“The COVID-19 crisis has had a negative impact on many businesses and industries throughout the nation. However, we are pleased to report it has not materially impacted the operations at UMH. Our team has done an exceptional job furthering the goals of UMH given the challenging circumstances. Our rent collection rates are in line with pre-pandemic levels and we continue to experience strong demand throughout our portfolio,” said Sam Landy, President and CEO of UMH Properties in a more detailed report found at this link here.
Left-of-center CNBC, along with others in mainstream media, are reporting ‘record low’ interest rates.
Despite low rates, there are other economic and data indicators that are problematic for mainstream housing, but could be good for modern manufactured homes.
Those will be the topics our featured focus this evening.
The featured focus segment of this evening’s market report is found beyond the left-right headline news bullets and 2 of our 3 market snapshots at the close today. The manufactured housing industry connected stocks are near the end of the report each evening, after the featured focus and the related/recent report links.
Quotes That Shed Light – American Social, Industry, National Issues…
Headlines from left-of-center CNN Business
- The next hit to stocks
- Nurse Kathe Olmstead prepares a shot as the world’s biggest study of a possible COVID-19 vaccine, developed by the National Institutes of Health and Moderna Inc., gets underway Monday, July 27, 2020, in Binghamton, N.Y.
- A vaccine could boost the US economy, but it might also upend the stock market
- Americans have less debt for the first time in six years
- Mortgage rates hit another all-time low
- Another 1.2 million Americans filed for unemployment last week
- Watch some of TikTok’s biggest moments
- Fastly’s stock plummets because its largest customer is TikTok
- Why 2020 is the year of the SPACs (And what the heck is a SPAC?)
- America’s jobs crisis could be about to get even worse
- The world could look very different to investors in three months
- Bank regulators crack down on Capital One after its massive data breach
- Lebanon’s economy was already in crisis. Then the blast hit Beirut
- Facebook bans ads from pro-Trump PAC
- A propaganda battle is playing out in the replies to Trump’s tweets
- Instagram’s algorithm blocked negative coverage of Trump, but not Biden
- Refi rates at 2.47% APR (15 yr). Do you qualify?
- LEGO is launching braille bricks for students across the US
- This odd flying metal cylinder is a prototype for Elon Musk’s Mars rocket
- A rent-regulated apartment building in the West Village neighborhood on July 29, 2020 in New York City. Since the onset of the Coronavirus crisis, millions of Americans have fallen behind on rent payments, leading many to speculate that an eviction crisis and drastic rise in homelessness is inevitable unless drastic action is taken by state and federal lawmakers.
- Manhattan apartment sales plunge while the suburbs boom
- AT THE STORE
- A man walks with meat products in his hand as he walks past the packaged ground beef and chicken in the meat department of a grocery store, during the coronavirus pandemic in New York, New York, USA, 06 May 2020. New York City remains the epicenter of the coronavirus outbreak in the USA. (Photo by Jason Szenes/EPA-EFE/Shutterstock)
- Everything at the grocery store is getting more expensive
- This new mac and cheese is made with Cheetos
- Kraft says mac and cheese is a breakfast food
- The Clorox wipes shortage is expected to last into 2021
- The unknown hand sanitizer brands taking over store shelves
- This photo taken on April 29, 2020 shows Australian high school teacher Dante Gabriele playing Nintendo’s Animal Crossing at home in Melbourne during the country's enforced COVID-19 coronavirus lockdown. – The leisurely world of Nintendo's latest release “Animal Crossing: New Horizons” has struck a chord with gamers around the world, many of them yearning for a virtual escape from the onerous restrictions on movement and social activity brought on to contain the infection.
- Nintendo profit jumps thanks to the Switch and ‘Animal Crossing’
- How the PS 5 and Xbox Series X compare
- ‘Death Stranding’ arrives on PCs
- Microsoft reveals upcoming Xbox Series X games
- This could be the next Fortnite
Headlines from right-of-center Fox Business
- Nasdaq clears 11,000 as Apple nears $2T market value
- The Nasdaq Composite closed above 11,000 for the first time on Thursday, marking its seventh straight day of gains.
- Weekly jobless applications fall to lowest level since start of pandemic
- Skyrocketing gun sales trigger US ammo shortage
- New York AG seeks to dissolve NRA in new lawsuit
- Coronavirus lockdown could cost this major city up to $6.5 billion in losses
- Georgia mayor on how Masters Tournament will ‘likely’ proceed this year
- Do I really need to have a will? What you should know before it’s too late
- HOUSE HUNTERS
- REAL ESTATE
- Popular Instagram account sparks home-buying frenzy among millennials
- CHECK IS IN THE MAIL
- Stimulus check missing $500? IRS to send parents’ payments this week
- SPARKS FLY
- States demand probe into ‘failure’ of Isaias response; 2M still without power
- PAYING THE PRICE
- Fed slaps major bank with big fine over breach impacting 100M+ people
- MOVING OUT?
- Major publisher considering breaking lease at world-famous building
- ‘NOT UNITED’
- At least 20 Senate GOPers won’t vote for stimulus deal, congressman says
- ‘FREE SPEECH’?
- Varney: Zuckerberg caved when Facebook censored Trump’s campaign
- MAJOR SETBACK
- PERSONAL FINANCE
- 60% of young adults say COVID-19 derailed financial independence: Survey
- AIRLINE DEPARTURES
- Delta CEO reveals ‘difficult but necessary step’ amid mass staff exit
- ‘SUSPICIOUS TIES’
- Top exec at major pension fund resigns under pressure over China connection
- CHEERS FOR BEERS
- Miller Lite goes global with International Beer Day giveaway
- NOT SO LIVE NATION
- Live Nation reports massive financial loss in second quarter
- Norwegian Cruise Line Holdings reports bigger-than-expected quarterly loss
- NFL could lose billions on the ticket market if fans are barred from stadiums
- AAA sounds alarm over this car technology, urges automakers to discontinue
- Ex-Trump attorney Michael Cohen eyes post-prison gig — it may surprise you
- Nintendo blows away earnings estimates on these video game sales
- United Airlines is latest airline to ban this type of face mask
- REAL ESTATE
- Big city’s housing rebound may hinge on these decisions, experts say
- Deutsche Bank reportedly complying with Trump probe as president files suit
- Bernie Sanders says he wants to tax billionaires’ ‘obscene’ wealth earned during COVID-19 pandemic
- Doordash debuts ‘digital convenience stores’ in 8 US cities – do you live in one of them?
- Four more former Audi managers indicted in diesel case
- Robert Downey Jr.’s production company lands streaming deal with tech giant
- Mayor will cut water, power for homeowners breaking coronavirus lockdown rules
- Papa John’s sales hit record as coronavirus fuels pizza binge
- Biden’s ‘green stimulus’ would send silver soaring to this price, Bank of America forecasts
- Cruise ship sees coronavirus cases rise to 53, officials say
- BUSINESS LEADERS
- Jeff Bezos sells Amazon shares worth $3 billion
- Facebook, Twitter take action on video shared by Trump campaign
- Popeyes spices up sales at Burger King parent grappling with coronavirus
- Fauci predicts when coronavirus vaccine doses could arrive, denies any White House pressure
- Mortgage rates drop to 2.8% — a new record low
10 Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…
Featured Focus –
Where Business, Politics and Investing Can Meet
The Apartment List said that in July 32 percent of households were behind on a housing payment. By month’s end, about 90 of those had made their payments. But that remaining percentage still would be millions of potential households at risk of eviction.
Given its inheritance affordability, manufactured housing ought to be soaring. UMH Properties report earlier today is an indicator that such should be the case.
Instead of pursuing policies that would include a robust enforcement of good existing laws that were designed to benefit manufactured homes, the purported cat’s paw association for the larger firms that dominate manufactured housing, the Manufactured Housing Institute (MHI), is instead working collaboratively with non-manufactured housing trade associations to push for rental relief payments to property owners, among others.
Why isn’t MHI instead pushing to sell those renters a new manufactured home? The purported corruption and/or incompetence is flagrant for clear thinkers.
Against that backdrop is this from CNBC today. Without mentioning manufactured homes, it obliquely points to numerous possible opportunities for our industry if, IF, the industry’s post-production sector were focused on implementation of good laws.
With the brief commentary is this report, followed by related reports.
PUBLISHED THU, AUG 6 2020, updated 5:10 PM
- About 59.6% of new and existing homes sold in the second quarter of this year were considered affordable to families earning an adjust median income of $72,900, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
- This is down from 61.3% in the first quarter of this year and is the lowest reading in 18 months.
- Mortgage rates fell to another record low this week, the eighth record set this year. But home affordability is weakening as the housing shortage, high demand from buyers and rising home prices negate the benefits of lower rates.
- Only 59.6% of new and existing homes sold in the second quarter of this year were considered affordable to families earning an adjust median income of $72,900, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. That’s down from 61.3% in the first quarter of 2020 and is the lowest reading in 18 months. NAHB did make an adjustment to median income estimates to account for the coronavirus pandemic.
- The index based its calculations on the national median home price jumping to a record $300,000 from $280,000 and average mortgage rates falling 27 basis points.
- The inventory of existing homes for sale at the end of June was down 18.2% annually, according to the National Association of Realtors, leaving just a four-month supply available. Supplies of newly built homes also fell 14.5% annually, according to the U.S. Census.
- “The number of homes for sale has reached some of the lowest levels since online platforms began tracking inventory, leading to a frenzied environment of multiple bids, price escalation clauses and inspection waivers,” said George Ratiu, a senior economist at realtor.com.
- While lower mortgage rates certainly give buyers more spending power, they also support higher home prices, and price gains reaccelerated in June after slowing in May, according to CoreLogic.
- “Even with attractive rates and rising demand, banks have continued to tighten lending standards in July, further restricting available credit. At this pace, tighter lending standards and low inventory will squeeze housing activity and we will see a substantial slowdown in sales in the second half of this year,” added Ratiu.
- Looking locally, the Scranton-Wilkes Barre-Hazleton, Pennsylvania, market was rated the nation’s most affordable major housing market, defined as a metro with a population of at least 500,000, in the NAHB index. More than 89% of new and existing homes sold in the second quarter were affordable to families earning that area’s median income of $66,600.
- San Francisco-Redwood City-South San Francisco, California, was the nation’s least affordable major housing market. Just 8.5% of the homes sold there were affordable to families earning the area’s median income of $129,200.
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Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.
- NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
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Learn more about our evolutionary journey as the industry’s leading trade media, at the report linked below.
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That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHLivingNews.com.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position, and may or may not reflect the views of sponsors or supporters.