The Bank of America (BAC) has been ordered to pay nearly $1.3 billion for mortgage fraud committed by Countrywide before B of A bought out the mortgage broker during the financial crisis. The loans were initially made through a lending program called the “High Speed Swim Lane,” involving little or …
Bank of America Paying for Countrywide’s Mortgage Fraud Read More
In the worst trading day in three months on the stock market, the Dow Jones Industrial Average plummeted -304 points, -1.80 percent, to end the day at 16,576.36, while the Nasdaq dropped -93.13 points, -2.09 percent, to close at 4,369.77. Similarly, the S&P 500 fell -38.41 points, -1.95 percent, to …
Nobility Shines, AMG and Cavco Fall; Dow Drops over 300 Points Read More
The latest S&P/Case-Shiller Home Price Indices for May indicates a slowdown from a year ago. The ten-city composite gained 9.4% year-over-year and the 20-City 9.3%, down significantly from the +10.9% and +10.8% returns that were reported last month. In May the 10-and 20-City Composites notched gains of 1.1 percent, and …
MHProNews has been informed that Sun Communities, Inc. (NYSE:SUI) has agreed to acquire a portfolio (the “ALL portfolio”) of 59 manufactured home communities from Green Courte Partners, LLC (GCP) comprising over 19,000 homesites for approximately $1.32 billion, including the assumption of $560 million debt. Nearly 14,000 of the sites, 73 …
MHProNews has learned that Oliver Technologies Inc. (OTI), which provides components for the manufactured housing (MH) industry has moved into the former Southwestern ColorGraphics building in Keene, Texas, just south of Fort Worth. Headquartered in Hohenwald, Tennessee, OTI develops, manufactures and distributes foundation products for MH primarily throughout the Southwest. …
Oliver Technologies Opens Facility South of Fort Worth Read More
The Federal Reserve plans to trim its bond-buying program by $10 billion to $25 billion, down from a peak of $85 billion, as planned, but will keep interest rates low, according to what CNNMoney tells MHProNews. The news trimmed losses on the stock market, spurring the Nasdaq to end in …
Skyline Rises nearly 5 Percent; Nasdaq Nudges Up, Dow Slips Read More
A request to change zoning from manufactured housing to light industrial in Sapulpa, Oklahoma, forcing the closing of Rolling Hills Mobile Home Park and displacing the residents of the 33 homes was put on hold by the county commissioners until the Sept. 22 meeting. The owner of the property, Marty …
Developer wants to Close Manufactured Housing Community Read More
Following up on a story MHProNews last posted July 21, 2014, the hearing for Wyoming Homes owner David Valenti of Moosic, Pennsylvania included a set of new theft charges at his arraignment for the previous violations of the consumer protection laws, alleging he received down payments on modular homes that …
MHProNews has been informed that Freehold, NJ-based UMH Properties, Inc. (UMH) has completed the acquisition of two Ohio manufactured housing communities (MHCs) for $5,400,000, according to marketwatch.com. With an average occupancy of 91 percent, the all-age communities contain a total of 258 developed homesites set on 40 acres. The public …
Southern Energy Homes (Sehomes), a subsidiary of Clayton Homes, reports it has moved from its facility in Double Springs, Alabama and hired 270 people at its new 176,000 facility in Russellville, Ala. where it will average 1,500 manufactured homes per year. With plans to hire an additional 50-75 workers, the …
Southern Energy Homes opens New Manufacturing Facility Read More
Stocks were relatively quiet in trading today as all three major indexes fell less than one half of one percent. The Dow Jones Industrial Average nudged down -70.48 points, -0.42 percent, to close at 16,912.11, while the Nasdaq slipped -2.21 points, -0.05 percent, to end at 4,442.70. The S&P 500 …
Drew Advances, Nobility Falls Back; Dow, Nasdaq, S&P 500 Slip Read More
Patrick Industries, Inc. (PATK) reports net sales for the second quarter of 2014 hit $188 million, an 18 percent increase over the same period in 2013, and net income per diluted share of $0.86 as compared to $0.70 for Q2 2013. President and CEO Todd Cleveland says manufactured housing (MH) …
Cavco Industries, Inc. (Nasdaq:CVCO) will release its financial results for Q1 2015 on Thurs., July 31 after the close of the market, as MHProNews has learned from money.cnn.com, followed by a webcast the next day at 12:00 PM eastern time with discussion of the results led by senior management. Headquartered …
Following three months of gains, the National Association of Realtors (NAR) informs MHProNews the Pending Home Sales Index (PHSI) for June slipped 1.1 percent to 102.7 from 103.8 in May, and is 7.3 percent below June 2013. The average remains above 100, which is considered an average level of activity, …
Mergers of two online housing data giants and two dollar store retailers did not spur stock markets in today’s trading as investors stay tuned to Q2 GDP numbers due out this week, as well as the July jobs report and news from the Federal Reserve’s policy committee meeting, also on …
Skyline Spikes, LPX Drops; Dow, Nasdaq, S&P Barely Move Read More
With revenue up 15.2 percent compared to the second quarter last year, Sun Communities, Inc. (NYSE:SUI) reports earnings per share of $0.78 beat analysts’ estimate of $0.76 by $0.02 for Q2 2014. Earnings per share for Q2 2013 were $0.69 per share, as watchlistnews.com informs MHProNews . The company’s $115.40 …
A six-story, 77 unit modular apartment building has been built in Perth, Australia in ten days for $22 million, according to propertyobserver.com.au. The one-and-two bedroom apartments represent a cost savings of 12 percent, with 50 percent less waste and 30 percent more energy efficiency in construction. With units starting at …
First Modular Apartment Building in Perth, Australia Read More
In an attempt to determine the most cost effective and energy efficient home, the U. S. Department of Energy (DOE) is sponsoring a performance test administered by the Systems Building Research Alliance (SBRA), using three separate test homes built by Southern Energy Homes (Sehomes), each at a different level of …
Clayton Subsidiary Testing Homes for Energy Efficiency Read More
MHProNews has learned from insidehalton.com the Canadian Manufactured Homes Institute (CMHI) reports eleven percent of new single-family homes in 2012 were factory built homes, just one percent off an historic high of 12 percent the previous year. The CMHI envisions eco-conscious consumers see off-site home construction as a green way …
Factory-made Home-building Falls One Percent in Canada Read More
The National Association of Home Builders (NAHB) tells MHProNews data from the U. S. Census Bureau and the U. S. Department of Housing and Urban Development (HUD) reports the sale of newly-built single-family homes dropped 8.1 percent to a seasonally-adjusted annual rate (SAAR) of 405,000 in June. In addition, sales …
