Writing in OriginationNews, Paul Muolo expresses the mortgage industry’s contempt for the Consumer Financial Protection Bureau’s (CFPB) loan officer compensation proposal, particularly the ‘flat fee’ payments. Some industry officials, thinking the agency is more intent on meeting the deadline of early 2013 than making sure the rule is equitable, are […]
Loan Originator: Comp. is Wrongheaded Read More
NationalMortgageNews reports Freddie Mac says ten out of the last eleven weeks the average fixed-rate 30-year mortgage (FRM) has set new lows, with the week just ending July 5 marking another one at 3.62 percent. The average 15-year FRM fell to 2.89 percent. The average five-year hybrid remained at 2.79
30-year FRM Keeps Falling Read More
Anchorage Daily News states weekly unemployment benefit applications fell 14,000 to a seasonally-adjusted 374,000 according to the U.S Dept. of Labor, the fewest in six weeks. While economists predict only 90,000 jobs were added last month, payroll provider ADP counts 176,000 jobs added in June. ADP only measures private sector
Employment Figures not Expected to be Robust Read More
Tepid economic data, including a drop in retail sales, sent the market down earlier in the day, but led investors to hope meaningful central bank action will be forthcoming. CNNMoney tells us the Dow Jones Industrial Average dropped -47.15 points, -0.36%, to close at 12,896.97. The Nasdaq rose +0.04 points
Dow Edges Down, Tracked Housing Stocks Mixed Read More
RVBusiness tells us that Ellen Kelleher, vice president-property management at Equity Lifestyle Properties (ELS) for almost 20 years, is retiring at the end of the year. Her duties will be assumed by others in the organization. Other personnel changes, and their new positions include: Peter Underhill, senior vice president-revenue management;
Personnel Changes at ELS Read More
Azstarnet reports four steel cargo containers turned into a two-story two-bedroom house is turning heads in Tuscon, Arizona, but also raising some voices. Modified in a factory to conform to state and local regulations, it falls under the jurisdiction of the Arizona Office of Manufactured Housing and meets the standards
Cargo House Creating Consternation Read More
CNNMoney says Trulia reports rents in the U.S. rose an average of 5.4 percent June 2011 to this past June, as foreclosed former homeowners and would-be homebuyers turned away by lenders drive up demand. Asking prices on for sale homes only increased 0.3 percent for the same period. In metropolitan
Rents on the Rise, Home Prices on the Fence Read More
NationalMortgageNews reports the Tuscaloosa Credit Union (TCU) in Alabama is backing a program to help home buyers with poor credit realize their dreams of home ownership, following the departure of the big banks. After the mortgage rules changed, the second and third mortgages attached to the four homes prevented the
TCU in Ala. Backs Affordable Housing Project Read More
HousingWire reports an article in The Hill notes with barely four months before the presidential election, the Obama administration has a lot riding on employment figures. With tepid manufacturing numbers in June, a slowdown in China’s economy, and the European debt crisis still festering, analysts anticipate the jobs report due
Will the Job Market Rise to Fuel Housing Recovery? Read More
Altos Research says their study indicates the inventory of homes on the market is a third below where it was last year, and half of what it was at the lowest point when the housing bubble burst. The low inventory is pushing prices up as demand increases. Are the banks
Underwater Borrowers May Float Again Read More
In observance of Independence Day, U.S. stock exchanges are closed today. They will reopen tomorrow at 9 AM. Happy Birthday America! (Photo credit: Wikipedia Commons)
U.S. Markets Closed Today Read More
Bloomberg News states while construction shrank and mortgage approvals declined in May in the United Kingdom due to economic uncertainty there, 4.6 million homes changed hands in the U.S. in May at a seasonally-adjusted annual rate, according to a report from the National Association of Realtors (NAR). The average 30-year
Housing Market Poised for Recovery Read More
TBO reports Tropical Storm Debby swept through Suncoast Gateway Mobile Village in Port Richey, Florida, damaging the underside, insulation, under support, and air conditioning units of many of the homes. President Obama declared a major disaster area in five Fla. counties, making them eligible for federal funding including low-cost loans
Debby Damages MHC in Florida Read More
While business may be good for housing suppliers to the oil and energy field projects in north central U.S., increasing populations of mostly single men in North Dakota are drawing a mixed reaction, Ohio tells MHProNews.com. With a population grown from 12,500 to over 20,000 in four years, primarily due
Oil Boom Repercussions Read More
The energy and mineral fields north and west of Friendship Homes in Montevideo, Minnesota are making the modular builder crank out seven modules daily, but that number is expected to rise to 12 in the near future. wctrib says the oil patch in western North Dakota, the destination for its
Modular Business Booming Read More
The DailyNewsOnline reports a $400,000 New York state grant to replace pre-1984 factory-built homes with new MH will be directed by Genesee Counties’ Housing Initiative Committee in collaboration with the non-profit Pathstone Corporation. The goal is to replace eight owner-occupied homes in Genesee and Orleans Counties with energy-efficient units. There
NY Funds to Replace pre-HUD Code Homes Read More
An increase in factory orders and strong auto sales boosted investors’ confidence for a shortened trading day that ended at 1 PM in anticipation of the Independence Day holiday, as all three indexes closed on a positive note. CNNMoney tells us the Dow Jones Industrial Average gained +72.43 points, +0.56%,
Dow and Most Tracked Housing Stocks Gain on Short Trading Day Read More
RVBusiness reports the RV/MH Hall of Fame & Museum has garnered $62,740 since the initiative began May 1 in its fundraiser goal to meet the Ingram family’s $100,000 Challenge Grant. June donations totaled $6,800 including $2,750 in the Hall’s “Walk of Fame” Brick Program donations. Darryl Searer, president of the
Over $62k has been Raised Read More
According to the Manufactured Housing Institute’s (MHI) monthly report, shipments of manufactured homes rose to 5,211 for May, an increase of 16.7 percent over May 2011, as well as an increase over the 4,630 manufactured homes shipped in April 2012. MHProNews.com has learned this marks the tenth consecutive month of
MH Shipments Rise Again Read More
DaytonaBizLaw reports the Fourth District Court of Appeals in Florida, in the case of Hanrahan vs. Hometown America, LLC, involving a property owner’s responsibility to protect a tenant from insects, ruled in favor of Hometown America. A resident was attacked by a swarm of red ants that evidently led to
Court Rules in MHC Owner’s Favor Read More
