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.
The Palm Beach Post says the city of West Palm Beach, Florida, spent $3 million in federal stimulus funds to buy 60 lots and build 19 modular homes in an attempt to revitalize the Coleman Park neighborhood, spending between $105,000 and $230,000 on each home. The plan was to use …
WWLTV reports that the town once called Canadaville, Louisiana because it was built by a Canadian billionaire philanthropist to harbor evacuees of Hurricane Katrina, is now home to refugees from the effects of the rising Mississippi. The 49 modular homes were part of a five-year plan that was supposed to …
Modular Homes Once Again Refuge for Disaster Evacuees Read More
Origination News reports different lenders have creative incentives to help deplete the glut of affordable houses on the market. Fannie Mae is offering 3.5 percent closing cost assistance for Fannie’s Owned HomePath Property loan as long as the deal is sealed before June 30, 2011. The borrower must use it …
Lenders Offering Different Incentives to Draw Borrowers Read More
The Dow fell .74 percent, anticipating bad news from retailers and the rise of the dollar on continuing news of the Greek debt crisis, closing the week at 12,512.04, 36 points below where it started at the beginning of the week. Housing stocks all fell or remained even for the …
Michael Stoler reports in The New York Observer that a partnership led by The Carlyle Group and Crown Acquisitions is selling part of the first and second floor retail space at 666 Broadway in New York City that it bought in 2008 for $525 million. Valued at $6,187 per square …
The Crimson White reports from Alabama that 11,131 people in Tuscaloosa County have registered for assistance from the Federal Emergency Management Agency (FEMA), part of the 71,487 in the state who have signed up. An estimated 3.5 million cubic yards of debris litter the state, 1.5 million of it in …
Tuscaloosa Defies Law Allowing Modular Units in AL Cities Read More
HousingWire reports the Department of Housing and Urban Development (HUD) will accept a $1.2 million fine from U.S. Bank (NYSE:USB) for failing to meet Federal Housing Administration (FHA) underwriting standards for 27 mortgages issued in 2003 and 2004. U.S. Bank did not admit any wrongdoing. FHA prohibits including any type …
U.S. Bank Fined for Mortgage Underwriting Violations Read More
CityBizlist of Charlotte/Raleigh, North Carolina says that Horizon Land Company of Crofton, Maryland, has closed a $1.15 million sale of shares to 14 investors of Winston Salem Investments. Meanwhile, CityBizList of Maryland reports, according to a filing with the U.S. Securities and Exchange Commission (SEC), that Carolina Village MHP (Mobile …
WBRC MyFoxAL reports from northern Alabama that dozens of Federal Emergency Management Agency (FEMA) homes are available for victims of the tornadoes, but not in Cordova, Alabama, in Walker County because the city ordinance prohibits single section homes inside city limits. Mayor Jack Scott says double-sectionals are allowed in certain …
City Ordinance Prohibits FEMA Homes, Despite Emergency Need Read More
The Bellingham Herald reports from Bellingham, Washington, that Puget Sound Energy (PSE) is going door-to-door to manufactured home owners, offering free energy-efficient devices valued at $500. Any PSE customer that has forced-air heating is eligible for upgrades that include energy efficient light bulbs, water faucet and shower head aerators, pipe …
Power Provider Offers MH Customers Free Energy Upgrades Read More
The Dow moved up and down most of the day to finally close slightly up .36 percent and end the day at 12605.32. In housing, Cavco gained 1.56 percent, Sun Communities was up .15 percent and ELS gained .14 percent. Palm Harbor Homes fell 10.64 percent, Nobility Homes lost 6.45 …
The Sacramento Bee reports in PRNewswire that UMH Properties, Inc. (NYSE Amex:UMH), is making a public offering of 1,000,000 shares of Series A Cumulative Redeemable Preferred Stock. The underwriters, J.P. Morgan Securities LLC, may also purchase up to 150,000 shares of the stock under a 30-day over-allotment option. UMH is …
The Daily Herald reports that Columbia, Tennessee, will buy and raze eight blighted homes with a $500,000 grant from the Department of Housing and Urban Development (HUD), and install four modular homes intended for low-to-moderate income residents to buy. Each home will have three bedrooms and two baths, and will …
HUD Grant to Replace Blighted Houses with New Modular Homes Read More
The Times & Transcript reports from the province of New Brunswick, Canada, that the Kent Homes plant in Bouctouche, New Brunswick, is creating 70 jobs under a $500,000 payroll rebate from the provincial government. This will bring the total workforce to 250 with a payroll of $9 million a year. …
The Nottingham News from Central England says Nottingham College and Eco-Modular Housing, Ltd, have collaborated to build a fully furnished modular home on the campus to teach students low carbon home construction. Made from old shipping containers, the prototype was completed from setting the base to turning on the power …
British Company Building Modular Homes from Shipping Containers Read More
Following up on a story we published May 13, the Manufactured Housing Association for Regulatory Reform (MHARR) released a paper entitled “GSE Reform Legislation” documenting how a bill introduced in the House of Representatives would replace government-sponsored enterprises (GSEs) with five government-guaranteed, but ultimately private enterprise entities, and likely be …
HR Legislation to Privatize and Streamline Mortgage Finance System Read More
Zacks reports that Encore Wire Corporation (NASDAQ:WIRE), which makes a variety of interior copper wire for manufactured housing, apartment, home building, and commercial industries, has managed to prosper in spite of the housing crunch, even outpacing Zacks’ expectations. Eighty percent of its revenues are from non-residential building. The spread between …
The Dow ended three days down, gaining 80.6 points as tech shares and energy stocks bolstered trading, ending the day at 12,560.18. Most housing stocks also closed up. MSCI gained 2.29 percent, Cavco was up 2.27, Palm Harbor Homes moved up 2.17 percent, Skyline Corporation added 2.11 percent, Sun Communities …
Dow Gains After Three Days Down, Most Housing Stocks Follow Read More
Zacks reports that SmarTrend says of the five companies in the home building industry with the highest Price to Last Quarter Annualized (LQA) Sales ratios, Cavco Industries (NASDAQ:CVCO) ranks third with a Price LQA Sales of 1.46x. The formula is used to compare comparable companies and the lower the ratio, …
Cavco is Undervalued According to SmarTrend Analysis Read More
In a follow-up to our story published May 2, the Daily News reports the Salisbury, Massachusetts, Town Council voted to ask the state legislature to amend the Chapter 40B housing law so factory-built homes that have not moved in 20 years can be counted towards the town’s inventory of affordable …
Town Wants to Include LLC Homes in Affordable Housing Inventory Read More
