Federal Criminal Defense Lawyers reports that Philip R. Lochmiller, Sr., has been convicted by a jury in Denver, Colorado’s Federal Court on charges of defrauding 400 people out of $30 million. Convicted of conspiracy, money laundering conspiracy, money laundering and mail fraud, Lochmiller engineered a Ponzi scheme using manufactured housing …
Jury Finds Philip Lochmiller, Sr., Guilty as Charged Read More
The San Francisco Chronicle reports that Mark Rothschild, an analyst at Canaccord Financial, Inc., has raised the rating on Canada’s Killam Properties (KMP:CA) (KMPPF:OTC US) from “hold” to “buy”. According to the 2011 Allen Report, Killam ranks as the 17th largest land lease community (LLC) operator in North America with …
Canadian LLC Operator Gets ‘Buy’ Sign from Analyst Read More
The Langley Advance in Langley, British Columbia, Canada, says modular builder Britco has been chosen for the tenth year to provide the prize home at the Pacific National Exhibition (PNE) Aug 20 through Sept 5. Unlike many of the disaster-relief and smaller dwellings the company makes, this 3,100 square foot …
PR Newswire reports that Drew Industries, Inc. (NYSE:DW), acquired certain assets of M-Tec Corporation (M-Tec) through its wholly-owned subsidiary, Lippert Components. A supplier of components to the manufactured housing and RV industry, Drew paid $6 million in cash, and may pay an added $0.6 million depending upon sales levels over …
National Mortgage News reports the nation’s largest residential mortgage originator saw a decline of 31 percent from the first quarter, funding only $64 billion new home loans in the second quarter 2011. Wells Fargo Home Mortgage non-interest income fell $397 million from the first quarter to $1.6 billion in the …
Mixed News from Largest Residential Mortgage Originator Read More
Market Watch reports Equity Lifestyle Properties (NYSE:ELS) has released results for the second quarter 2011, and for the past six months. Funds from operations (FFO) for the first quarter equaled $27.3 million, or .73 cents per fully-diluted share, versus last year’s second quarter of FFO of $27.1 million, equaling .76 …
ELS Releases Financials for Q2 2011 and for Six Months Read More
The Sacramento Bee says Drew Industries, Inc., (NYSE:DW) will announce its second quarter 2011 results prior to the market’s opening on Monday, Aug 1, 2011. Drew is a manufacturer of doors, windows, chassis, bath units and upholstered furniture for the manufactured housing and RV industry will host a conference call …
Manufactured Home Component Maker to Release Q2 Financials Read More
Bluffton Today, of Bluffton, South Carolina, reports members of the town’s Affordable Housing Committee discussed methods of determining how the six affordable modular housing units being built will be sold. Town Growth Management Director Marc Orlando says a consultant has been hired to market the single-family homes, screen applicants for …
The Roanoke Times says building of a 70 unit modular townhouse project has begun in Christiansburg, Virginia, to provide affordable housing and to stimulate the economy. Called Forest Hills at Belview, the $13.5 million venture will offer housing to those who meet strict low-income guidelines. Funded by the Obama administration’s …
The Ottawa Citizen says modular home builder Guildcrest Homes is opening a retail outlet in Carleton Place, a town of 10,000, west of Ottawa, in an attempt to reach out to its customer base. While the 250 homes it builds each year are built in Morewood, this 1,000 square-foot show …
SmallCapInvestor reports that Universal Forest Products (NASDAQ:UFPI) posted a 21 percent increase in its stock price today to top the list as the top performing small cap stock. Universal makes wood and wood alternative components for manufactured and modular housing. Despite a 69 percent drop in its profit for the …
The Keremeos Review in British Columbia, Canada, reports the Lower Similkameen’s newest manufactured home community will be ready for residents by mid to late August. The Copper Ridge Manufactured Home Park will have 20 home sites, and electrical and plumbing connections are being completed. Owner Richard Sadovick said he has …
Origination News says under a new home-buyers incentive program by Fifth Third Mortgage Co. of Cincinnati, Ohio, borrowers can have a reduced rate on their purchase money mortgage. They can choose to have their basis points lowered by 12.5 basis points over the life of the loan, or by 100 …
Creative Incentives Offered to Attract Home Buyers Read More
Yahoo Finance reports that Killam Properties, Inc., of Halifax Nova Scotia, Canada, will release its second quarter 2011 financials for the quarter ending June 30, 2011, on Wednesday, August 3, 2011 after the market closes. The 2011 Allen Report lists Killam as the 17th largest land lease community (LLC) in …
Market Watch reports from Warsaw, Indiana, that Brian J. Smith, Co-CEO of Heritage Financial Group in Elkhart, IN has been appointed to the Boards of Directors of Lakeland Financial Corporation and Lake City Bank. Trained as a Certified Public Accountant (CPA), Smith has been Co-CEO of Heritage since 2000, and …
CoStar Group reports Equity Lifestyle Properties (ELS) (NYSE:ELS) has closed on 35 of the 76 manufactured home communities it is acquiring from Hometown America LLC. These 35 properties represent 12,057 sites in seven states including Florida, Arizona and Michigan. This $451 million purchase is part of a larger $1.43 billion …
ELS Closes on 12,057 of Hometown’s 31,167 Home Sites Read More
Switchboard says the modular Katrina Cottages that were built for survivors of that deadly hurricane are now being used as offices, educational facilities and affordable housing. The article, published in the newsletter of the National Resources Defense Council (NRDC), says one developer is using 12 of them in Buena Vista, …
The Sun Sentinel reports from southern Florida that a land lease community on tribal land the Seminole Indians forcibly took over in July 2008 has been returned to owner Hollywood Mobile Estates. The tribe had seized the 2,000-resident community alleging lease violations by the owners, and had twice refused the …
The Press Democrat in California reports HybridCore Homes of Santa Rosa, California, is collaborating with Champion Homes of Troy, Michigan, to build demonstration homes in Washington, D.C., and in North Dakota. These two areas were chosen because of new home construction currently in progress. HybridCore’s demo home displayed last fall …
Is it Modular, or Manufactured, or a True Hybrid??? Read More
Zacks Investment Research reports SmarTrend saying that Equity Lifestyle Properties (NYSE:ELS) ranks number one in the residential REITs (real estate investment trust) industry with a score of 1.61 percent gain, based on relative performance of yesterday’s trading activity. In its search for stocks that have the potential to outperform, SmarTrend …
