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 Santa Cruz Sentinel reports that Wesco Financial (AMEX: WSC), of Pasadena, California, will be acquired by Warren Buffett’s Berkshire Hathaway, Inc. Berkshire has offered $389.01 in cash and Berkshire stock for each of the 1.4 million shares of Wesco it doesn’t already own, a total of $551 million. Wesco […]
Berkshire Hathaway to Complete Acquisition of Wesco Financial Read More
HousingWire says according to numbers released by the Bureau of Labor Statistics (BLS) and the Mortgage Bankers Association (MBA), the mortgage industry lost 257,000 jobs between Feb. 2006 and Feb. 2011, a 51 percent decline. Feb. 2010 to Feb. 2011, the decline in mortgage employment was 5.9 percent. The first
Mortgage Workers Move to Unemployment Lines Read More
CNNMoney reports that new rules proposed by federal regulators last week are intended to discourage risky investments, but will likely make credit even tighter. On home loans where banks receive less than 20 percent down payment, they will be required to keep five percent of the loans instead of selling
New Federal Rules May Tighten Credit More Read More
RVBusiness says for the first nine months of fiscal 2011, Skyline Corporation sales were $114,224,000, an increase over the $95,535,000 for the same period fiscal year (FY) 2010. The company’s pre-tax loss for the first nine months of fiscal 2011 was $22,563,000, an increase over the pre-tax $17,789,000 loss in
Skyline Corp. Sells More, Loses More Read More
HousingWire says that Fannie Mae is trying to draw buyers to its HomePath properties by offering a 3.5 percent credit towards closing costs. These homes were obtained through foreclosure or forfeiture and are sold mostly “as is.” It must be a primary residence for the new owner, as these are
GSE Offers Incentive to Purchase Distressed Properties Read More
Bloomberg reports that banking regulators have been communicating with state attorneys-general on new rules for mortgage servicers to follow when dealing with homeowners who are delinquent and may fall into foreclosure. These rules, called “consent decrees”, may be issued by regulators to a possible 14 servicers, including Bank of America
Fed Regulators May Issue Decrees and Fines to Servicers Read More
The Dow gained just over a point to close at 12,381.11 in anticipation of first quarter corporate returns, while most housing stocks declined. Cavco lost 5.27 percent, Skyline Corp. was down 3.01 percent, and Nobility Homes lost .33 percent. Deer Valley remained unchanged. The Manufactured Housing Composite lost 4.04 percent
Dow Gains Barely a Point, Housing Stocks Mostly Decline Read More
HousingWire reports that a settlement between the Federal Trade Commission (FTC) and two companies and three individuals yielded $2.2 million that will be refunded to homeowners allegedly swindled in a mortgage relief scam. The defendants falsely posed as having the authority to modify loans, and received fees up front from
Assets of Phony Loan Modifiers Seized by FTC Read More
According to CNNMoney.com/Fortune, the rising prices of commodities, plus the glut of homes on the market with prices falling, will stem the tide of new home construction for several more years. Compared to a year ago, the price of lumber is 17 percent higher, copper is up 32 percent, and
Statistics Point to Delay in Increased Home Construction Read More
The Salt Lake Tribune reports that when residents of Parkhill Mobile Estates community discovered their landlord had sold the land to a developer to build condos, they banded together, and eventually became the Parkhill Homeowners Cooperative Association (PHCA). The Salt Lake County Housing Authority (SLCHA) actually bought the land from
Residents of MH Community Finally Become Owners Read More
In response to an April 6th story about the RV/MH Hall of Fame, Ken Rishel, of Rishel Consulting Group, and publisher of the Chattel Finance Newsletter, has pledged ten percent of all advertising revenue from his newsletter through December 2011 to the Heritage Foundation to help keep the museum doors open. Noting
MH Consultant Lends a Hand to the RV/MH Hall of Fame Read More
Zacks reports that Universal Forest Products, a Michigan supplier of wood and other building materials to the manufactured housing industry, lost .12 cents a share in the fourth quarter of 2010, as opposed to .03 cents a share loss for the same quarter of 2009. The analysis suggests the loss
Supplier to MH Industry Trying to Recover Read More
Following up on a story from April 6 about returning the RV/MH Hall of Fame in Elkhart, Indiana, to solvency, RV Business reports several proposals are being considered to keep the doors open. One of the plans involves condensing the vintage RVs into a smaller space, and allowing up to
RV/MH Hall of Fame Devises Plan to Keep Rolling Read More
Late Friday night, the government shutdown was averted that would have affected Federal Housing Administration (FHA) and Department of Housing and Urban Development (HUD) operations, causing significant delays in endorsing single-family loans. According to The Washington Post, the deal was reached just before 11 p.m.
FHA and HUD Loans Safe from Government-wide Shutdown Read More
The Dow lost just under a quarter of a point to close at 12,380.05, as oil spiked upwards and the threat of a government shutdown loomed. Cavco lost 1.97 percent, Skyline Corp. dropped 1.72 percent, and Nobility and Deer Valley remained unchanged. The Manufactured Housing Composite closed down 1.72 percent
Dow Down and Housing Stocks Follow or Stay Flat Read More
The Gaylord Herald Times reports that Goodwill Industries of Northern Michigan (GINM) will erect six modular buildings to house 24 self-identifying homeless veterans. With funding from the Veteran’s Administration (VA), a federal home loan and Goodwill, the two single-family modular homes and four duplexes are scheduled for completion by late
Goodwill to House Homeless Vets in Modular Units Read More
Yahoo!Finance reports an Associated Press story from Los Angeles that a homeowner who applied for a loan modification under the Home Affordable Modification Program (HAMP) is suing Saxon Mortgage Services, Inc. for breach of contract and deceptive debt collection. The homeowner alleges she complied with all the requirements of this
Homeowner Sues Mortgage Servicer over HAMP Loan Denial Read More
The Atlanta Journal-Constitution reports that as the federal government nears shutdown and hundreds of thousands of employees may be furloughed, only mail carriers, the military, and air traffic controllers would remain on the job. Federal Housing Administration (FHA) and Department of Housing and Urban Development (HUD) operations would cease during
Looming Shutdown Could Hinder FHA and HUD Loans Read More
To follow up on a story we reported March 7, HousingWire reports Detroit has so many vacant houses it will bulldoze full blocks and turn the property into urban farming. Stephen Bancroft, executive director of the independent think tank Detroit Office of Foreclosure Prevention and Response (DOFPR), said once a
Detroit May Go from Manufacturing to Farming Read More
The Scottish Business Insider reports the owner of Powerwall, after many years of testing, has developed lightweight steel frame and walls for building modular homes he intends to market internationally. Taking a page from the mass production of automobiles, Dominic Tedesco says building has changed little since the Roman days,
Scottish Builder Develops Steel Modular Housing Read More
