Reuters reports that RealtyTrac says foreclosure filings in the first quarter fell to their lowest level since the first quarter of 2208, down 26.9 percent. Filings rose in March over February 6.5 percent, but were down from March 2010 34.7 percent. Lenders seized 6 percent fewer homes than in the …
HousingWire says the U.S. Senate Permanent Subcommittee on Investigations released a report about the recent financial crisis targeting the Office of Thrift Supervision (OTS) for regulatory failures, conflicts of interest and lack of oversight regarding risky financial products. Senators Carl Levin (D-Mich.) and Tom Coburn (R-Okla.) released the report, which …
The Dow moved up 7.41 percent to 12,270.99 on news of President Obama’s plan to trim the deficit by $4 trillion. Skyline Corp. lost 2.15 percent and Cavco was down .16 percent. Nobility Homes and Deer Valley remained unchanged. The Manufactured Housing Composite lost .78 percent to close at 1126.10.
American Banking & Market News reports that Sun Communities, Inc. (NYSE: SUI), which owns and operates 124 manufactured housing communities in the United States, reported earnings per share (EPS) of .78 cents for the previous quarter. This is .08 cents per share better than the same quarter in the previous …
The Durant Daily Democrat reports from Calera, Oklahoma, that David Strickland has purchased 25 acres in town and wants to develop a manufactured home community. He brought his preliminary plans to a Calera Council meeting in this southeastern Oklahoma town and addressed concerns of citizens about how it would look. …
The Chicago Tribune reports that the Four Seasons manufactured home community in Belvidere, Illinois, has not been the same since Beverly and Richard Roeschel moved there 11 years ago. After retiring from their jobs a few years ago, they turned their attention to the community, which has a number of …
Bob Nielsen, Chairman of the National Association of Home Builders (NAHB), responding to President Obama’s proposal in a speech today to limit the mortgage interest deduction (MID), said, “Home owners cannot afford higher taxes at a time when the housing market is struggling to recover and contribute to economic growth…. …
NAHB Chairman Refutes Limiting Mortgage Interest Deduction Read More
ChicoER reports the Board of Supervisors of Butte County, California, unanimously voted to not require manufactured housing to have fire sprinkler systems installed. Butte County Fire Chief George Morris said the systems are required under new state law to be installed in all new residences under the “state responsibility area.” …
NewYorkDailyNews says the Nehemiah housing program, shepherded by the East Brooklyn Congregations, is behind the development of 2,219 modular housing units being constructed in East New York, Brooklyn. In partnership with the city and developer The Related Companies LP, the affordable housing is part of a working and middle-class community …
Partnership Behind Modular Housing Project in Brooklyn Read More
The Dow dropped 117.53 points on report of pending job cuts at Cisco and renewed fears of nuclear leaks at Japanese nuclear plant to close at 12,263.58. Deer Valley lost 29.27 percent, Skyline Corp. fell 6.91 percent, Cavco lost 2.03 percent and Nobility Homes fell .56 percent. The Manufactured Housing …
The Santa Cruz Sentinel reports that Wesco Financial (AMEX: WSC), of Pasadena, California, will be acquired by Warren Buffett’s Berkshire Hathaway, Inc. Berkshire has offered $389.01 in cash and Berkshire stock for each of the 1.4 million shares of Wesco it doesn’t already own, a total of $551 million. Wesco …
Berkshire Hathaway to Complete Acquisition of Wesco Financial Read More
HousingWire says according to numbers released by the Bureau of Labor Statistics (BLS) and the Mortgage Bankers Association (MBA), the mortgage industry lost 257,000 jobs between Feb. 2006 and Feb. 2011, a 51 percent decline. Feb. 2010 to Feb. 2011, the decline in mortgage employment was 5.9 percent. The first …
CNNMoney reports that new rules proposed by federal regulators last week are intended to discourage risky investments, but will likely make credit even tighter. On home loans where banks receive less than 20 percent down payment, they will be required to keep five percent of the loans instead of selling …
RVBusiness says for the first nine months of fiscal 2011, Skyline Corporation sales were $114,224,000, an increase over the $95,535,000 for the same period fiscal year (FY) 2010. The company’s pre-tax loss for the first nine months of fiscal 2011 was $22,563,000, an increase over the pre-tax $17,789,000 loss in …
HousingWire says that Fannie Mae is trying to draw buyers to its HomePath properties by offering a 3.5 percent credit towards closing costs. These homes were obtained through foreclosure or forfeiture and are sold mostly “as is.” It must be a primary residence for the new owner, as these are …
GSE Offers Incentive to Purchase Distressed Properties Read More
Bloomberg reports that banking regulators have been communicating with state attorneys-general on new rules for mortgage servicers to follow when dealing with homeowners who are delinquent and may fall into foreclosure. These rules, called “consent decrees”, may be issued by regulators to a possible 14 servicers, including Bank of America …
Fed Regulators May Issue Decrees and Fines to Servicers Read More
The Dow gained just over a point to close at 12,381.11 in anticipation of first quarter corporate returns, while most housing stocks declined. Cavco lost 5.27 percent, Skyline Corp. was down 3.01 percent, and Nobility Homes lost .33 percent. Deer Valley remained unchanged. The Manufactured Housing Composite lost 4.04 percent …
Dow Gains Barely a Point, Housing Stocks Mostly Decline Read More
HousingWire reports that a settlement between the Federal Trade Commission (FTC) and two companies and three individuals yielded $2.2 million that will be refunded to homeowners allegedly swindled in a mortgage relief scam. The defendants falsely posed as having the authority to modify loans, and received fees up front from …
According to CNNMoney.com/Fortune, the rising prices of commodities, plus the glut of homes on the market with prices falling, will stem the tide of new home construction for several more years. Compared to a year ago, the price of lumber is 17 percent higher, copper is up 32 percent, and …
Statistics Point to Delay in Increased Home Construction Read More
The Salt Lake Tribune reports that when residents of Parkhill Mobile Estates community discovered their landlord had sold the land to a developer to build condos, they banded together, and eventually became the Parkhill Homeowners Cooperative Association (PHCA). The Salt Lake County Housing Authority (SLCHA) actually bought the land from …
