A line-up of former regulators, lawmakers, and other financial policy makers headed by one-time Federal Deposit Insurance Corp. (FDIC) chairman Sheila Bair will form the Systemic Risk Council to keep tabs on the enforcement of the new regulations under Dodd-Frank. As NationalMortgageNews tells MHProNews.com, the group was organized by the …
A surprise rate cut by China’s central bank to encourage market growth spurred investors, but the rally was short lived following Fed Chairman Ben Bernanke’s assertion that no stimulus was imminent but may be utilized in the future. Still, CNNMoney tells us the Dow Jones Industrial Average managed to show …
SouthCoastToday reports from Acushnet, Massachusetts the town meeting voted 43-33 to institute a three person rent control board for the local MHCs in the community. Proponents say rents have increased much more quickly than in the past, making it tough for seniors on fixed incomes. One MHC owner, saying he …
AthensNews tells MHProNews.com from Ohio many of the factory-built homes in the Pine Aire MHC in Athens have been abandoned and vandalized following the storm that tore through it nearly two years ago, and now that the community is in foreclosure for back taxes, there is no one to do …
A Los Angeles architecture and interior design family business is recycling classroom trailers into low-cost but chic modular homes. According to the LATimes, research+recycle can seam two of the units that measure 24 feet by 40 feet together or reconfigure the individual units, as well as raise the ceilings 15 …
According to a Mortgage Bankers Association (MBA) survey, the average 30-year fixed-rate mortgage dropped to 3.87%, the lowest rate since MBA started the survey, while the 30-year fixed-rate jumbo loan (greater than $417,500) fell to 4.13%, also the lowest in the survey’s history. Meanwhile, says NationalMortgageNews, applications to refinance loans …
In a Q&A session at Washington, D.C.’s Economic Club, Berkshire Hathaway’s Chairman Warren Buffett said there will not be another recession “unless events in Europe develop in some way that spills over here big-time,” according to BloombergNews. Responding to questions posed by David Rubenstein, co-CEO of Carlyle Group LP, the …
The National Association of Home Builders showed up 700 strong on Capitol Hill Wed., June 6, 2012, to implore Congress to get the homebuilding industry back on track. Specifically, builders asked for the restoration of credit flow for new housing production; the reform of GSEs to ensure a federal backstop …
CNNMoney tells us the Dow Jones Industrial Average and the S&P notched their best gains of 2012 on investors’ hopes that more stimulus may be in the pipeline to push the markets higher. The Dow gained 2.37 percent, 286.84 points, to close at 12,414.79. The Nasdaq rose 2.40 percent to …
Dow Spikes, Housing Composite and Several Housing Stocks Follow Suit Read More
The Manufactured Housing Association for Regulatory Reform (MHARR) tells MHProNews.com Housing and Urban Development (HUD) statistics show production of HUD Code homes rose to 4,630 homes in April 2012, a 17.4 percent increase over April 2011 production of 3,944 homes, marking nine months of consecutive industry growth. The top ten …
In a story MHProNews.com has been following for over a year, voters in Oceanside, California overwhelmingly voted down Proposition E which would gradually eliminate rent control in the city’s 17 MHCs. City council Councilman Jerry Kern, who championed eliminating the rent control measure that has been in effect since 1984, …
The RepublicanHerald reports from Schuylkill County in Pennsylvania that Pine Grove Manufactured Homes Inc. has asked the Schuylkill County Court to reduce the fair market and assessed value of its property that was damaged by the floods of Sept. 2011, forcing the company to close the facility and move production …
According to HousingWire, the U.S. Census Bureau’s report on “Characteristics of New Housing for 2011” indicates the housing market may be slowly stabilizing. Twenty percent of all new single-family homes were financed by an FHA-insured loan, five percent less than in 2010, and four percent less than 2009. Conventional loans …
CalgaryHerald reports from Edmonton, Alberta, Canada Igloo Prebuilt Homes in Acheson turns out a modular home each day. The “balanced air” model can save $300/mth in energy costs without a furnace. The walls are twice as thick as a conventional home with six-inch thick mineral wool insulation, producing an R-45 …
Following up on a story we posted May 25, 2012, the Manufactured Housing Institute (MHI) newsletter says the National Flood Insurance Program has been extended for two months until July 31, 2012. Congress passed the extension and President Obama signed it so homeowners and businesses in flood prone areas can …
Good news from the Institute for Supply Management (ISM) noting an increase in new orders was tempered by Spain’s rocky banking system and Greece’s possible departure from the Eurozone, leading to a minor gain for the Dow Jones Industrial Average. CNNMoney tells us the Dow gained 26.49 points, +0.22 percent, …
Speaking to the American Real Estate & Urban Economics Association, special adviser to the Treasury secretary Michael Stegman, noting the restructuring of GSEs to allow private investors to share the risks of Fannie and Freddie MBS (mortgage-backed securities), says: “We believe that this initiative could help support our broader efforts …
HousingWire reports CoreLogic says April home prices rose a mere 1.1% over last April, but it is the second year-over-year increase in 2012. Overall home prices have risen 2.2% April over March of this year; excluding distressed sales April grew 2.6% over March, and 1.9% above last April. Anand Nallathambi, …
The NewHavenRegister says the Ryder Woods Mobile Home Park in Milford, Connecticut was moved in 2005 to make way for a WalMart, and the developer paid fairly and squarely to move the 200 families. Three years ago the Ryder family re-purchased the community to make sure it would never have …
Earl and Ruth Fredrickson own E&R Mini Storage in Kenyon, Minnesota and live in a two story house on the property. ExtraStorage says they sold the perfectly good house for a dollar and the new owner is moving it to another lot. The Fredrickson’s have bought a one-story modular house …
