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.
WGRZ2 reports from Cheektowaga, New York, just outside Buffalo, that two modular homes built by seniors from area high schools will be auctioned off, and the proceeds will buy supplies for next year’s students to build homes. Thirty students, all interested in working in the home building field, spent two …
High School Seniors Learn Modular Home Construction Read More
Yahoo! Finance reports that mortgage rates have dropped for an eighth consecutive week. Freddie Mac says the average rate on a 30-year fixed mortgage dropped to 4.49 percent from 4.55 percent the previous week, and the 15-year mortgage fell from 3.74 percent to 3.68 percent, and both are at year’s …
Housing and Urban Development Secretary Shaun Donovan announced that specific counties in Illinois, Oklahoma and Minnesota have been declared disaster areas by President Obama. Homeowners and low-income renters who were forced from their homes during the storms and flooding last month in Oklahoma and Minnesota, and in Illinois in April, …
East Atlanta Patch in Georgia says Resources for Residents and Communities (RRC) is a 501(c)(3) non-profit that offers free workshops on everything necessary to know about buying and maintaining a home, including foreclosure. There is a nominal $30 charge for the one-day event, but that includes individual counseling if necessary. …
CNNMoney reports in an exchange between Federal Reserve Chairman Ben Bernanke and JPMorgan Chase CEO Jamie Dimon, that Dimon said the government is stifling the recovery with its reforms, including the Dodd-Frank Act (Dodd-Frank). Bernanke spoke in Atlanta at the International Monetary Conference and acknowledged the recovery is slow. Dimon …
Wall Street Banker Blames New Regulations for Slow Recovery Read More
The Dow ended the day losing 21.87 points on fears of the economic slowdown to close at 12,048.94, and many housing stocks also closed down. Equity LifeStyle Properties gained 1.04 percent and Sun Communities moved up .03 percent. Palm Harbor Homes lost 31.67 percent, Deer Valley was down 8.86 percent, …
Dow Falls as Investors’ Fears Rise, Housing Stocks Mostly Down Also Read More
The Toledo Blade says Springfield Township officials have established a partnership program with two area schools that will provide shelter to residents of five nearby communities of pre-HUD Code (mobile) homes. Residents of Royal Village would go to Dorr Elementary School, and Woodside Terrace residents would be sheltered at Springfield …
Schools’ Emergency Shelter Plan Includes Residents of Pre-HUD Code Homes Read More
The Daily Comet reports from Thibodaux, Louisiana, just west of New Orleans, that the city council voted to permit factory-built housing in areas where it had been previously banned. There are four residential districts in the city. R-1 is the most restrictive and R-4 the least restrictive. The move allows …
Origination News reports that unless Congress changes its mind before Oct. 1, mortgages insured by the Federal Housing Administration (FHA) will be more affected by the pending change in loan limits than those securitized by Fannie Mae and Freddie Mac. The FHA says 669 of the 3,334 counties will likely …
Alabama’s 13 says Cordova is not the only city in Alabama hit by the April 27 tornado that does not allow manufactured housing outside an existing community of factory-built homes. Fultondale, just outside Birmingham, has a similar ordinance that Mayor Jim Lowrey says will be enforced, while adding the city …
FEMA Homes Restricted in Another Alabama Community Read More
The Reno Gazette-Journal in western Nevada reports the Lyon County Board of Commissioners has amended an ordinance that primarily affects manufactured housing. Any manufactured home over 15 years of age that has not been occupied for 12 consecutive months or more, according to electrical power records, may not be reoccupied …
County Extends Reinstatement Time for Unoccupied MH Read More
Altos Research says the housing market is undergoing ‘The Catfish Recovery,” meaning housing prices will stabilize near the bottom, and stay there awhile, much like a catfish is a bottom feeder swimming around somewhat randomly, yet sustained. In noting the relative constancy of the median price of housing over time, …
The Dow lost 19.15 points after hearing from the Federal Reserve Chairman, Ben Bernanke, that the government will not provide more economic stimulus, closing at 12,070.81. Several housing stocks ended the day up. Cavco gained 2.89 percent, MSCI rose 1.38 percent, Skyline was up .73 percent, Sun Communities rose .47 …
Dow Drops on Fed Chairman’s Words; Some Housing Stocks Climb Read More
Benzinga says about an hour after the stock market opened June 7, the Dow Jones Industrial Average was up .32 percent, and one of the forces driving the uptick was manufactured housing, Cavco Industries, Inc. (NASDAQ:CVCO) in particular. Cavco had gained 2.4 percent by 10:05 A.M. The company’s trailing-twelve-month revenue …
The New York Times reports that almost a year has passed since Congress tried to rein in the banking industry with the new rules mandated by the Dodd-Frank Act. Twenty-eight of the rules are behind in meeting their implementation deadlines, including the risk retention provision requiring lenders to assume some …
A survey commissioned by the National Association of Home Builders (NAHB) of 2,000 people likely to vote in 2012 revealed that owning a home is a core value. Ninety-five percent of the homeowners surveyed said they are happy with their decision to own a home. Celinda Lake, president of Lake …
Mortgage News Daily says the federal government is extending the feedback deadline on the five percent risk retention provision of the Dodd-Frank Wall Street Reform and Consumer protection Act (Dodd-Frank) to allow for more public comment. The new deadline is Aug. 1, 2011. Meanwhile, Fannie Mae is requiring mortgage servicers …
Risk Retention Comment Deadline Moved; Fannie and Freddie Changes Read More
HousingWire reports for Q1 2011, CoreLogic has determined that 40 percent of borrowers who owe more than their homes are worth, termed ‘underwater’, had taken out home equity loans for additional funds. The number of underwater loans in Q-4 2010 fell 200,000 to 10.9 million, representing 22.75 percent of all …
Miniscule Improvements in Housing Recovery Statistics Read More
MHMSM has been tracking industry whispers about a new securitization of manufactured housing paper. This is reported to be for chattel loans and financing of portfolios. Informed sources tell us the deal is ‘close.’ We will plan to bring you a special report once this significant event takes place.
The Dow slipped one-half a percentage point, registering financial sector losses, falling to 12089.96, as housing stocks closed mixed. Palm Harbor Homes closed up 15.38 percent, Nobility Homes gained 1.24 percent and Cavco was up .77 percent. ELS lost 1.06 percent, MSCI dropped 1.04 percent, Skyline Corporation lost .54 percent …
Dow Falls on Fears of Economic Recovery; Housing Stocks Mixed Read More
