MH Market Sputtering on Long Island

RiverheadNewsReview reports from Long Island, New York, that prices for manufactured housing in Riverhead have fallen 38 percent since 2008, even though more homes are being purchased. The median price fell from $36,000 in 2008 to $22,500 this past year. The 500- homesite Glenwood Village continues to offer new, upscale manufactured homes, but has reduced the price from $225,000 to $199,000. Just like in the conventional market, some manufactured home buyers are underwater in their loans. Ted Hoye, of First Credit Corp. of Albany, NY helps buyers secure loans to buy manufactured housing. He says rates start at 6.99 percent with 20 percent down.

(Graphic credit: Glenwood Village)

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