“Real estate company helped to artificially inflate rents across America, Justice Department alleges,” said the headline on left-leaning CNN Business. “The Justice Department has filed a civil lawsuit against the real estate company RealPage, alleging the company’s software uses landlord data to artificially inflate the price of rent across the United States by quelling competition in the market. According to the complaint, the Texas-based company uses nonpublic data from landlords to train RealPage’s algorithm for pricing recommendations, creating a “vast scheme to subvert the competitive process,” a Justice Department (DOJ) official said. The DOJ press release on Case No. 1:24-cv-00710 filed in IN THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA was dated Friday 8.23.2024 and is posted below in Part I of this report. “Americans should not have to pay more in rent because a company has found a new way to scheme with landlords to break the law,” said Attorney General Merrick B. Garland. Does that same principle apply to site fees in land lease manufactured home communities? Potentially several elements of the DOJ allegations against RealPage might be applicable to Equity LifeStyle Properties owned Datacomp and other manufactured housing firms related that are already being sued for apparently similar behavior alleged in multiple class action antitrust suits; see those items and more in the analysis with commentary in Part II.
The DOJ press release below said in part the following.
The complaint separately alleges that RealPage has unlawfully maintained its monopoly over commercial revenue management software for multi-family dwellings in the United States, in which RealPage commands approximately 80% market share. Landlords agree to share their competitively sensitive data with RealPage in return for pricing recommendations and decisions that are the result of combining and analyzing competitors’ sensitive data. This creates a self-reinforcing feedback loop that strengthens RealPage’s grip on the market and makes it harder for honest businesses to compete on the merits.
Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division said this.
“Today, we filed an antitrust suit against RealPage to make housing more affordable for millions of people across the country. Competition – not RealPage – should determine what Americans pay to rent their homes.”
The DOJ press release stated the following.
“RealPage’s egregious, anticompetitive conduct allows landlords to undermine fair pricing and limit housing options while stifling necessary competition,” said Acting Associate Attorney General Benjamin C. Mizer.
Again, more in the analysis segment of this article on how this may apply in manufactured housing is found in Part II. The Daily Business News on MHProNews market report is found in Part III.
Highlighting below is added by MHProNews.
Part I
Justice Department Sues RealPage for Algorithmic Pricing Scheme that Harms Millions of American Renters
Friday, August 23, 2024
For Immediate Release
Office of Public Affairs
RealPage’s Pricing Algorithm Violates Antitrust Laws
The Justice Department, together with the Attorneys General of North Carolina, California, Colorado, Connecticut, Minnesota, Oregon, Tennessee, and Washington, filed a civil antitrust lawsuit today against RealPage Inc. for its unlawful scheme to decrease competition among landlords in apartment pricing and to monopolize the market for commercial revenue management software that landlords use to price apartments. RealPage’s alleged conduct deprives renters of the benefits of competition on apartment leasing terms and harms millions of Americans. The lawsuit was filed today in the U.S. District Court for the Middle District of North Carolina and alleges that RealPage violated Sections 1 and 2 of the Sherman Act.
The complaint alleges that RealPage contracts with competing landlords who agree to share with RealPage nonpublic, competitively sensitive information about their apartment rental rates and other lease terms to train and run RealPage’s algorithmic pricing software. This software then generates recommendations, including on apartment rental pricing and other terms, for participating landlords based on their and their rivals’ competitively sensitive information. The complaint further alleges that in a free market, these landlords would otherwise be competing independently to attract renters based on pricing, discounts, concessions, lease terms, and other dimensions of apartment leasing. RealPage also uses this scheme and its substantial data trove to maintain a monopoly in the market for commercial revenue management software. The complaint seeks to end RealPage’s illegal conduct and restore competition for the benefit of renters in states across the country.
“Americans should not have to pay more in rent because a company has found a new way to scheme with landlords to break the law,” said Attorney General Merrick B. Garland. “We allege that RealPage’s pricing algorithm enables landlords to share confidential, competitively sensitive information and align their rents. Using software as the sharing mechanism does not immunize this scheme from Sherman Act liability, and the Justice Department will continue to aggressively enforce the antitrust laws and protect the American people from those who violate them.”
“Today’s complaint against RealPage illustrates our corporate enforcement strategy in action. We identify the most serious wrongdoers, whether individuals or companies, and focus our full energy on holding them accountable,” said Deputy Attorney General Lisa Monaco. “By feeding sensitive data into a sophisticated algorithm powered by artificial intelligence, RealPage has found a modern way to violate a century-old law through systematic coordination of rental housing prices — undermining competition and fairness for consumers in the process. Training a machine to break the law is still breaking the law. Today’s action makes clear that we will use all our legal tools to ensure accountability for technology-fueled anticompetitive conduct.”
“RealPage’s egregious, anticompetitive conduct allows landlords to undermine fair pricing and limit housing options while stifling necessary competition,” said Acting Associate Attorney General Benjamin C. Mizer. “The Department remains committed to rooting out illegal schemes and practices aimed at empowering corporate interests at the expense of consumers.”
“As Americans struggle to afford housing, RealPage is making it easier for landlords to coordinate to increase rents,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “Today, we filed an antitrust suit against RealPage to make housing more affordable for millions of people across the country. Competition – not RealPage – should determine what Americans pay to rent their homes.”
The complaint cites internal documents and sworn testimony from RealPage and commercial landlords that make plain RealPage’s and landlords’ objective to maximize rental pricing and profitability at the expense of renters. For example:
- RealPage acknowledged that its software is aimed at maximizing prices for landlords, referring to its products as “driving every possible opportunity to increase price,” “avoid[ing] the race to the bottom in down markets,” and “a rising tide raises all ships.”
- A RealPage executive observed that its products help landlords avoid competing on the merits, noting that “there is greater good in everybody succeeding versus essentially trying to compete against one another in a way that actually keeps the entire industry down.”
- A RealPage executive explained to a landlord that using competitor data can help identify situations where the landlord “may have a $50 increase instead of a $10 increase for the day.”
- Another landlord commented about RealPage’s product, “I always liked this product because your algorithm uses proprietary data from other subscribers to suggest rents and term. That’s classic price fixing…”
The complaint alleges that RealPage’s agreements and conduct harm the competitive process in local rental markets for multi-family dwellings across the United States. Armed with competing landlords’ data, RealPage also encourages loyalty to the algorithm’s recommendations through, among other measures, “auto accept” functionality and pricing advisors who monitor landlords’ compliance. As a result, RealPage’s software tends to maximize price increases, minimize price decreases, and maximize landlords’ pricing power. RealPage also trained landlords to limit concessions (e.g., free month(s) of rent) and other discounts to renters. The complaint also cites internal documents from RealPage and landlords touting the fact that landlords have responded by reducing renter concessions.
The complaint separately alleges that RealPage has unlawfully maintained its monopoly over commercial revenue management software for multi-family dwellings in the United States, in which RealPage commands approximately 80% market share. Landlords agree to share their competitively sensitive data with RealPage in return for pricing recommendations and decisions that are the result of combining and analyzing competitors’ sensitive data. This creates a self-reinforcing feedback loop that strengthens RealPage’s grip on the market and makes it harder for honest businesses to compete on the merits.
RealPage Inc., is a property management software company headquartered in Richardson, Texas.
Updated August 23, 2024 #@
Part II – Additional Information with More MHProNews Analysis and Commentary
The RealPage suit includes several states that arguably span the ‘red,’ ‘blue’ and swing state labels. That case pleading against RealPage is linked here. In no particular order of importance are the following points.
1) In 2023, multiples civil class action antitrust suits were filed against companies operating in the manufactured home industry. Those companies, naturally, deny the allegations. But it should be noted once more in hindsight that the arguments made in some other manufactured housing trade publications and bloggers about those suits appear to have missed some key points. See what Cody Dees and others had to say in the report posted below.
2) Those antitrust cases included the following. Note that each one of them names Datacomp as a defendant. In that respect, it seems similar to what the DOJ did with RealPage.
3) There are reasons for concern that the Manufactured Housing Institute (MHI) and/or MHI linked state associations may be playing a role in the matter of class action and antitrust litigation. MHI’s antitrust warning instructions are linked here. Several of the defendants, including Datacomp and Equity LifeStyle Properties (ELS) are members of MHI and/or MHI linked state associations. ELS bought Datacomp, as the report below detailed.
4) It should be noted that in some cases of ‘predatory’ behavior, state association membership is reportedly not present.
Hello Tony,
Parakeet Communities is not a member of our state association.
Melissa CaronExecutive Director, MMHA
5) There are arguably various ways that may or may not involve Datacomp that could result in allegations of violations of state or federal antitrust laws.
6) MHProNews and our MHLivingNews sister site have been raising antitrust concerns in the manufactured housing industry for some 6 plus years. Some things take time to develop on the legal front. It may be entirely unrelated, but two of the publicly traded firms that could or have already been hit by formal antitrust allegations have witnessed insiders selling, rather than buying, their company stocks.
7) The fact that Robert F. “Bobby” Kennedy Jr and deposed President Donald J. Trump has joined forces on the campaign trail for the 2024 election should not be overlooked. From the Kennedy 2024 website is the following.
one of Robert F. Kennedy Jr.’s top priorities will be to dissolve the corrupt merger of state and corporate power. That means freeing government agencies from the control of big corporations.
RFK Jr.: Why Corporate Capture Is The Biggest Threat to American Democracy
RFK Jr.: Fighting Corporate Power – Then And Now
When corporations dominate our government, human beings, communities
Small business is the backbone of the American middle class. I will support small business owners, give them access to better resources and protect them from predatory corporations.
– Robert F. Kennedy, Jr.
According to the American Small Business League, the leading advocacy organization for small businesses, Fortune 500 companies have received billions in federal dollars which are intended for small businesses. The federal government has subverted the Small Business Act for 40 years. This steals from our middle class and undermines our Main Street economy. A GAO (Government Accountability Office) study found that 34% of large, profitable corporations paid zero in federal income taxes. These parasitic, mega-corporations fill their coffers while shipping American jobs overseas and haven’t created any new net jobs since the 1980s.
The bold is in the original in the above. It should be noted that the Google antitrust suit was launched under the Trump Administration, not under the Biden-Harris regime.
Anyone who thinks that Trump, Kennedy, and Elon Musk may ignore the years of corporate backstabbing, purportedly in collusion with certain officials in the government, should Trump-Vance win the November 5, 2024, general election isn’t paying enough attention.
8) MHProNews and our MHLivingNews sister site have led the charge in manufactured housing trade media for over a decade as champions of small to midsize business rights and the rights of customers and residents. There is a case to be made that more and more Americans across the political spectrum are waking up to the threat of oligopoly style monopolization. Technology makes antitrust violations potentially easier, as the RealPage suit alleges. MHProNews will continue to monitor and report as deemed warranted. Stay tuned.
9) Note: anyone who has been following our publication for years, and thousands upon thousands in MHVille do, and who also reads the left-right headlines in the market segment arguably has a leg up on their rivals. In a few more minutes a day, insights are gained that you literally can’t find anywhere else in MHVille trade media. We are the runaway #1 in our profession, per the known data, for good reasons. For instance, from the CNN headlines that follow:
- Care.com to refund $8.5M to customers for its ‘deceptive’ practices, FTC says
How many deceptive practices are being deployed in MHVille today?
Part III
Our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.
NOTICE: following the TPG deal with CAPREIT, TPG has been added to our tracked stocks list below.
This segment of the Daily Business News on MHProNews is the recap of yesterday evening’s market report at the closing bell, so that investors can see-at-glance the type of topics may have influenced other investors. Our format includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines for a more balanced report.
The macro market moves graphics below provide context and comparisons for those invested in or tracking manufactured housing connected equities. Meaning, you can see ‘at a glance’ how manufactured housing connected firms do compared to other segments of the broader equities market.
- In minutes a day, readers can get a good sense of significant or major events while keeping up with the trends that may be impacting manufactured housing connected investing.
Headlines from left-of-center CNN Business – 8.26.2024
- Dow closes at new record high on rate cut rally: Here’s what’s next for Wall Street
- The Federal Trade Commission said Monday that Care.com used “inflated job numbers and baseless earnings claims to lure caregivers onto its platform.” The company refutes those claims.
- com to refund $8.5M to customers for its ‘deceptive’ practices, FTC says
- Apple is expected to debut the first generative AI iPhone at its September 9 event
- Telegram icon displayed on a phone screen is seen in this illustration photo taken in Krakow, Poland on September 26, 2023.
- What to know about Telegram, the messaging app whose CEO was arrested over the weekend
- Detention of Telegram founder sparks debate about free speech and criminal activity online
- A Russian Elon Musk with 100 biological children: Meet Pavel Durov
- Red Lobster is closing another 23 restaurants. Here’s where they are
- Walmart is recalling the Great Value brand of apple juice made by Refresco and sold across the US.
- Walmart recalls Great Value apple juice sold in 25 states due to elevated arsenic levels
- Mortgage rates are falling. Here’s what you should know before buying a new home
- Western airlines were excited about returning to China after Covid. But not anymore
- Finally, America’s housing market is starting to loosen up. But it’ll be a bumpy road back
- Americans set to spend a total of $39 billion on back-to-school shopping this year
- A reenergized Democratic campaign surges to convention ratings win over Republicans
- It’s never been harder to be Mister Softee
- Seafood towers, endless Honey Deuces and $100,000 suites: How the US Open lures in high-rollers and celebrities
- A veteran reporter was murdered outside his home. Now his newspaper is tasked with covering the alleged killer’s trial
- Dow closes more than 450 points higher after Fed’s Powell hints rate cuts are coming
- ‘The time has come’: The Fed just sent a crucial message about its next move
- Canadian government forces rail lockout to end
- Halliburton confirms a cyberattack forced it to take its systems offline
- Starbucks is giving its new CEO Brian Niccol a private jet to commute between his California home and Seattle office
- Real estate company helped to artificially inflate rents across America, Justice Department alleges
- Powell just suggested interest rate cuts are coming. What everyone wants to know now
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Headlines from right-of-center Newsmax – 8.26.2024
- Trump Supports Keeping Mics Hot in Debate With Harris
- Former President Donald Trump on Monday said he is fine with unmuted microphones at his planned Sept. 10 presidential debate on ABC with Kamala Harris. [Full Story]
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- Israel at War
- Iran’s Foreign Minister Vows ‘Definitive’ Retaliation Against Israel
- Netanyahu Son’s Miami Apartment Building Locked Down
- Israel Intel: Hamas Leader Sinwar Hiding Among Civilians
- Iran: Hezbollah’s Attack Shows Israel Losing Its Deterrent Power
- Israel’s Struggling Economy Needs War to End, Economists Say
- Graham to Israel: Threaten to ‘Blow Up’ Iran’s Refineries
- Israel Hits Dozens of Hezbollah Targets After Missile Attack
- Newsmax TV
- Danielle Alvarez: RFK Endorsement Shows Broad Coalition
- Chris Ruddy: Our Viewers Are ‘Voting With Their Remote’
- Jamel Holley: Dems ‘Pushed’ RFK Jr. to Trump
- Grothman: RFK Jr. Endorsement ‘Positive’ for Trump
- Gold Star Father: Harris Doesn’t Care for Troops, Is ‘Full of Crap’
- Border Patrol’s Del Cueto: Proud of Trump
- Mark Morgan: Missing Migrant Children Likely Abused
- David Stockman: ‘Rogue’ Federal Reserve ‘Must Be Reformed’
- Morton Klein: Hezbollah Using ‘Pretext’ for Israel Bombing
- Malliotakis: US Will Be Like Venezuela Under Harris
- More Newsmax TV
- Newsfront
- Former Democrat Rep. Tulsi Gabbard Endorses Trump
- Former Democrat Rep. Tulsi Gabbard has endorsed Donald Trump’s presidential bid, furthering her shift away from the party she sought to represent four years ago and linking herself to the GOP nominee’s critiques of Vice President Kamala Harris and the chaotic Afghanistan …… [Full Story]
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- Trump: ‘Why Would I Do the Debate’ Hosted by ABC?
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- S&P 500 Ends Lower, Weighed Down by Nvidia Dip
- The S&P 500 finished lower on Monday, with AI heavyweight Nvidia [Full Story]
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- The Secret Service stopped providing protection for Robert F. Kennedy [Full Story]
- Court Rejects Efforts to Remove Stein From Ballot
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- Cruz: Harris Sides With All ‘Except’ Americans
- Throughout her career in public office, the policies of Vice [Full Story]
- Trump Links Harris to Afghanistan Withdrawal
- Former President Donald Trump is expected to tie Vice President [Full Story]
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- Congress Honors Service Members Killed at Abbey Gate
- Ukraine’s New Weapon Targets Deep Into Russia
- Ukraine says it has a new homegrown long-range weapon that will allow [Full Story]
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- Leftists in the United Kingdom and Europe are doubling down on [Full Story]
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- Telegram: Arrested Founder Durov Has Nothing to Hide
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- Newsmax Broke Ratings Records in July
- Newsmax’s ratings and key metrics continue to be strong with July [Full Story]
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- WHO Launches Plan to Stop Mpox Transmission
- The U.N. health agency on Monday launched a six-month plan to help [Full Story]
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- Democrat presidential nominee Kamala Harris is promising to build [Full Story]
- DNC Attendees Test Positive for COVID-19
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- RFK Jr.: MAGA Recalls ‘Nation Brimming With Vitality’
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- FDU Poll: Harris Leads Trump by 7 Points
- Democrat presidential nominee Kamala Harris leads Republican Donald [Full Story]
- Sen Johnson: FBI ‘Dragging Feet’ on Trump Assassination Probe
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- Kudlow: RFK Endorsement Killed Harris Convention Bounce
- Within a day, independent presidential candidate Robert F. Kennedy [Full Story]
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- Thousands of people gathered in the Netherlands this weekend to [Full Story]
- Post Convention Poll: Harris, Trump in Near Dead Heat
- Michigan remains one of the biggest battleground states of this [Full Story]
- Stitt: Electorate Fed Up With Campaigns Being About Just ‘Winning an Argument’
- Voters are fed up with presidential campaigns being only “about [Full Story]
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- A rare but deadly disease spread by mosquitoes has one town in [Full Story]
- Graham: Israel Should Threaten to ‘Blow Up’ Iran’s Refineries
- Israel should threaten to “blow up” oil refineries in Iran if Hamas [Full Story]
- More Newsfront
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- Oil Jumps 3% as Libya Output Cuts Further Supply Fears
- Oil prices settled 3% higher Monday as production cuts in Libya added to supply concerns stemming from reports of escalating conflict in the Middle East…. [Full Story]
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- Study Pinpoints Where Love Resides in Brain
- An Alzheimer’s Drug May Also Slow Lewy Body Dementia
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- NOTE 1: 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.
- Note 5: Gifts of Sight and Insights, What’s in Store for 2024? Including 2023 Year End Reflections, manufactured homes, manufactured housing, mobile homes, MHVille, USA Snapshots, Manufactured housing industry year in review 2023.
-
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.
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 above.
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Disclosure. MHProNews holds no positions in the stocks in this report.
· For expert manufactured housing business development or other manufactured housing professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.
- Note 1: MHVille means manufactured housing industry, MHVille also means artificially smaller manufactured housing (MH) industry,
- Note 2: Manufactured housing, building, 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.
- Note 3:
APO, Apollo Global Management, BAM, Brookfield Asset Management, BLK, BlackRock, BRK-A, Berkshire Hathaway, BX, Blackstone, CDPYF, Canadian Apartment Properties Real Estate Investment Trust, CIGI, Colliers International Group Inc, CG, The Carlyle Group, CSGP, CoStar Group, CVCO, Cavco Industries, ECNCF, ECN Capital Group, ELS, Equity LifeStyle Properties, FGF, FG Financial Group, FG Communities, KEY, KeyCorp, KMMPF, Killam Apartment REITs, LCII, LCI Industries, LEGH, Legacy Housing, LPX, Louisiana Pacific Corporation, MHC-UN.TO, Flagship Communities Real Estate Investment Trust (REIT), MHPC, Manufactured Housing Properties, MMI, Marcus and Millichap, NOBH, Nobility Homes, PATK, Patrick Industries, SKY, Skyline Champion, SUI, Sun Communities, UMH, UMH Properties, UFPI, UFP Industries.
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 linked herein. 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, honors and numerous public recognitions for his achievements 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. Kovach is a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHLivingNews.com and MHProNews. MHProNews is ranked as the runaway most read trade media in modern manufactured housing history. Manufactured Home Pro News (MHProNews) is the documented #1 largest and most read source for manufactured housing industry News Tips and Views Pros Can Use, per Webalizer 2.23 (on 5.22.2024) and known data. MHProNews gets millions of visits a year and has significantly more pageviews per visit than CNN or Fox per SimilarWeb’s stats for those two sites (but in fairness CNN and Fox sites get more much more total traffic). Statistics – Data – Infographics – Research – Facts – Evidence – Trends – and manufactured housing industry expert Analysis make us and keep us the runaway most read in MHVille trade media. This article reflects the LLC’s and/or the writer’s editorial views and may or may not reflect the views of sponsors or supporters.
