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.
From Texas, the Beaumont Enterprise reports State Farm Insurance canceled the homeowner’s policy of Jon and Beverly Nicholas, and not because of a claim or having done something wrong. Despite their 35-year relationship with State Farm, which gave them a discount for several policies, this couple’s factory-built home in Lumberton, …
CNNMoney.com/Fortune report that while deposits increased at three of the four largest banks, loan balances dropped in what the banks called recovery from the housing crisis. Loans declined seven percent over the last year, while deposits at the four largest increased five percent. Citibank’s (NYSE:C) loans are down 13 percent …
Banks Swimming in Cash, Few Borrowers Getting a Drink Read More
As good news emerged from earnings of the technology sector, the Dow gained 186.79 points to close at 12,453.54. Cavco surged up 7.57 percent, Skyline Corporation gained 4.32 percent and Nobility Homes moved up 1.35 percent. Deer Valley Corporation, often quiet, lost 19.19 percent. The Manufactured Housing Composite gained 5.20 …
The Office of the Governor of Texas reports that Anthony Burks of Fort Worth, Texas, has been appointed by Governor Rick Perry to serve on the state’s Manufactured Housing Board. Burks is president and co-founder of Vendigm Companies LLC, a founding board member of the Construction Industry Outreach Advisory Council, …
The New York Times reports that while a number of factory-built homes were demolished, the series of tornadoes that swept through North Carolina flattened a Lowe’s home improvement store in Sanford, and knocked down the back wall and tore the roof off of a State Employment Security Commission brick building …
The Atmore Advance in southern Alabama says Harold Allen, a 43-year veteran of selling manufactured housing, was awarded the number one dealership for Platinum Homes, Inc., for the fifth straight year. Joe Clark, zone manager for Platinum, presented the award to him at the Tunica Show last month. Established in …
CNNMoney says although existing home sales increased 3.7 percent in March over February, sales were down 6.3 percent from March 2010. Compared to a year ago, the median home price fell 5.9 percent. New home construction permits increased slightly in March, but according to the National Association of Realtors (NAR), …
From Louisiana, the Daily Comet reports the Thibodaux City Council is debating changing the local ordinance to allow factory-built homes in a previously restricted area in this city just west of New Orleans. Three of the four residential zones already ban manufactured housing in response to residents who claim it …
HousingWire reports that Neal Wolin, Treasury Department Deputy Secretary, defended the Dodd-Frank Act (Dodd-Frank) against critics, charging that the reforms requiring banks to maintain a larger financial safety net for future crises will delay the current economic recovery. Wolin said the current system favors short-term gains over long-term stability and …
The Dow moved up slightly as investors anticipated corporate earnings reports and housing update, gaining just under half a percentage point to close at 12,253.93. Cavco was up .87 percent, Skyline Corporation gained .53 percent, Nobility Homes and Deer Valley remained flat. The Manufactured Housing Composite gained .89 percent to …
Bloomberg News reports a new survey says the number of people who think a new home is a safe investment dropped from 83 percent in 2003 to 64 percent at the end of last year. The National Association of Realtors says historically homes have been a safer investment than equities, …
Home Ownership Confidence Shaken by Housing Crisis Read More
According to the Sacramento Bee in California, the Manufactured Housing Institute (MHI) reports that UMH Properties Inc. (a real estate investment trust, REIT, in New Jersey) has agreed to pay an estimated $13.3 million for a trio of manufactured home communities in Tennessee with an average occupancy rate of about …
America On Line (AOL) tells of a $2.5 million factory built home in tony Malibu, California, set on a bluff overlooking the Pacific Ocean and the Santa Monica Bay. The two-bedroom, two bath, 2,300-square-foot home occupies a homesite that rents for $2,000 a month. According to realtor David Carter, several …
The Herald and News says modular home builder Integrated Building Systems (IBS) in Klamath Falls, Oregon, has been acquired by OneBuild, Inc., of Seattle. OneBuild also specializes in modular home construction, and plans to expand production in the Klamath Falls factory in southern Oregon, and add 30 construction-related jobs to …
Modular Builder in Seattle Acquires Counterpart in Oregon Read More
Airdrie City View of Alberta, Canada, reports a proposed 2,000 homesite, adult manufactured home community nearly ten years in the planning has been voted down by the Rocky View County councilors after almost five hours of debate. Initially approved by the councilors in 2002, the development was to include a …
The National Association of Home Builders(NAHB)/Wells Fargo Housing Market Index (HMI) released a report saying builder confidence slipped in April one point to 16. Now in its 20h year, the HMI comes from builders’ projections for the next six months based on inquiries and traffic. A score over 50 indicates …
The Dow dropped 140.24 points after Standard & Poor’s cut its long-term U.S. debt outlook, to close at 12,201.59. Deer Valley gained 41.43 percent, Nobility Homes was up 1.37 percent and Skyline Corporation was up .58 percent. Cavco dropped .58 percent. The Manufactured Housing Composite gained .61 percent to end …
Dow Falls as S & P Cuts Debt Outlook, but Most Housing Stocks Advance Read More
According to PRNewswire, Drew Industries (NYSE:DR) will release its first quarter financials May 2, 2011, before the stock market opens. At 11:00 AM ET that morning, this manufacturer of doors, windows, chassis, and bath and shower components for the manufactured housing industry will host a conference call to discuss the …
HousingWire reports Citigroup decreased its troubled-mortgage portfolio by 45 percent over the first quarter a year ago, to $7.8 billion. Of the $5.3 billion converted to modification loans, 75 percent were through the Home Affordable Modification Program (HAMP). The redefault rate of the HAMP loans is 10 percent lower than …
Citigroup Shedding Delinquent Loans, but Losses Still Mount Read More
The Muskogee Phoenix says borrowers in Muskogee County, Oklahoma, may have a harder time finding financing for a manufactured home than in nearby Wagoner County where the annual median income is higher by $20,000. Chris Condley of First National Bank in Muskogee says for every ten lenders available for traditional-built …
Getting MH Financing Remains Tough, Even for Quality Construction Read More
