NationalMortgageNews tells MHProNews.com that originations of government-backed Home Equity Conversion Mortgages (HECM) have fallen by 950 to 1150 loans a month. October and November both saw 4,650 reverse mortgages a month, a drop from 5,600 and 5,800 a month in August and September, respectively. Wells Fargo, Bank of America, and …
According to the Harvard University Joint Center on Housing Studies, in the first half of the decade 1.3 new households formed each year, but that fell to less than one million a year since 2005. Part of that is declining immigration, but 20-30 year-olds who have been reluctant to form …
The United States stock markets are closed today in observance of New Year’s Day. They will reopen tomorrow, Jan. 3, at 9 AM. (Photo credit New York Stock Exchange: Wikipedia)
The Telegram reports from Worcester, Massachusetts, that building permits for single and multifamily dwellings were down 55 percent for the first ten months of 2011. Timothy M. Warren, chief executive of the Warren Group, which publishes Banker and Tradesman, tells MHProNews.com he expects home sales to increase slightly in 2012, …
Following up on a story we posted Feb. 14, 2011, Stardust Cruisers in Wayne County, Kentucky, finished two prototype modular homes recently sited on foundations. Boat sales have declined with the drop in the economy, and the company was seeking an alternative product. In a collaborative effort with the University …
The TCTimes from Fenton, Michigan, just northwest of Detroit, tells MHProNews a resident of Tryone Township is upset that residents pay $150 a year for fire department services, while Sun Communities and another MHC each pay $250 annually for the same services for the entire communities. Scott Dietrich estimates there …
MHProNews.com has learned that Clayton Homes founder Jim Clayton has chosen Alabama banker Eric Hamilton as president and CEO of Clayton Bank and Trust of Knoxville, Tennessee. Clayton, 77, stepped back into the role after Matt Daniels left in 2007, and had hoped to fill the position the following year, …
MHProNews.com has learned UMH Properties, Inc., in a Form 4 Filing with the SEC, says director Steven Wolgin bought 5,800 shares of UMH stock over the past 12 months, but did not sell any shares. MMDNewswire also reports during the same period, 6,352 shares of UMH stock were sold by …
MHProNews.com has learned from OriginationNews that according to Freddie Mac, mortgage rates are well below comparable rates from a year ago even though they edged up a little from last week. The average rate for a 30-year fixed rate mortgage (FRM) rose four basis points to 3.95 from last week, …
NationalMortgageNews tells MHProNews.com a survey by mortgage lender Lending Tree reveals Americans who can afford to buy homes are putting 12 percent down on average, even more where the property is more expensive. While some regulatory proposals push for down payments of 20 percent in order to be exempt from …
CNN Money reports the Dow Jones Industrial Average, NASDAQ, and the S&P all ended the trading year on a fairly flat note, each losing less than one percentage point. The Dow lost -69.48 points to close at 12,217.56. The Yahoo! Finance Manufactured Housing Composite moved up +0.68 percent to close …
Dow Closes Flat, Housing Closes Mixed, but Skyline Shines Read More
CEO of StreetTalk Advisors Lance Roberts sees home prices continuing to fall another 10-15 percent, and overall economic growth will be about one percent, lass than half of other analysts who are predicting 2-2.5 percent growth. In an interview with HousingWire he says, “ There is a current belief that …
The OmanObserver in the Middle East tells MHProNews.com that the rapid growth in the use of modular buildings has led Al Anseria Engineering Services to establish Modular Building Solutions (MBS), specializing in container conversions and insulated metal cabins. Noting they have many applications, from low-cost housing and offices to guard …
Following a story we reported here Dec. 13 regarding Alabama’s new immigration law, in light of a Federal judge’s injunction against enforcing certain provisions of the law, the Alabama Department of Revenue has altered its interpretation of HB 56, according to TheWetumpkaHerald. Section 30 prohibits illegal immigrants from conducting any …
Following up on a story from July 22, 2011, MHProNews.com has learned from the Journal-Topics of northwest Chicago, Glenview’s Sunset Village land lease community may be sold at auction following the Federal court’s denial of bankruptcy protection for the owners. Owned by Sunset Village Limited Partnership (SVLP), of which Richard …
The National Association of Realtors (NAR) reports pending home sales reached its highest level in 19 months, increasing 7.3 percent from Oct. to Nov. 2011. Measuring mortgage contracts signed as an indicator of possible home closings, the index reached 100.1 in November, 5.9 percent higher than the 94.5 index last …
With economists predicting the Gross Domestic Product will rise 3.3 percent in the fourth quarter 2011, CNN Money reports the Dow Jones Industrial Average climbed throughout the day, gaining 135.63 points, +1.12 percent, to close at 12,287.04. The Yahoo! Finance Manufactured Housing Composite nearly doubled the rate of the Dow, …
MH Composite Nearly Doubles Dow as Most MH Stocks Advance Read More
MHProNews.com has learned from BloombergNews that October 2011 shipments of manufactured housing rose to a seasonally-adjusted rate of 62,000, up from 55,000 homes shipped in September, according to U.S. Census Bureau figures. This figure is well above the recent six month average of 51,000 homes. Placements fell on a seasonally-adjusted …
SeekingAlpha tells MHProNews.com the backbone of Warren Buffett’s Berkshire Hathaway investment strategy is the float from his insurance and reinsurance businesses, most notably GEICO and commercial insurance, including malpractice and workmen’s compensation. The float refers to premiums paid, like life insurance, that may take decades before the payout. At year’s …
MHProNews.com has learned that a cherry orchard in Gilroy, California, just south of the Bay Area, may see 349 manufactured homes sited among the cherry trees. According to the GilroyDispatch, the development will be aimed at active older adults and will help Gilroy meet its state affordable housing goals. CW …
