American Banker reports Richard Cordray, head of the Consumer Financial Protection Bureau (CFPB), stated the agency will not mandate a 20 percent down payment in new underwriting rules for low-risk loans. Testifying before the Senate Banking Committee Sept. 13, he was responding to a question about the CFPB’s qualified mortgage …
RVBusiness reports a copyright dispute has spawned a lawsuit, and countersuit, between two manufactured home producers, Cavco Industries, Inc. and Champion Home Builders, Inc. Phoenix-based Cavco and its Palm Harbor Homes (PHH Liquidation Trust) division filed the initial copyright lawsuit in federal court, alleging Champion violated the copyright law and …
menafn says MHC owner Equity LifeStyle Properties, Inc. (ELS) declares all shareholders of its 8.034% series A cumulative redeemable perpetual preferred stock will receive a redemption notice entitling them to receive $25 per share for outstanding shares as of Oct. 18, 2012. In addition, shareholders will receive 0.094846 in unpaid …
Renewed concerns about the European debt crisis and global economic slowdown kept investors on the sidelines in today’s trading. CNNMoney says investors are more interested in the new iPhone due out Friday, as the three major indexes barely moved. The Dow Jones Industrial Average inched up +0.09percent, +11.54 points, to …
Prairiebizmag reports Red Lake Falls, Minnesota based Homark Homes is building two dormitory-style man camps for a Goldcorp, Inc. gold mine near Musselwhite, Ontario, Canada. Built to house 76 workers, each building consists of 16 modular units connected to form a two-story residence hall 28 feet wide by 282 feet …
CNNMoney reports trading was light Monday as investors continue to digest the Federal Reserve’s decision to stimulate the economy coupled with Rosh Hashanah, the start of the Jewish New Year. All three major indexes remained unchanged. The Dow Jones Industrial Average was 13,553.10, the Nasdaq stayed at 3,178.67, while the …
Skyline, Louisiana Pacific Active as Three Indexes Snooze Read More
Marking the fastest sales pace since Dec. 2007, HousingWire reports home sales in Chicago’s seven county region in August picked up, with properties spending only 139 days on the for sale market as opposed to 165 days in Aug. 2011, according to REMAX. August 2012 home sales rose nearly 27 …
RVBusiness reports Elkhart, Indiana-based Patrick Industries has acquired Creative Wood Designs, Inc. of Ligonier, Ind. for $5.7 million, which includes a contingency payment based on future performance. With expected revenues for 2012 of $18 million, Creative Wood Designs produces hardwood furnishings and trim for the recreational vehicle industry, and marks …
The Federal Reserve announced it will buy $40 billion of mortgage-backed bonds each month for as long as it deems necessary to stimulate the economy, and the three indexes responded with smiles, each posting somewhat modest gains. CNNMoney reports the Dow Jones Industrial Average advanced +0.40percent, +53.51 points, to end …
Housing Composite, Tracked Housing Stocks all Smiling Read More
gigaom reports modular home producer Blu Homes has raised $60 million through global equity investment fund manager Skagen Group of the Netherlands. Blu bought the intellectual property rights and modular designs from Michelle Kaufmann Designs last year after that company closed its doors in 2009. As MHProNews reported Jan. 16, …
therealdeal informs MHProNews that Sam Zell, CEO of Equity Lifestyle Properties, Inc. has taken the helm of Equity International in the wake of the sudden departure of its CEO and co-founder Gary Garrabrandt, and chief strategic officer Thomas McDonald. Equity International primarily invests in or buys existing real estate companies …
Sudden Resignations Put Zell Back in Driver’s Seat Read More
The Federal Reserve’s new bond-buying plan shook the cobwebs loose from the stock market, rallying the Dow and the S&P to their highest closing levels since Dec. 2007, and the Nasdaq rose to its highest point since Nov. 2002. CNNMoney reports the Dow Jones Industrial Average spiked 1.55 percent, 206.51 …
All Three Indexes Rally Big; Housing Stocks close Mixed or Even Read More
originationnews reports banks under the $10 billion threshold for compliance with the ever-shifting Dodd-Frank Act are unsure of which aspects of the measure apply to them, and are outsourcing because their own IT departments cannot keep track of the provisions that are delayed and/or rewritten. Cashmere Valley Bank in Washington …
nationalmortgagenews (NMN) tells MHProNews the Mortgage Bankers Association (MBA) says mortgage applications jumped 11 percent for the week ending Sept. 7 after several weeks of decline. Noting the holiday may have given potential borrowers an extra day to apply online, the trade group says refinancings accounted for 80 percent of …
Benzinga says UMH Properties, Inc. has announced it has acquired two manufactured housing communities in Ohio for $5.9 million, bringing their ownership of MHCs to 55 communities comprised of approximately 10,400 homesites. The 280 sites, situated on 62 acres, average 89 percent occupancy. UMH President Samuel A. Landy says the …
oaoa reports the Odessa, Texas City Council approved plans for a 100 acre, 1,000 plus homesite manufactured housing community to ease the shortage of housing in the city. Odessa Mayor Larry Melton says, with rental rates going through the ceiling, “It’s a temporary solution to an existing problem,” adding the …
FloridaToday reports Deland, Florida-based ConSol International, LLC is shipping eight modular homes from Port Canaveral to an indigenous First Nation community in Labrador, part of Newfoundland on the Atlantic Coast of Canada. Con Sol’s co-owner Chris Wallington says he typically uses the Port of Jacksonville, to ship his modular homes, …
Joe Kelly, executive vice-president of the Iowa Manufactured Housing Association (IAMHA), informs MHProNews that the Iowa Department of Revenue has notified local governments that land lease communities are not structured to qualify as co-ops under Iowa Code 499A. As a residential classification, co-ops pay only about half the taxes of …
After falling to 13,320 earlier in the day and then climbing quickly to just over 13,360, CNNMoney says the Dow Jones Industrial Average finally settled for a very modest gain of +0.07 percent, +9.99 points, to end hump day at 13,333.35. The Nasdaq edged up +0.32 percent to 3,114.31, while …
Nobility Spikes; Housing Composite, other Tracked Stocks Move Little Read More
From Canada, TumblerRidgeNews in north east British Columbia tells MHProNews Triland International is building a series of modular duplexes in Tumbler Ridge, the first major new housing project in that area. The top housing unit will have two bedrooms and two baths, while the bottom dwelling will feature three bedrooms …
Modular Homes from Idaho going to Northern British Columbia Read More
