West Virginia Public Broadcasting recorded two voices from the manufactured housing industry in West Virginia. A 23-year veteran in the business, and now the general manager of Freedom Homes in Raleigh County, Rocky Mills says several of his competitors have gone out of business because of the rough economy. He …
MH Pros in West Virginia Say Industry Is Toughing it Out Read More
Following up on an article we published here May 18, Benzinga reports ATCO Structures and Logistics (ATCO) has been awarded a second contract for building a modular workforce community on Curtis Island, Queensland, in Australia. The Gladstone Liquefied Natural Gas (GLNG) project will have 336 modular housing units, including recreational …
The Langley Advance reports one of the largest modular and manufactured housing firms in Canada is being sold to Western One Equity Income Fund for $93 million. Britco, of British Columbia, which supplied the Winter Olympics with the Whistler Village modular units, will become part of a public company that …
Business Wire says T.J.T., Inc., is closing its Platteville, Colorado, operation which served manufactured housing plants in a tri-state area with recycled axles, running gear and tires. Many of the plants have either closed or reduced housing production. T.J.T., established in 1977, is moving its collection and distribution operation to …
HousingWire reports that rents rose in 21 out of 44 markets analyzed from a year earlier, indicating that investors are being dawn to commercial real estate. Commercial mortgage-backed securities (CMBS) amounted to nine billion dollars the first four months of the year, and expected to hit $40 billion by year’s …
Inside Business from Australia reports that there is a shift from modular home building in rural areas to inner urban, now accounting for 40-50 percent of the new modular construction, but lending institutions are skeptical about financing. Jan Gyrn, managing director for Modscape, says they have experienced 300 percent growth …
Modular Housing Growing but Facing Financing Challenges in Australia Read More
Origination News reports different lenders have creative incentives to help deplete the glut of affordable houses on the market. Fannie Mae is offering 3.5 percent closing cost assistance for Fannie’s Owned HomePath Property loan as long as the deal is sealed before June 30, 2011. The borrower must use it …
Lenders Offering Different Incentives to Draw Borrowers Read More
Michael Stoler reports in The New York Observer that a partnership led by The Carlyle Group and Crown Acquisitions is selling part of the first and second floor retail space at 666 Broadway in New York City that it bought in 2008 for $525 million. Valued at $6,187 per square …
HousingWire reports the Department of Housing and Urban Development (HUD) will accept a $1.2 million fine from U.S. Bank (NYSE:USB) for failing to meet Federal Housing Administration (FHA) underwriting standards for 27 mortgages issued in 2003 and 2004. U.S. Bank did not admit any wrongdoing. FHA prohibits including any type …
U.S. Bank Fined for Mortgage Underwriting Violations Read More
CityBizlist of Charlotte/Raleigh, North Carolina says that Horizon Land Company of Crofton, Maryland, has closed a $1.15 million sale of shares to 14 investors of Winston Salem Investments. Meanwhile, CityBizList of Maryland reports, according to a filing with the U.S. Securities and Exchange Commission (SEC), that Carolina Village MHP (Mobile …
The Sacramento Bee reports in PRNewswire that UMH Properties, Inc. (NYSE Amex:UMH), is making a public offering of 1,000,000 shares of Series A Cumulative Redeemable Preferred Stock. The underwriters, J.P. Morgan Securities LLC, may also purchase up to 150,000 shares of the stock under a 30-day over-allotment option. UMH is …
The Times & Transcript reports from the province of New Brunswick, Canada, that the Kent Homes plant in Bouctouche, New Brunswick, is creating 70 jobs under a $500,000 payroll rebate from the provincial government. This will bring the total workforce to 250 with a payroll of $9 million a year. …
The Nottingham News from Central England says Nottingham College and Eco-Modular Housing, Ltd, have collaborated to build a fully furnished modular home on the campus to teach students low carbon home construction. Made from old shipping containers, the prototype was completed from setting the base to turning on the power …
British Company Building Modular Homes from Shipping Containers Read More
Zacks reports that Encore Wire Corporation (NASDAQ:WIRE), which makes a variety of interior copper wire for manufactured housing, apartment, home building, and commercial industries, has managed to prosper in spite of the housing crunch, even outpacing Zacks’ expectations. Eighty percent of its revenues are from non-residential building. The spread between …
Zacks reports that SmarTrend says of the five companies in the home building industry with the highest Price to Last Quarter Annualized (LQA) Sales ratios, Cavco Industries (NASDAQ:CVCO) ranks third with a Price LQA Sales of 1.46x. The formula is used to compare comparable companies and the lower the ratio, …
Cavco is Undervalued According to SmarTrend Analysis Read More
Bloomberg reports that Trulia, Inc., and RealtyTrac, Inc., say a survey of American homeowners and renters reveals that 54 percent do not expect the housing market to recover before 2014, an increase from 34 percent in November. According to 45 percent of the respondents, the government is not working hard …
Survey of American Residents Echos the Experts: Housing Market Floundering Read More
EIN Presswire reports that ATCO Structures and Logistics (ATCO) has been chosen to provide 800 modular housing units for the Queensland Curtis Liquefied Natural Gas (QCLNG) Project to be built on Curtis Island, Queensland, in Australia. ATCO was chosen by the engineering giant, Bechtel Corporation, to provide the temporary accommodations …
Forbes reports that A. Gary Shilling says avoid thinking the housing market is the key to economic recovery. The housing market continues to flounder because like any goods-driven sector of the economy, the supply outweighs the demand, which pushes prices downward. There is a surplus of 2 to 2.5 million …
Housing Analyst Predicts Turnaround Still Several Years Out Read More
According to HousingWire, the Commerce Department says on a seasonally-adjusted basis, housing starts fell nearly 24 percent from 687,000 in April of last year to 523,000 this past April. Month-to-month housing starts fell 10.9 percent, March to April this year. Analysts had expected a range of 530,000 to 583,000 homes …
Benzinga reports Sam Zell, Chairman of Equity Group Investments, and parent company of Equity Lifestyle Properties (NYSE:ELS), the largest Land Lease Community (LLC) owner in the nation, says the Obama administration has deliberately hampered growth in the business community by sending mixed signals. Noting we are contributing to inflation in …
Sam Zell Sees Inflation Rising, Columbia as Good Growth Potential Read More
