Due to rising balances on mortgages, student loans and auto loans, total indebtedness increased by $127 billion, 1.1 percent, over the previous quarter, according to the New York Federal Reserve. A slowdown in foreclosures—the lowest level since the end of 2005—helped offset a drop in mortgage originations, as did a …
Consumer Debt Rises; Foreclosures, Delinquencies Fall Read More
A couple in Ripley, West Virginia have sued CMH Homes, Inc. dba Freedom Homes No. 642 in Jackson County Circuit Court for allegedly selling them and installing a defective manufactured home that they could not use as intended. While wvrecord.com does not specify the nature of the damage, MHProNews has …
According to data collected by Zillow, homes listed for sale nationwide sold a month faster in September, 2013 than in Sept. 2012, falling from 116 days to 86 days. Covering the 30 largest metro markets, where homes sold faster this Sept. compared to last, homes that moved the fastest and …
Federal Reserve Chair nominee Janet Yellen said she will continue to support the economy with stimulus measures, which sent the three major indexes up modestly, but sufficiently to spur the Dow and S&P to new highs. CNNMoney reports the Dow Jones Industrial Average gained +54.59 points, +0.35 percent, to finish …
Manufactured Housing Composite Plummets; Tracked Housing Stocks Mixed Read More
As part of the Hurricane Sandy rebuild effort, New Jersey-based Statewide Custom Modular Homes is having seven modular homes supplied by Nationwide Homes of Virginia, all using Eco Red Shield Lumber. As MHProNews has learned from wsj.com., Eco Building Products, Inc. manufactures treated wood products that are protected against fire, …
Avalon Properties has brought in 100 new and remodeled manufactured homes to Desert Mountain Estates, a manufactured housing community it bought when it contained ten dilapidated factory-made homes and a history of police runs because of criminal activity. Located outside Alamogordo in south central New Mexico, the community is owned …
Manufactured Housing Community Restored in New Mexico Read More
Joe Kelly, executive vice president of the Iowa Manufactured Housing Association (IMHA), noting the importance to the manufactured housing industry of HR 1779, exhorts members to contact their representative in Congress to support the bill. He tells MHProNews Iowa only has four representatives in the House, and of those, Representatives …
Following up on a story MHProNews posted Nov. 4, 2013 regarding the increase in production of manufactured homes in Sept. 2013, the seasonally adjusted annual rate was 59,771, an increase of 0.7 percent from the adjusted rate in August of 59,352. The Manufactured Housing Institute (MHI) says 122 plants reported …
Manufactured Home Production Facilities Remain Stable Read More
The 901 homesite Tri-Star Estates manufactured housing community in Kankakee, Illinois was purchased in April, 2013 by Santefort Real Estate Group for $13 million after prior owner, Capital First, declared bankruptcy in Nov. 2010. Brian Gallagher, chief operating officer (COO) for Santefort, says, “We have a tremendous amount of work …
While investors try to determine when the Federal Reserve will begin tapering its monetary support, the Dow rose steadily during the trading day as the S&P hit a new high. CNNMoney reports the Dow Jones Industrial Average gained +70.96 points, +0.45 percent, to finish the day at 15,821.63. The Nasdaq …
S&P Hits New High; Most Tracked Housing Stocks Gain Read More
According to Zillow Mortgage Marketplace, the 30-year fixed rate mortgage (FRM) rose 17 basis points in the week ending Nov. 12 to 4.44 percent. The rate moved up due to the government’s strong jobs numbers and better-than-expected growth in the gross domestic product (GDP). The Mortgage Bankers Association (MBA) reports …
The recovery of the housing market is still a long ways off, according to CNBC.com, noting people who rushed to buy this summer will realize they have made a “grave mistake.” Existing home sales were down 1.9 percent in Sept., and revised figures for August, which is often the last …
The latest Zillow Home Price Expectations Survey reveals home values have been rising quickly this year and will end at 6.7 percent over 2012. The next five years will see that rise cool off, falling to 4.3 percent appreciation in 2014 and 3.4 percent by 2018. Zillow Chief Economist Dr. …
A report from government-service enterprise (GSE) Freddie Mac indicates of all the borrowers refinancing Freddie loans in Q3 2013, 37 percent chose shorter loan terms, a five percent increase from the previous quarter and the highest level recorded since 1992. According to housingwire, 32 percent of HARP (Home Affordable Refinancing …
Stock analyst seekingalpha.com says the two sources of revenue for component supplier Drew Industries are manufactured homes (MH) and recreational vehicles (RV), and suggests the company move away from the MH industry because it does not offer future growth. Noting half of the RV revenue derives from sales of chassis …
Drew should Diversify away from Manufactured Homes Components Read More
In its Mortgage Credit Availability Index, the Mortgage Bankers Association (MBA) reports the index edged up 0.7 percent to a score of 111.5 in October after declining in Aug. and Sept., suggesting mortgage credit may be loosening. Ellie Mae’s president and chief operating officer, Jonathan Corr, says, “ We have …
While all three indexes fell throughout most of the day, all three are up over 20 percent on the year, thanks to the bond-buying program of the Federal Reserve. CNNMoney reports the Dow Jones Industrial Average dropped -32.49 points, -0.21 percent, to finish the day at 15,750.67. While the Nasdaq …
Tracked Housing Stocks Close Mixed; Three Major Indexes Down or Flat Read More
New York City-based Resolution: 4 Architecture has built over 60 custom modular homes, saying, “Rather than invent a new manufacturing process, our research focused on existing commercial methods of residential prefabrication.” Their only boundaries being the laws governing transfer of the modules along state roads and the abilities of the …
Rafferty Capital’s Dick Bove says the Dodd-Frank Act, which went into effect in 2010, was intended to pave the way for lower income borrowers to obtain mortgages, but large banks are being shut out of that market, once again leaving those of modest means fewer options for borrowing money. He …
Dick Bove: Dodd-Frank Shutting out Low Income Borrowers Read More
While supporting housing finance system reform, the National Association of Home Builders (NAHB) reiterates that reform must include 30-year, fixed-rate mortgages as well as mortgage financing for multifamily housing. “There are serious doubts on whether a private housing finance system would be capable of supporting this type of product without …
National Association of Home Builders to Congress: Retain 30-Year Mortgage Read More
