It is axiomatic that manufactured housing is more affordable than conventional housing. Conventional housing – be it existing home resales or new conventional construction – prices are soaring, and interest rates are roaring to levels not seen since nearly 2001, per the right-leaning Epoch Times. Those sobering facts are a recipe to attract homebuyers priced out of conventional housing to become the next candidates for the sale of more residential style as well as more shade and shelter types of manufactured housing. Indeed, manufactured housing sales are continuing to rise even as conventional housing construction and resales have encountered headwinds for much of 2022.
Following this report “Mortgage Payments Surge 50 Percent Since Last Year” provided by the WND NewsCenter to MHProNews on 11.11.2022 will be additional manufactured housing focused analysis, commentary, and then the Daily Business News on MHProNews market report.
FEARS OF THE FUTURE
Mortgage payments surge 50% since last year
Homebuyers get priced out
By WND News Services
Published November 11, 2022 at 3:19pm
By John Hugh DeMastri
Daily Caller News Foundation
As mortgage rates climbed, typical monthly mortgage payments on existing single-family homes with a 20% down payment skyrocketed by 50% in the third quarter of 2022 compared to the year prior, according to data released by the National Association of Realtors (NAR) Thursday.
Monthly mortgage payments under the above conditions climbed to $1,840 between July and September, and the median price of existing single-family homes climbed 8.6% on an annual basis to $398,500, according to the NAR. This monthly payment represented 25% of a family’s monthly income, and was up dramatically from the same time last year, when the typical payment was just $1,226, roughly 17.2% of a family’s income.
First-time buyers in the third quarter spent nearly 38% of their family income on mortgage payments, blowing past the 25% threshold that the NAR considers to be the maximum affordable, the NAR reported. Mortgage applications were down 41% the week ending Nov. 4, compared to the same week the year prior, the Mortgage Bankers Association reported Nov. 9.
“Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising,” NAR Chief Economist Lawrence Yun said in the press release. “The median income needed to buy a typical home has risen to $88,300 – that’s almost $40,000 more than it was prior to the start of the pandemic, back in 2019.”
The share of all-cash repeat buyers jumped from 17% to 27% in the past year. Additionally, first-time buyers moving directly from a family member’s home into homeownership is at an all-time high. #NARHBS https://t.co/9TI0z1B4ll
— NAR Research (@NAR_Research) November 10, 2022
Of the 10 most expensive housing markets in the country, fully half were located in California, according to the NAR. Despite this, price increases in the South and Northeast surpassed the 7.4% price increase seen across the West, at 11.9% and 8.2% respectively, while the Midwest enjoyed a noticeably below-average price hike of 6.6%.
“The more expensive markets on the West Coast will likely experience some price declines following this rapid price appreciation, which is the result of many years of limited home building,” Yun said. “The Midwest, with relatively affordable home prices, will likely continue to see price gains as incomes and rents both rise.”
The 30-year fixed mortgage rate was 7.08% as of Nov. 10, according to Freddie Mac, continuing a trend that has put downward pressure on housing sales. While prices have been rapidly declining to compensate, they could plunge by as much as 20%, according to chief economist of Pantheon Macroeconomics, Ian Shepherdson.
This story originally was published by the Daily Caller News Foundation. ##
Additional Information with More MHProNews Analysis and Commentary
A series of tweets by the National Association of Home Builders (NAHB) sheds light on issues that may not otherwise be found in MHVille. Note that there may be a connection between suicides among conventional housing tradespeople and being a vet, which in the post-Middle Eastern war era has witnessed a spike in suicides too.
NAHB would like to thank all who serve on this #VeteransDay. Veterans are a key part of the home building workforce. @HBIBuildCareers has partnered with @HomeDepotFound to develop #skilledtrades training programs near 10 of the largest bases in the nation. https://t.co/uOVMmMq2me pic.twitter.com/dxInGyABK8
— NAHB (@NAHBhome) November 11, 2022
The discussion around the mental health and wellbeing of construction workers is gaining traction, and while no one has all the answers, one thing is clear: We need to talk about it. https://t.co/u83f2gPeud
— NAHB (@NAHBhome) November 11, 2022
The discussion around the mental health and wellbeing of construction workers is gaining traction, and while no one has all the answers, one thing is clear: We need to talk about it. https://t.co/u83f2gPeud
— NAHB (@NAHBhome) November 11, 2022
The balance of power in Congress is still in question after #ElectionDay. But regardless of the final House and Senate tallies, any legislation with a prayer of being signed into law by Biden must be bipartisan. Read NAHB’s full analysis of the results: https://t.co/7elkK3crQ7
— NAHB (@NAHBhome) November 9, 2022
Today is #ElectionDay! Now more than ever, it is essential to elect pro-housing, pro-business candidates to Congress to ensure that the housing market and the economy move forward. GO VOTE. https://t.co/HDEKcVWHjC
— NAHB (@NAHBhome) November 8, 2022
By contrast, the most recent post by the Manufactured Housing Institute at #MHIUpdate on Twitter is dated September 14, 2020.
Where is the Manufactured Housing Institute’s national campaign to promote the HUD Code manufactured home industry? https://t.co/uKTwU57y9i #MHIUpdate #affordablehousing #manufacturedhomes #manufacturedhousing #JamesSchmitzJr #MinneapolisFederalReserve #Modern #mobilehome pic.twitter.com/Ug0is9NLzJ
— L. A. ‘Tony’ Kovach (@LATonyKovach) November 12, 2022
Mildly like the NAHB, MHProNews plus MHLivingNews both took a public stand for pro-white hat businesses, and the publics’ need to make a real pivot away from destructive policies that are harming millions of would-be homebuyers, renters, and millions of existing homeowners – each in a distinctive way.
https://t.co/e0RhJzlvcJ#election #2022midterms #vote #vote2022 #ReasonstoVote #ReasonsForVoting #Democrats #Republicans #Independents #FormNewHabits #JoeBiden #DINO #PINO #RINO #LifeIsWorthLiving #AmericanDream #AmericaFirst #AmericansFirst #MAGA pic.twitter.com/AmkbnHnds4
— L. A. ‘Tony’ Kovach (@LATonyKovach) November 8, 2022
New York Times – ‘Mobile Home Parks Attract Investors’ ‘Threatening Stability’ of Affordable Manufactured Home Living, Manufactured Housing Institute Member Firms Named, Laws Probed; Plus MHMarketshttps://t.co/ZlgC2sBe3F#affordablehousing #Housing #manufacturedhomes #MobileHome pic.twitter.com/BDnVFIIeDu
— L. A. ‘Tony’ Kovach (@LATonyKovach) April 1, 2022
Mainstream news could benefit Affordable Housing seekers+some alternative housing white hats. Tampa Free Press in depth affordable housing solution. https://t.co/Nlkfe9qxP3#AffordableHousing #tampa #TampaFreePress #USA #Florida #mhiupdate #regulation #Zoning #facts #solutions pic.twitter.com/ahYtt0fQSH
— L. A. ‘Tony’ Kovach (@LATonyKovach) February 18, 2022
Over a decade has elapsed since Kevin Clayton, CEO of Berkshire Hathaway owned Clayton Homes said that a national campaign was poised for promoting the good news about manufactured homes. What happened to that pledge?
It’s not that the Manufactured Housing Institute (MHI) hasn’t spent money and years of talking about a national image campaign to do for manufactured housing what the GoRVing campaign did for the recreational vehicle industry. But what ought to be the focus is what happened after all of the talk and promises?
It appears that MHI is about as friendly toward growth of the industry as the U.S. Chamber of Commerce is friendly toward smaller businesses.
Nor will MHProNews grow weary of pointing out that the ‘failures’ of MHI all seem to benefit their larger brands, while routinely harming independents. Is that magic? Coincidence? Or is that part of a paltering, posturing, preening strategy that has been uniquely revealed by our twin-pro-manufactured home, pro-robust industry growth, pro-consumer, but anti-corruption and anti-monopolistic platform stances?
MHI and its corporate leaders can’t have it both ways.
Daily Business News on MHProNews Markets Segment
The modifications of our prior Daily Business News on MHProNews recap of the recap of yesterday evening’s market report are provided below. It still includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines. The macro market moves graphics will provide context and comparisons for those invested in or tracking manufactured housing connected equities.
In minutes a day readers can get a good sense of significant or major events while keeping up with the trends that are impacting manufactured housing connected investing.
Reminder: several of the graphics on MHProNews can be opened into a larger size. For instance: click the image and follow the prompts in your browser or device to OPEN In a New Window. Then, in several browsers/devices you can click the image and increase the size. Use the ‘x out’ (close window) escape or back key to return.
Headlines from left-of-center CNN Business – from the evening of 11.11.2022
- Wiped out
- Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, after an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022.
-
i>Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, X out (close) the window, or depending on the device, you may need to use your back key, escape key (Esc), or follow the prompts. In less than a week, Sam Bankman-Fried’s $16 billion fortune evaporated
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- A day of chaos brings Twitter closer to the brink
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- Wall Street picks hope over reality… again
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- MARKETS
- SUSTAINABILITY
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Headlines from right-of-center Newsmax 11.11.2022
- Rubio Calls for Delay on McConnell Leadership Vote
- The 2022 Elections
- Arizona’s Finchem: ‘Impossible’ to Get Quick Count
-
“In the business world, the rear-view mirror is always clearer than the windshield.” – Warren Buffett. That begs a key question. Why don’t more people LOOK at the rearview mirror so they can learn more about the patterns that influence what’s ahead? Note: depending on your browser or device, many images in this report can be clicked to expand. or example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts. Rubio Calls for Delay on McConnell Leadership Vote
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- Newsfront
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-
In instances such as Apollo, Berkshire Hathaway, Blackstone or others, manufactured housing may only be part of their corporate interests. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts. President Joe Biden’s 80th birthday on Nov. 20 will likely force his aides to begin to publicly address a concern they’ve privately struggled with how to handle — his advancing age…. [Full Story]
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===================================
- NOTE 1: The 3rd chart above includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
- NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
- Note 4: some recent or related reports to the equities named above follow.
2022 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
Disclosure. MHProNews holds no positions in the stocks in this report.
· For expert manufactured housing business development or other professional services, click here.
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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 MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition 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.
