Altos Research says the housing market is undergoing ‘The Catfish Recovery,” meaning housing prices will stabilize near the bottom, and stay there awhile, much like a catfish is a bottom feeder swimming around somewhat randomly, yet sustained. In noting the relative constancy of the median price of housing over time, …
The Dow lost 19.15 points after hearing from the Federal Reserve Chairman, Ben Bernanke, that the government will not provide more economic stimulus, closing at 12,070.81. Several housing stocks ended the day up. Cavco gained 2.89 percent, MSCI rose 1.38 percent, Skyline was up .73 percent, Sun Communities rose .47 …
Dow Drops on Fed Chairman’s Words; Some Housing Stocks Climb Read More
Benzinga says about an hour after the stock market opened June 7, the Dow Jones Industrial Average was up .32 percent, and one of the forces driving the uptick was manufactured housing, Cavco Industries, Inc. (NASDAQ:CVCO) in particular. Cavco had gained 2.4 percent by 10:05 A.M. The company’s trailing-twelve-month revenue …
The New York Times reports that almost a year has passed since Congress tried to rein in the banking industry with the new rules mandated by the Dodd-Frank Act. Twenty-eight of the rules are behind in meeting their implementation deadlines, including the risk retention provision requiring lenders to assume some …
A survey commissioned by the National Association of Home Builders (NAHB) of 2,000 people likely to vote in 2012 revealed that owning a home is a core value. Ninety-five percent of the homeowners surveyed said they are happy with their decision to own a home. Celinda Lake, president of Lake …
Mortgage News Daily says the federal government is extending the feedback deadline on the five percent risk retention provision of the Dodd-Frank Wall Street Reform and Consumer protection Act (Dodd-Frank) to allow for more public comment. The new deadline is Aug. 1, 2011. Meanwhile, Fannie Mae is requiring mortgage servicers …
Risk Retention Comment Deadline Moved; Fannie and Freddie Changes Read More
HousingWire reports for Q1 2011, CoreLogic has determined that 40 percent of borrowers who owe more than their homes are worth, termed ‘underwater’, had taken out home equity loans for additional funds. The number of underwater loans in Q-4 2010 fell 200,000 to 10.9 million, representing 22.75 percent of all …
Miniscule Improvements in Housing Recovery Statistics Read More
MHMSM has been tracking industry whispers about a new securitization of manufactured housing paper. This is reported to be for chattel loans and financing of portfolios. Informed sources tell us the deal is ‘close.’ We will plan to bring you a special report once this significant event takes place.
The Dow slipped one-half a percentage point, registering financial sector losses, falling to 12089.96, as housing stocks closed mixed. Palm Harbor Homes closed up 15.38 percent, Nobility Homes gained 1.24 percent and Cavco was up .77 percent. ELS lost 1.06 percent, MSCI dropped 1.04 percent, Skyline Corporation lost .54 percent …
Dow Falls on Fears of Economic Recovery; Housing Stocks Mixed Read More
HousingWire reports that Moody’s Analytics says the federal government should do more to help the 14 million underwater mortgages before falling home prices lead to another downturn in the housing market. Analyst Mark Zandi says plummeting home values could be sufficient to induce more underwater borrowers to hand their keys …
The Pittsburgh Examiner reports that the 5,000 people left homeless by the tornado that ripped Joplin, Missouri, May 22 will have small, easily assembled modular houses to live in temporarily. The Federal Emergency Management Agency (FEMA) learned from its disaster following Hurricane Katrina and has invested heavily in its Alternative …
Joplin, MO to Receive Modular Homes for Tornado Victims Read More
The Indianapolis Business Journal reports that Lippert Components, Inc., a steel fabricating company of Marvin, North Carolina, has asked for tax credits from the city of Elkhart, IN to move into a facility vacated by Monaco Coach Corporation. This manufacturer of chassis, chassis parts and galvanized roofing for the manufactured …
PrNewswire says Nobility Homes, Inc., announced financials for its first quarter ending Feb. 5, 2011. Sales for the first quarter were $3,232,689 with a loss from operations of $170,996. 2010 Q1 sales were $3,292,874 resulting in a loss from operations of $411,593. The first quarter per share loss was .03 …
Nobility Counting on Florida Boomers Buying Manufactured Homes Read More
Benzinga says Keefe, Bruyette, and Woods report Sam Zell’s Equity LifeStyle Properties (NYSE:ELS) sold 6.1 million shares of stock at $59.50 per share grossing $359 million to help fund its acquisition of a chunk of Hometown America LLC. As we reported here June 1, ELS acquired 31,167 home sites from …
The Banner Graphic reports from Putnam County, Indiana, that the Indiana Department of Homeland Security (IDHS) has 60 free weather radios it is planning to distribute to manufactured homes, the homebound and low income residents of the county. Kim Hyten, Putnam County Emergency Management director, said outside sirens cannot always …
Indiana County Distributing Free Weather Radios to MH Residents Read More
The May jobs report led the Dow to drop 97.29 points and end the week at 12,151.26, while most housing stocks also fell. Palm Harbor Homes rose 26.83 percent, while Cavco fell 2.95 percent, MSCI dropped 1.91 percent, Skyline Corporation fell 1.36 percent, ELS dropped .32 percent, Nobility Homes went …
Dow Falls on Bad Job News, Most Housing Stocks Fall Read More
Florida Today reports that nearly three years after Tropical Storm Fay turned Lamplighter Village, a manufactured home community in Melbourne, Florida, into a fishbowl up to four feet deep, $3.8 million of storm water improvements have been made. The storm dumped up to 30 inches of water in three days …
HousingWire reports another $42 billion in subsidies will be needed by Fannie Mae and Freddie Mac from 2012 to 2021, according to the Congressional Budget Office (CBO). In testimony before Congress this week, CBO said Fannie and Freddie have returned $24 billion, reducing the original $154 billion bailout to $130 …
Bloomberg reports that a division of Deutsche Bank of Frankfort, Germany, sued dozens of former shareholders and brokers of Chicago’s Tribune Company, alleging Sam Zell’s leveraged buyout (LBO) and subsequent bankrupting of Tribune was fraudulent, and just a way for the shareholders to line their pockets with $8.5 billion. In …
MHI Week in Review continues urging contacts with members of Congress to make revisions to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) that are of significant concern to the manufactured housing industry. These include: 1) high-cost mortgage triggers; 2) qualified mortgage criteria for small manufactured home loans; …
