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 Pittsburgh Examiner reports that the 5,000 people left homeless by the tornado that ripped Joplin, Missouri, May 22 will have small, easily assembled modular houses to live in temporarily. The Federal Emergency Management Agency (FEMA) learned from its disaster following Hurricane Katrina and has invested heavily in its Alternative …
Joplin, MO to Receive Modular Homes for Tornado Victims Read More
The Indianapolis Business Journal reports that Lippert Components, Inc., a steel fabricating company of Marvin, North Carolina, has asked for tax credits from the city of Elkhart, IN to move into a facility vacated by Monaco Coach Corporation. This manufacturer of chassis, chassis parts and galvanized roofing for the manufactured …
PrNewswire says Nobility Homes, Inc., announced financials for its first quarter ending Feb. 5, 2011. Sales for the first quarter were $3,232,689 with a loss from operations of $170,996. 2010 Q1 sales were $3,292,874 resulting in a loss from operations of $411,593. The first quarter per share loss was .03 …
Nobility Counting on Florida Boomers Buying Manufactured Homes Read More
Benzinga says Keefe, Bruyette, and Woods report Sam Zell’s Equity LifeStyle Properties (NYSE:ELS) sold 6.1 million shares of stock at $59.50 per share grossing $359 million to help fund its acquisition of a chunk of Hometown America LLC. As we reported here June 1, ELS acquired 31,167 home sites from …
The Banner Graphic reports from Putnam County, Indiana, that the Indiana Department of Homeland Security (IDHS) has 60 free weather radios it is planning to distribute to manufactured homes, the homebound and low income residents of the county. Kim Hyten, Putnam County Emergency Management director, said outside sirens cannot always …
Indiana County Distributing Free Weather Radios to MH Residents Read More
MHMSM.com has learned details from Manufactured Housing Industry pros that the effects of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank, or DF) could have disastrous effects for manufacturers, retailers, community operators and all who do business with them if we as an industry do not act rapidly …
The May jobs report led the Dow to drop 97.29 points and end the week at 12,151.26, while most housing stocks also fell. Palm Harbor Homes rose 26.83 percent, while Cavco fell 2.95 percent, MSCI dropped 1.91 percent, Skyline Corporation fell 1.36 percent, ELS dropped .32 percent, Nobility Homes went …
Dow Falls on Bad Job News, Most Housing Stocks Fall Read More
Florida Today reports that nearly three years after Tropical Storm Fay turned Lamplighter Village, a manufactured home community in Melbourne, Florida, into a fishbowl up to four feet deep, $3.8 million of storm water improvements have been made. The storm dumped up to 30 inches of water in three days …
HousingWire reports another $42 billion in subsidies will be needed by Fannie Mae and Freddie Mac from 2012 to 2021, according to the Congressional Budget Office (CBO). In testimony before Congress this week, CBO said Fannie and Freddie have returned $24 billion, reducing the original $154 billion bailout to $130 …
Bloomberg reports that a division of Deutsche Bank of Frankfort, Germany, sued dozens of former shareholders and brokers of Chicago’s Tribune Company, alleging Sam Zell’s leveraged buyout (LBO) and subsequent bankrupting of Tribune was fraudulent, and just a way for the shareholders to line their pockets with $8.5 billion. In …
MHI Week in Review continues urging contacts with members of Congress to make revisions to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) that are of significant concern to the manufactured housing industry. These include: 1) high-cost mortgage triggers; 2) qualified mortgage criteria for small manufactured home loans; …
RTTNews says land lease community owner (LLC) Killam Properties, Inc. (TSX:KMP), of Halifax, Nova Scotia, Canada has closed its public offering of $46 million of 5.45 percent convertible subordinated debentures due June 30, 2018. Canada NewsWire’s Digital Journal says a syndicate of underwriters led by RBC Capital Markets backed the …
Business Wire reports that T.J.T., Inc. announces the appointment of Shawn CJ Kling as president and chief executive officer (CEO) of the company, replacing Joseph B. Light who is retiring. The company supplies recycled axles, tires and other transportation supplies, and provides aftermarket products to the MH industry. Serving a …
Executive Change in Manufactured Housing Transportation Firm Read More
The Dow took a slight tumble again today amid news of the economy continuing to lag, dropping .34 percent to close at 12,248.35, and several housing stocks fell as well. ELS gained 4.04 percent, MSCI was up .51 percent and Sun communities gained .47 percent. Palm Harbor Homes lost 16.33 …
HousingWire says fixed-rate mortgages (FRMs) dropped to their lowest rate since last November, suggesting that another decline in the housing market may be coming. According to Bankrate, its survey of major lenders revealed the average 30-year FRM fell to 4.69 percent last week. The average 15-year FRM declined to 3.88 …
Falling Mortgage Rates May Signal Another Downturn Read More
Bloomberg News reports that JPMorgan Chase & Co. (JPM)’s Jamie Damon says losses have peaked in the United States mortgage industry. The chairman and chief executive officer (CEO) of the financial services and banking industry giant, says home prices may slip further, but the worst is behind us. JPM is …
Chairman of Major Bank Says Mortgage Industry Bottom Hit Read More
PRLog reports that Epoch Homes, a modular builder from Pembroke, New Hampshire, is collaborating with two UMassachusetts colleges to build a net zero energy modular home. The Massachusetts College of Art and Design Department of Architecture, and the University of Massachusetts Lowell College of Engineering will work with Epoch to …
Modular Builder Partners with Schools for Green Home Competition Read More
The Sacramento Bee says Origen Financial, Inc. (Pink Sheets:ORGN) reported a net loss of $2.8 million for the first quarter of this year, at 11 cents a share, versus a net loss in Q1 2010 of $5.2 million, or 20 cents a share. The company, a real estate investment trust …
Portfolio Manager’s First Quarter Less Painful Than Q1 2010 Read More
Origination News reports a congressional hearing heard both sides of the aisle criticizing federal regulators for exempting Fannie Mae and Freddie Mac from the five percent risk retention policy on non-qualified residential mortgages (QRMs). The Dodd-Frank Act (Dodd-Frank) exempts Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, but not …
Congress and Industry Suggest Altering Risk Retention Read More
Manufactured housing personal property (chattel) lenders state that unless amended, once rule making goes into effect on the Dodd-Frank Act (Dodd-Frank), loans on homes under $78,000 will become history due to the increasing fixed transactional costs per loan required by the law. MH lenders’ records reveal that most personal property …
Industry Pros Express Concerns over Dodd-Frank Implementation Read More
