CNNMoney reports that new rules proposed by federal regulators last week are intended to discourage risky investments, but will likely make credit even tighter. On home loans where banks receive less than 20 percent down payment, they will be required to keep five percent of the loans instead of selling …
RVBusiness says for the first nine months of fiscal 2011, Skyline Corporation sales were $114,224,000, an increase over the $95,535,000 for the same period fiscal year (FY) 2010. The company’s pre-tax loss for the first nine months of fiscal 2011 was $22,563,000, an increase over the pre-tax $17,789,000 loss in …
Bloomberg reports that banking regulators have been communicating with state attorneys-general on new rules for mortgage servicers to follow when dealing with homeowners who are delinquent and may fall into foreclosure. These rules, called “consent decrees”, may be issued by regulators to a possible 14 servicers, including Bank of America …
Fed Regulators May Issue Decrees and Fines to Servicers Read More
According to CNNMoney.com/Fortune, the rising prices of commodities, plus the glut of homes on the market with prices falling, will stem the tide of new home construction for several more years. Compared to a year ago, the price of lumber is 17 percent higher, copper is up 32 percent, and …
Statistics Point to Delay in Increased Home Construction Read More
Zacks reports that Universal Forest Products, a Michigan supplier of wood and other building materials to the manufactured housing industry, lost .12 cents a share in the fourth quarter of 2010, as opposed to .03 cents a share loss for the same quarter of 2009. The analysis suggests the loss …
Zacks says Cavco Industries (NASDAQ: CVCO) is one of five companies in the home-building industry that offers the least risk and more stable return on investment. SmarTrend ranks Cavco second with a beta rating of 1.15, and says since it issued an upturn on the stock Feb. 17, its value …
According to Bloomberg, shipments of manufactured houses rose to a seasonally-adjusted rate of 45,000 for January, an increase of 5,000 over December. Dealer inventory was down by 1,000 units to 22,000 for the same period, and placements declined from 47,000 to 36,000 units, all seasonally-adjusted rates. The average sales price …
As a follow-up to a story posted here on March 24 about steel shipping containers transformed into homes by a New York firm, The Providence Journal reports a consortium of government, academia and business elements are combining forces to convert old shipping containers into homes, much like a modular unit. …
Collaboration Converting Shipping Containers into Homes Read More
Chicago, IL. Allegations have been circulating by email that Sterling Estates in Justice, IL will be closed as a manufactured housing community. The email alleges that letters have gone out from the bankruptcy court to residents, giving them 1 year to vacate. The email further alleges that residents were also …
The National Association of Home Builders (NAHB) is anticipating an improved demand for new single-family housing this spring. Their Housing Market Index (HMI) in March showed an increase to 17, one point better than it’s been the last four months, and the highest since May 2010. The NAHB/WellsFargo HMI monthly …
The National Association of Home Builders (NAHB) says there is pent-up demand for apartment rental units. Although there is new construction, the ongoing credit crunch is making it difficult for developers to meet the demand, which could lead to higher rents. The report cites the Multifamily Vacancy Index (MVI), which …
CNNMoney reports that the largest drop in year-to-year foreclosures ever saw the rate fall 27 percent from last year, and 14 percent from a month earlier. RealtyTrac says, however, it may be a false positive in that the harsh winter may have prevented filings from being issued and notices going …
As reported in the Knoxville News-Sentinel, Clayton Homes, in conjunction with five MBA students from the University Of Tennessee College Of Business Administration in Knoxville, conducted research to gain customer input in making their product. For 13 weeks, the students studied the industry and Clayton’s competitors, interviewed company officials and …
In its report of sales and earnings for fiscal year ending November 6, 2010, Nobility Homes reports sales increased over the last fiscal year 25 percent to $14,861,682. Sales for the previous year were 11,869,333. Net loss for 2010 after taxes was $795,130 versus loss of $1,051,843 for the same …
According to CNNMoney.com, the government reported another drop in new home construction in January, prompting Yale economist Robert Shiller to say home prices may continue to fall another 25 percent. Shiller compares changes in home prices to income growth, noting that home prices have risen more than income since the …
Forbes magazine says that Warren Buffett’s Berkshire letter to his shareholders did not garner much press coverage about his ownership of Clayton Homes, which is doing pretty well compared to other manufactured home producers. Despite the fact that Clayton’s customers generally have low credit scores, the percentage net loss for …
Buffett Says Clayton’s Careful Loans Maintained Solvency Read More
Cavco Industries successfully pulled off its takeover of bankrupt Palm Harbor Homes through its subsidiary, Fleetwood Homes, for $83.9 million at a bankruptcy auction March 1. Fleetwood, which is 50 percent owned by Cavco and 50 percent by Third Avenue Value Fund, will acquire essentially all of Palm Harbor’s assets, …
According to YAHOO! Finance, Warren Buffett had this to say in his annual letter to Berkshire shareholders, on the heels of acquiring railroad Burlington Northern Santa Fe: “Our elephant gun has been reloaded, and my trigger finger is itchy.” He acquired Burlington for $44 billion just over a year ago, …
In speaking at Cleveland State University in Ohio, Feb. 22, at a forum on entrepreneurship and the future of small business, President Barack Obama explained that large businesses are important to our economy because they employ thousands of people. As reported in the Cleveland Plain Dealer, he noted that they …
President Obama Says Small-business Innovation Is Key to Progress Read More
If the residential finance market is fully privatized as outlined in the Obama Administration’s white paper, Walker & Dunlop’s CEO Willy Walker says lenders will loan only to top borrowers. This will shut down at least 20% of subprime borrowers, moving them to rental markets. “For multifamily, that is clearly …
Real Estate Conference Predicts Multifamily to Grow Read More
