Dakota is reaping benefits from the black gold rush driving the economy. Custom Touch Homes in Madison and Superior Homes in Watertown have contracts to …
Yahoo!Finance reports A.M. Best Co. has upgraded Standard Casualty Company’s financial strength rating to A-(Excellent) from B++ (Good) and its issuer credit rating to “a-” from “bbb”. Standard had been downgraded Sept. 17, 2010 because of the financial uncertainly of its parent company, Palm Harbor Homes. Palm Harbor and five …
CNNMoney reports the Dow Jones Industrial Average gained for the second straight day, as leaders in Greece and Italy took measures to curb the debt crisis in both countries. The Dow gained 259.89 points to close at 12,153.68, or + 2.19 percent. The Yahoo! Finance Manufactured Housing Composite Value closed …
Dow Regains More Lost Ground as European Debt Crisis Looks Better Read More
HousingWire reports the cost of the Troubled Asset Relief Program (TARP) has risen $10 billion in one year, to $28 billion, according to the Government Accountability Office (GAO). The $28 billion does not include the $29 billion committed to housing initiatives such as HAMP (Home Affordable Modification Program). Housing programs …
In the SantaMariaTimes, Ron Faas, lobbyist for the Northern Santa Barbara County Manufactured Homeowners Team, says Santa Barbara (CA) County’s long-planning division has drafted a manufactured-home park closure conversion ordinance that the Board of Supervisors had requested. Noting the importance of local ordinances to assure the availability of low cost …
CBSLocal reports from Van Nuys, California, the 89 year-old estranged father of actress Jodie Foster may be looking at cell bars instead of his daughter’s films. Lucius Fisher Foster III allegedly took $5,000 from 20 people in the San Fenando Valley and promised them a low cost modular home, stalling …
OriginationNews says according to RealtyTrac, foreclosure filings rose seven percent in October, but have declined by 31 percent from a year ago. However, the report indicates a backlog of foreclosures that have not been filed, that some megabanks are waiting for the pending robo-signing settlement. One attorney says he has …
JournalSentinel reports from Milwaukee that a Lustron house, made of porcelain-covered steel panels, is not considered historic and may be torn down. The company made about 2,600 of these prefabricated homes from 1948 to 1950 for returning GIs following World War II before going bankrupt. Innovative for its use of …
NationalMortgageNews states Sen. Bob Corker (R-Tenn.) has introduced legislation to wind down Fannie Mae and Freddie Mac’s share of the mortgage market to ten percent in ten years. The bill would go into effect six months after its passage. It also calls for the credit guarantee the GSEs provide mortgage …
Senate Bill Would Downsize Fannie and Freddie in Ten Years Read More
CNNMoney reports the Dow Jones Industrial Average gained some of the ground it lost yesterday as the Italian bond market was less of an ogre, and unemployment claims hit a seven month low. The Dow closed at 11.893.86, a gain of 112.92 points, or 0.96 percent. The Yahoo! Finance Manufactured …
Dow Recovers Some Ground, Palm Harbor Stock Doubles Read More
CanadaWire reports Innovative Composites International,, Inc., of Toronto has inked a deal to supply Brazil S.A. with $160 million worth of EcoScape modular homes over the next three years. In the agreement with Brazilian contractor Millenium Brasil Limitada and consultant Green Intelligence Corporation, the large project homes will be shipped …
The National Association of Home Builders (NAHB) announces the appointment of John Courson to head the Home Builders Institute (HBI), the non-profit workforce development division of NAHB. His focus at HBI will be in job placement, mentoring, training, and developing new revenue streams. Says Donald Pratt, chairman of HBI’s Board …
CNNMoney reports 30 minutes into the trading day stocks began plummeting amid fears of Italy’s worsening debt crisis coupled with the European Union’s lack of a plan to rescue Europe’s fourth largest economy. The Dow Jones Industrial Average fell a whopping 389.24 points, losing 3.20 percent to close at 11,780.94. …
HousingWire reports mortgage applications spiked 10.3 percent last week on a seasonally-adjusted basis, according to the Mortgage Bankers Association (MBA) market composite index. On an unadjusted basis the index increase amounted to 9.9 percent. Mortgage refinance applications accounted for 78.6 percent of all applications, an increase from 77.1 percent last …
