The Federal Housing Administration (FHA) has revised the loan limit ceiling for single-family mortgages in 2014, reducing it to $625,000 from $729,750. The change will result in approximately 650 counties having lower limits, according to what dsnews.com reports from the Department of Housing and Urban Development (HUD). For low-cost housing …
The Virginia Manufactured and Modular Housing Association (VMMHA) informs MHProNews the implementation of Dodd-Frank regulations by the Consumer Financial Protection Bureau (CFPB) that negatively impact the manufactured housing industry will not be delayed as requested by members of the U. S. Senate. CFPB Director Richard Cordray sent a letter to …
Consumer Financial Protection Bureau Rejects Delaying Dodd-Frank Read More
The Consumer Financial Protection Bureau (CFPB) is getting feedback from lenders regarding the Qualified Mortgage (QM) rule, and while it may alter some of the guidelines down the road, it will wait until lenders adjust to the new set of guidelines. Speaking to a Women in Housing and Finance gathering, …
Qualified Mortgage Guidelines will not Change Initially Read More
A budget deal coming out of Washington gives investors more concern that the Federal Reserve will begin tapering its quantitative easing sooner rather than later, causing the three major indexes to tumble in today’s trading. CNNMoney reports the Dow Jones Industrial Average fell -129.60 points, -0.81 percent, to close at …
Tracked Housing Stocks All Drop or Close Even; Three Major Indexes Fall Read More
The National Association of Home Builders (NAHB) Chairman Rick Judson issued a statement applauding the confirmation of Rep. Mel Watt to head the Federal Housing Finance Agency (FHFA), MHProNews has learned. Noting his experience working on housing issues as a member of the House Financial Services Committee for almost two …
Rep. Mel Watt Chosen to Lead the Federal Housing Finance Agency Read More
The first multifamily modular housing apartment units to hit Long Island’s (New York) Nassau County received a grand opening last week. The 29-unit gated community in Hempstead, NY, Village Lofts has one-and two-bedroom units, some at market rates and some moderately priced. Built by Clayton Homes, the apartments feature high-tech …
As MHProNews posted Aug. 8, 2013, New York City has 17 modular housing projects currently under way. The largest of them, the 32-story, Forest City Ratner’s B2, comprised of 930 steel-framed units, will see the first modules arrive Thursday, Dec. 12, according to DNAinfo.com. Of the 363 apartment units, half …
A Nashville, Tennessee man has been convicted of seven counts of bank fraud for submitting false invoices from a modular home manufacturer based on down payments that were not in fact received, and then misrepresenting the status of construction of the homes. Keith Churn made false statements to the bank …
Man Churns Waters of the Secret Service, Faces Jail Read More
According to fireengineering.com, GreenWorld Restoration has received a contract from the Texas General Land Office (GLO) for Modular and Alternative Housing as one of the vendors to rebuild 12,000 homes following the destruction from Hurricanes Ike and Molly and the Texas wildfires. GreenWorld utilizes a metal stick framed interlocking wall …
Investors hit the pause button on the Big Board today as they await word next week from the Federal Reserve. CNNMoney reports the Dow Jones Industrial Average slipped -52.4 points, -0.33 percent, to close at 15,973.13. The Nasdaq fell -0.20 percent, -8.26 points, to finish at 4,060.49, while the S&P, …
Three Major Indexes, Most Tracked Housing Stocks Fall Read More
MHProNews has learned from blueridgenow.com as of Jan. 1, 2014 that the North Carolina sales tax on manufactured homes will increase from two percent to the general rate of 4.75 percent, and on modular homes from 2.5 percent to 4.75 percent. Neil Carter, owner of Carter’s Homes in Fletcher says …
New Sales Tax will Raise the Price of Manufactured, Modular Homes Read More
Bloomberg businessweek reports a study by the Joint Center for Housing Studies at Harvard University has determined the availability of less expensive apartments has not kept up with demand. This has lead an added 2.5 million people in four years to pay over 50 percent of their income for housing—28 …
The better-than-expected jobs report on Friday and the merger of American Airlines with US Airways continues to buoy the market, as all three major indexes edged up in today’s trading. CNNMoney reports the Dow Jones Industrial Average gained 5.52 points, +0.03 percent, to close at 16,025.53. The Nasdaq advanced +0.15 …
Three Major Indexes Edge Up; Tracked Housing Stocks Mixed Read More
MHProNews has learned overall sales of homes in the Coeur d’Alene Multiple Listing Service (MLS) are up 33 percent over 2012, although some rural areas are showing increases of 70 to 75 percent. The sales of newly-built homes doubled year-over-year, while foreclosures and short sales made up half of total …
The Board of Supervisors of Lakeport, California will hold a public hearing regarding Caritas Affordable Housing Inc.’s acquisition of Sterling Shore Estates Manufactured Housing Community. According to what lakeconews.com tells MHProNews, the board will also consider a joint exercise of powers agreement between the county and the California Municipal Finance …
Supervisors to Consider Acquisition of Land Lease Community Read More
Custom modular home builder Excel Homes, a subsidiary of Innovative Business Solutions of Wexford, Pennsylvania, has purchased Keiser Homes of Oxford, Maine to accommodate growing demand in the Northeast. Excel employs over 800; Keiser has about 100 employees. According to mainebiz.biz, Excel has built more than 28,000 homes since its …
The number of people looking to buy a home in November dropped seven percent from October, but it was less than the 11 percent drop for the same period last year, according to what Redfin tells nationalmortgagenews. Meanwhile, eleven percent fewer people signed offers in Nov. over Oct., but an …
Potential Home Buyers Shift Attention to Holiday Shopping Read More
The better-than-expected November jobs report spurred the Dow to gain nearly 200 points following a week of losses, even though it may mean tapering of the Federal Reserve’s stimulus activity. CNNMoney reports the Dow Jones Industrial Average gained 198.69 points, +1.26 percent, to close at 16,020.20. The Nasdaq advanced +0.73 …
Jobs Report Spurs Major Indexes and Tracked Housing Stocks Read More
MHProNews has learned from cpexecutive.com Bethesda, Maryland-based Beech Street Capital has refinanced eight manufactured housing communities for $158 million through Fannie Mae. Chad Thomas Hagwood of Beech St. says, “The refinance has enabled Beech Street to provide affordable housing in relatively high-cost markets.” The seven-year, fixed-rate loans have a 10-year …
Beech St. Capital Refinances Manufactured Home Communities Read More
The National Modular Housing Council (NMHC) reports 3,840 new modular homes were shipped in the third quarter of 2013, an increase of 0.8 percent from the same quarter in 2012. Compared to Q3 2012, 16 states showed increases in shipments for Q3 2013, 17 experienced decreases and one state had …
