In a press release via Berkshire Hathaway (BRK) owned BusinessWire, HouseCanary has released its first quarter of 2023 national rental housing market research report. Chris Stroud, Co-founder and Chief of Research at HouseCanary, commented: “High unaffordability and the uncertainty of where the housing market is headed has slowed down property acquisitions heavily, resulting in potential buyers minimizing risk by looking towards the single-family rental market. Additionally, given that rent inflation has such a significant influence on overall inflation, a decline in rent inflation will have to come from apartments and multifamily in order to bring some relief to overall inflation.” While the report doesn’t mention “mobile homes,” “manufactured homes” or “manufactured housing,” the research nevertheless sheds useful information for manufactured home marketers. It further informs manufactured housing producers, retailers, developers, and community operators about the broad national housing market picture along with specific insights on some of the ‘top’ metro area markets. Because knowledge is potential power (the ancient insight of “scientia potentia est” in Latin), MHProNews is providing the following information for those reasons and as an evidence- and fact-based barometer for manufactured housing’s potential.
- HouseCanary said the following among their top-line bullets provided in Part I of today’s report.
- Part II provides additional information with more MHProNews Analysis and Commentary.
- Part III shares manufactured housing market connected stocks (equities, including REITs) updates along with the Daily Business News on MHProNews time-saving and insight generating left-right headline updates.
Part I
Per HouseCanary’s First Quarter 2023 National Rental Market Housing Report
Following a thorough analysis of the aggregated data, HouseCanary’s report identified the following key findings about the rental market for single-family detached listings in the first quarter of 2023:
Rental properties stayed on the market for an average of 30.4 days at the end of Q1 2023, roughly a 43.4% increase compared to Q1 2022 and a 12.6% increase sequentially. Over 35 MSAs saw a 50% increase in average days on market over the last year, most notably in the Southeast, with New Orleans, Raleigh, NC and Durham, NC seeing the most significant increases.
Inflation continues to impact the housing market. Mortgage rates hit a two-month low in Q1 2023 and are now hovering just above 6%. This has helped stabilize purchase demand, bringing more potential renters into the market. The next few months will be very telling for the future of the SFR market, as increasing mortgage rates will likely continue to push potential buyers into the rental market.
Median national rent has increased 6% since the same time last year. The seasonal cooling in the rental market seen at the end of 2022 quickly reversed in Q1 2023, as many homebuyers waiting for the buying market to cool cut their losses and began renting, pushing rental prices upwards.
Rental prices continue to remain high despite increasing supply. Regardless of the number of bedrooms, all rentals saw a YoY increase in price with the highest increase being in one bedroom rentals, which saw a 10.8% YoY increase.
The South experienced the largest YoY growth rates in rental inventory out of any regions in the U.S. In addition, rental properties in Southern states also experienced the highest growth rates for how long they stayed on the market.
Additional findings can be reviewed in the full report linked here.
About HouseCanary
Founded in 2013, national real estate brokerage HouseCanary empowers consumers, financial institutions, investors, and mortgage lenders, with industry-leading services including valuations, forecasts, and transactions. ##
HouseCanary also said this report “compares insights from Q1 2022 and Q1 2023 to explore trends shaping the U.S. rental market for single-family detached listings, including price and supply shifts across the nation’s top 79 metropolitan statistical areas (“MSAs”) with the most rental market activity.”
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Part II. Additional Information with More MHProNews Analysis and Commentary
First Shore Federal has the following posted interest rates for a single section and multi-section manufactured home on a 10, 15, 20, or 25 years-long home only loans as of the chart below 5.9.2023.
New & Current Year Single and Double Wide Manufactured Home Only
| Product | Down Payment | Max. Term | Interest Rate | APR | *Payment per $1,000.00 |
| Fixed Rate | 10% | 10 Yrs. | 7.75% | 7.750% | $12.00 |
| Fixed Rate | 20% | 10 Yrs. | 7.00% | 7.000% | $11.61 |
| Fixed Rate | 30% | 10 Yrs. | 6.75% | 6.750% | $11.48 |
| Fixed Rate | 10% | 15 Yrs. | 8.00% | 8.000% | $9.56 |
| Fixed Rate | 20% | 15 Yrs. | 7.25% | 7.250% | $9.13 |
| Fixed Rate | 30% | 15 Yrs. | 7.00% | 7.000% | $8.99 |
| Fixed Rate | 10% | 20 Yrs. | 8.25% | 8.250% | $8.52 |
| Fixed Rate | 20% | 20 Yrs. | 7.75% | 7.750% | $8.21 |
| Fixed Rate | 30% | 20 Yrs. | 7.50% | 7.500% | $8.06 |
| Fixed Rate | 10% | 25 Yrs. | 9.00% | 9.000% | $8.39 |
| Fixed Rate | 20% | 25 Yrs. | 8.25% | 8.250% | $7.88 |
| Fixed Rate | 30% | 25 Yrs. | 8.00% | 8.000% | $7.72 |
Maximum Loan Term = 20 Years for new Single Wide Homes
Maximum Loan Term = 25 Years for new Double Wide Homes
According to the U.S. Census Bureau data as of the month shown, the national average for manufactured homes cost are as follows.
| United States | |||
| Total1 | Single | Double | |
| 2022 | |||
| December | 122,100 | 80,200 | 155,700 |
| November | 125,200 | 88,000 | 155,200 |
| October | 128,300 | 81,400 | 160,400 |
| September | 130,400 | 95,800 | 159,400 |
| August | 125,700 | 86,500 | 158,800 |
| July | 131,800 | 85,200 | 161,600 |
| June | 126,900 | 87,600 | 159,600 |
| May | 124,900 | 85,800 | 159,200 |
| April | 132,000 | 83,100 | 168,000 |
| March | 129,200 | 87,300 | 156,600 |
| February | 128,000 | 87,700 | 156,300 |
| January | 122,500 | 84,600 | 152,800 |
Industry professionals, investors, public officials and others can use the data above do their own math. For instance. A new single section HUD Code manufactured home, for instance, with a minimum down payment on a 20-year term yields a monthly payment of about $614.97, plus applicable taxes, insurance, and closing costs. Obviously, there is the cost for a home site – be it leased or owned. But in many cases, someone could own a three bedroom two bath manufactured home for less than the monthly rental of a single-family home.
RentCafe says that: “The average rent for an apartment in the U.S. is $1,702.”
With those facts and data points in mind, someone should consider the Freddie Mac research that indicated that some 25 to 26 million Americans are “mortgage ready” and live in an area that is “manufactured home” friendly. That 2022 research still makes financial sense, based on evidence like what is provided in this report above.
Freddie Mac’s research on the potential acceptance of manufactured housing clearly contradicts what the Manufactured Housing Institute (MHI) research reflected. Freddie Mac’s results are considerably more favorable then MHI’s. Which begs several questions, such as, whose side is MHI on?
Not only Freddie Mac, but also other research studies debunk the most common concerns that the public has about HUD Code manufactured homes.
That sampling above is just the tip of a proverbial iceberg of largely positive evidence that ‘makes the case’ for HUD Code manufactured homes, somehow the geniuses who run MHI have managed to cause manufactured housing to go into a 6-month downturn. How those leaders have the nerve to show their faces in public is explained in part by their ‘amen corner,’ who routinely seem to benefit from the status quo. Put differently, there is evidence of corruption that benefits a few ‘insiders’ while costing much of the industry’s professionals the potential benefits of a robust manufactured home market.
Given that MHI’s prior president and CEO, Richard “Dick” Jennison, admitted that the industry could achieve 500,000 new HUD Code manufactured home sales annually, it is difficult for MHI to now deny that potential or more, especially in the light of the kind of credible third-party research linked from this report.
MHI has vexingly provided ‘awards for excellence’ for so-called MHI ‘insider’ companies that have a poor track record with third-party organizations such as the Better Business Bureau (BBB).
More on these issues reported above are ahead. ##
Breaking…Free Speech and Alternative Media Related – Tucker Carlson’s Update
We’re back. pic.twitter.com/sG5t9gr60O
— Tucker Carlson (@TuckerCarlson) May 9, 2023
Part III – Daily Business News on MHProNews Markets and Headline News Segment
The modifications of our prior Daily Business News on MHProNews format 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 5.9.2023
- From broken to bizarre
- The US economy is awash in contradictions, from record rate hikes to a strong jobs market. Here’s what to make of it
- Tempur Sealy to buy Mattress Firm for $4 billion
- CNBC parts ways with anchor who filed sexual harassment claim against former NBCUniversal CEO
- Denmark has a debt ceiling, too. It’s never been a problem
- Ryanair places its biggest order ever for Boeing aircraft
- Lachlan Murdoch: No change in strategy at Fox News after Dominion settlement
- TurboTax is sending checks to 4.4 million customers as part of a $141 million settlement
- This New York Girl Scout troop is the first of its kind. Here’s why
- Nikola to pause truck production after posting bigger quarterly loss
- Novavax says it is axing 25% of its workforce to cut costs
- Why bank stocks are so unstable
- Credit Suisse CEO Ulrich Körner to join UBS board
- Mark Zuckerberg wins gold and silver in his first Jiu-Jitsu tournament
- Chinese police detain man for allegedly using ChatGPT to spread rumors online
- China’s shrinking imports, slower exports growth darken economic outlook
- ‘Everybody is worried’: China raids offices of consultancy firm Capvision in widening industry crackdown
- Goldman Sachs to pay $215 million to settle discrimination claims from female employees
- Gallup poll: Americans have low confidence in Biden, Powell and Yellen on the economy
- LinkedIn to cut 716 jobs and shut its China app amid ‘challenging’ economic climate
- Treasury Secretary Yellen calls CEOs and business leaders with warning on debt limit
- Sam Bankman-Fried wants his case thrown out of court
- Fox News anchor Bret Baier’s reputation takes hit after text messages reveal what he said in wake of 2020 election
- Graphic images of Texas mall shooting spread on Twitter, rekindling debate on how much to share
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Headlines from right-of-center Newsmax 5.9.2023
- Tucker Carlson’s Post-Fox Plan: I’m Taking My Show to Twitter
- N.Y. Jury Finds Trump Not Guilty of Rape, Read More
- Trump Reclaims Anti-Abortion Group’s Praise
- The anti-abortion activist group Susan B. Anthony Pro-Life America came out of a meeting with former President Donald Trump praising him for his anti-abortion positions despite a falling out last month. [Full Story]
- Meuser: Debt Ceiling Agreement a Must
- Sununu: Trump Won’t Win 2024 General Election | video
- Steve Forbes: Biden Needs to Stop Debt Ceiling Game | video
- Hutchinson: GOP Must Keep Biden as ’24 Focus | video
- Alex Acosta: Title 42 End Harms Economy | video
- Guilfoyle: How Is Fox News So Out of Touch | video
- Huckabee: ‘Term Limits’ Would Fix Congress | video
- Alford: ‘Mayorkas Is a Liar’ | video
- Newsfront
- Jury Rejects Trump Rape Claim but Awards Accuser $5M for Battery
- A jury has rejected a writer’s claim that Donald Trump raped her, but found him liable for battery in the 1996 attack…. [Full Story]
- Megyn Kelly: Fox, Tucker at ‘Impasse’ – Won’t Let Star Go
- Fox News and Tucker Carlson are at an “impasse” on his contract with [Full Story]
- Related
- Brett Favre to Newsmax: Take a Stand for Tucker Carlson |video
- Fox Suffers $50M Quarterly Loss After Dominion Litigation
- Tucker Carlson to Go Nuclear on Fox News
- DeSantis to Newsmax: Tucker Carlson ‘Fantastic,’ Ratings Hit ‘Very Significant’ |video
- NFL Legend Favre on Carlson: ‘Let the Man Speak’
- Florida State Sen. Ingoglia Takes DeSantis PAC Helm
- Florida State Sen. Ingoglia Takes DeSantis PAC Helm
- Florida Republican State Sen. Blaise Ingoglia is now the chairman of [Full Story]
- Migrants Flow North to US Border Ahead of Policy Changes
- The long wooden boats packed with migrants in orange life jackets [Full Story]
- Putin Touts ‘Sacred’ Battle With West in Ukraine
- President Vladimir Putin said on Tuesday that Russians were united in [Full Story]
- Related
- Ukraine Discusses Integration With EU
- Russia Fails to Capture Bakhmut by May 9 Deadline
- Ukraine Flags Block Russian Ambassador’s Path on Victory Day
- Esper to Newsmax: ‘Be Vigilant’ About Ukrainian Nuclear Power Plant |video
- How Those Fleeing Ukraine Inspired US Border Policies
- Zelenskyy: Russia Will Be Defeated as Nazism Was
- Russia Launches Mass Strikes Across Ukraine
- Panel Now Recommends Mammograms Start at Age 40
- In a major change from its longstanding advice, an influential [Full Story]
- DeSantis: Would Build Wall, Use Military on Cartels
- Florida Gov. Ron DeSantis said Tuesday that if he were in a position [Full Story]
- Israel’s Coalition, Opposition Leaders Unite Against Terror
- Following the targeted killings of Palestinian Islamic Jihad leaders [Full Story]
- Chinese Drones Encircling Taiwan Signal New Phase in Conflict
- The Chinese military appears to be demonstrating a new tactic in its [Full Story] | Platinum Article
- Musk Mocks Kamala Harris as ‘AI Czar’
- Elon Musk mocked Vice President Kamala Harris being dubbed “AI Czar,” [Full Story]
- US Hypersonic Missile Defense Lags Rivals’ Advances
- Plans to patch vulnerabilities in the current U.S. missile defense [Full Story] | Platinum Article
- Metaverse Could Contribute 2.4@ of GDP by 2035
- The metaverse could contribute as much as $760 billion or about 2.4% [Full Story]
- Robert De Niro, 79, Welcomes 7th Child
- Robert De Niro has become a father to his seventh child. [Full Story]
- Medications That Can Cause Memory Loss
- That memory loss, brain fog or confusion you are experiencing could [Full Story]
- Child Fentanyl Deaths Rose 30-Fold in Just 8 Years
- The synthetic opioid fentanyl is killing increasing numbers of U.S. [Full Story]
- Michael Reagan: Would Getting Tough on Shoplifting End NYC Career Choice?
- Instead of looking at each shoplifting offense individually, why not [Full Story]
- IBM Unveils Watsonx as AI Race Intensifies
- International Business Machines Corp. Tuesday launched watsonx, a new [Full Story]
- LinkedIn Lays Off 716, Phases Out China Jobs App
- LinkedIn, the social media network owned by Microsoft Corp. that [Full Story]
- New Treatment Eases Skin Issues From Radiation
- When Ann Alexander underwent chemotherapy to treat breast cancer a [Full Story]
- Rubio: Ban Buying Junk Food with SNAP
- Marco Rubio, R-Fla., on Tuesday called on Congress to change the [Full Story]
- YouGov Poll: CNN Most Polarizing News Source
- CNN is viewed as the most politically polarizing news source by the [Full Story]
- GOP Donor Asked About Gifts to Supreme Court Justices
- Continuing its push to get the Supreme Court to adopt more stringent [Full Story]
- Trump Heralds Return to CNN for Town Hall
- Former President Donald Trump is touting his scheduled [Full Story]
- Trump Keeps GOP Support, Beating Biden Despite Legal Woes
- An avalanche of legal woes and bad news hasn’t loosened the former [Full Story]
- Survey: Most Support McCarthy’s Debt Ceiling Bill
- A majority of voters back House Speaker Kevin McCarthy’s plan to [Full Story]
- Morning Consult Poll: Trump Posts Biggest Lead Over DeSantis Yet
- A full 60% of Republican primary voters say they back former [Full Story]
- Retired Navy SEAL to Newsmax: ‘We Need Pipe Hitters, Not Pole Dancers’
- Robert J. O’Neill, the retired Navy SEAL who killed former al-Qaida [Full Story] | video
- Hunter Biden’s Ex-Associate Encouraged to Speak Out
- Devon Archer, Hunter Biden’s friend and business associate,was due in [Full Story]
- Border Democrat Calls for Title 42 Extension
- Vicente Gonzalez, D-Texas, is urging President Joe Biden to [Full Story]
- APA Issues First Guidelines on Kids’ Social Media Use
- It’s easy for kids to get drawn into Instagram, Snapchat or TikTok, [Full Story]
- NRCC Ad Attacks Dems as Debt Ceiling Talks Start
- The National Republican Congressional Committee has launched a [Full Story]
- Finance
- AI to Double Microsoft’s Cloud Revenue: Bernstein
- Artificial intelligence will transform Microsoft, revolutionize its Bing search engine and double its Azure cloud revenue, CNBC reports…. [Full Story]
- FTX Founder Urges Court to Toss Charges
- PacWest, Down 5%, Leads Losses in Regional Banks
- Inflation, Markets Take a Bite Out of Retirement
- Coinbase Exec Gets 2 Years for Insider Trading
- More Finance
- Health
- Daily Internet Use Staves Off Dementia in Older Adults
- In a world increasingly consumed by social media, much has been made of the amount of time younger generations spend online every day – and the harms that habit can bring. But now a new study of older adults suggests that regular internet use may actually be a boon for older…… [Full Story]
- Study: Best Diabetes Medications for Heart Health
- FDA Panel to Decide on First OTC Birth Control Pill
- NIH Restarts EcoHealth Alliance Grant, Watchdog Outraged
- Later School Start Time Could Improve Mental Health
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2022 was a tough year for many stocks. Unfortunately, that pattern held true for manufactured home industry (MHVille) connected stocks too.
See the facts, linked below.
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Updated
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- NOTE 1: The 3rd chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance 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 REITs, stocks, and other equities named above follow in the reports linked below.
-
2023 …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.
· To sign up in seconds for our industry leading emailed headline news updates, click here.
- Manufactured housing, production, factories, retail, dealers, manufactured home, communities, passive mobile home park investing, suppliers, brokers, finance, financial services, macro-markets, manufactured housing stocks, Manufactured Home Communities Real Estate Investment Trusts, MHC REITs.
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.
