CNNMoney.com/Fortune report that while deposits increased at three of the four largest banks, loan balances dropped in what the banks called recovery from the housing crisis. Loans declined seven percent over the last year, while deposits at the four largest increased five percent. Citibank’s (NYSE:C) loans are down 13 percent …
Banks Swimming in Cash, Few Borrowers Getting a Drink Read More
CNNMoney says although existing home sales increased 3.7 percent in March over February, sales were down 6.3 percent from March 2010. Compared to a year ago, the median home price fell 5.9 percent. New home construction permits increased slightly in March, but according to the National Association of Realtors (NAR), …
According to the Sacramento Bee in California, the Manufactured Housing Institute (MHI) reports that UMH Properties Inc. (a real estate investment trust, REIT, in New Jersey) has agreed to pay an estimated $13.3 million for a trio of manufactured home communities in Tennessee with an average occupancy rate of about …
The Herald and News says modular home builder Integrated Building Systems (IBS) in Klamath Falls, Oregon, has been acquired by OneBuild, Inc., of Seattle. OneBuild also specializes in modular home construction, and plans to expand production in the Klamath Falls factory in southern Oregon, and add 30 construction-related jobs to …
Modular Builder in Seattle Acquires Counterpart in Oregon Read More
Airdrie City View of Alberta, Canada, reports a proposed 2,000 homesite, adult manufactured home community nearly ten years in the planning has been voted down by the Rocky View County councilors after almost five hours of debate. Initially approved by the councilors in 2002, the development was to include a …
The National Association of Home Builders(NAHB)/Wells Fargo Housing Market Index (HMI) released a report saying builder confidence slipped in April one point to 16. Now in its 20h year, the HMI comes from builders’ projections for the next six months based on inquiries and traffic. A score over 50 indicates …
According to PRNewswire, Drew Industries (NYSE:DR) will release its first quarter financials May 2, 2011, before the stock market opens. At 11:00 AM ET that morning, this manufacturer of doors, windows, chassis, and bath and shower components for the manufactured housing industry will host a conference call to discuss the …
HousingWire reports Citigroup decreased its troubled-mortgage portfolio by 45 percent over the first quarter a year ago, to $7.8 billion. Of the $5.3 billion converted to modification loans, 75 percent were through the Home Affordable Modification Program (HAMP). The redefault rate of the HAMP loans is 10 percent lower than …
Citigroup Shedding Delinquent Loans, but Losses Still Mount Read More
The Muskogee Phoenix says borrowers in Muskogee County, Oklahoma, may have a harder time finding financing for a manufactured home than in nearby Wagoner County where the annual median income is higher by $20,000. Chris Condley of First National Bank in Muskogee says for every ten lenders available for traditional-built …
Getting MH Financing Remains Tough, Even for Quality Construction Read More
Crain’s Detroit Business reports Champion Homes of Troy, Michigan, has inked a national business deal with Whirlpool Corporation (NYSE:WHR) of Benton Harbor, MI to outfit their manufactured and modular homes with the appliance producers home appliances. Whirlpool signed a similar agreement with home stick-builder Pulte Group last year. The appliance …
Champion Homes Signs Single Provider Deal with Whirlpool Read More
Phillyburbs reports 512 inmates will be moving into new modular units at the Montgomery County Correctional Facility just west of Philadelphia. Built by NRB USA in Ephrata, Pennsylvania, each of the four units will contain 128 inmates, in four, 32 inmate dormitory-style pods, four beds in each cubicle. The modular …
The Wall Street Journal reports that construction of temporary housing is just beginning in the tsunami/earthquake ravaged north of Japan, with 4337 modular units having been built so far. Australian companies have been meeting with officials of the Japanese Embassy to develop a plan to provide some of the 30,000 …
Australian Companies Bidding on Modular Units for Japan Read More
BusinessWire reports that the Dublin-based Research and Markets firm has added manufactured housing (MH) to the list of industries included in its reports. The article says the $3 billion MH industry comprises 200 companies, but is dominated by eight firms accounting for 60 percent of revenue. Four of the largest …
Irish Research Firm Now Includes MH in Industry Reports Read More
HousingWire says according to Standard & Poor’s, the new risk retention rule will produce more stable mortgages in the long run, but the immediate effect will continue to suppress the housing market. Federal regulators are proposing banks maintain a five percent risk in all loans that do not meet the …
New Risk Retention Rule Could Prolong Housing Agony Read More
The New York Times reports that the 52 week change in the price of stock for Nobility Homes was minus 12.50 percent. That number for Skyline Corporation was minus 2.52 percent, but for Cavco it was plus 20.64 percent. The 52-week percent change for Deer Valley was not available, but …
LJWorld reports that modular home retailer Webster’s, Inc., in Lawrence, Kansas, is closing after 44 years in business. Jonathan Becker, attorney for Webster’s, said that University National Bank called in its note on the company’s financing. He said the bank has been under federal regulatory control to straighten out some …
Modular Dealer Closes Suddenly after Bank Calls in Note Read More
Reuters reports that RealtyTrac says foreclosure filings in the first quarter fell to their lowest level since the first quarter of 2208, down 26.9 percent. Filings rose in March over February 6.5 percent, but were down from March 2010 34.7 percent. Lenders seized 6 percent fewer homes than in the …
American Banking & Market News reports that Sun Communities, Inc. (NYSE: SUI), which owns and operates 124 manufactured housing communities in the United States, reported earnings per share (EPS) of .78 cents for the previous quarter. This is .08 cents per share better than the same quarter in the previous …
The Santa Cruz Sentinel reports that Wesco Financial (AMEX: WSC), of Pasadena, California, will be acquired by Warren Buffett’s Berkshire Hathaway, Inc. Berkshire has offered $389.01 in cash and Berkshire stock for each of the 1.4 million shares of Wesco it doesn’t already own, a total of $551 million. Wesco …
Berkshire Hathaway to Complete Acquisition of Wesco Financial Read More
HousingWire says according to numbers released by the Bureau of Labor Statistics (BLS) and the Mortgage Bankers Association (MBA), the mortgage industry lost 257,000 jobs between Feb. 2006 and Feb. 2011, a 51 percent decline. Feb. 2010 to Feb. 2011, the decline in mortgage employment was 5.9 percent. The first …
