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
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
The Las Vegas Review Journal reports that the city with the highest foreclosure rate in the nation – Las Vegas – is supplying Haiti with steel modular homes for the one million who remain homeless following the earthquake last year. Sancta, from the Spanish for sanctuary, shipped its first home …
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
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
Following up on a post from March 22, Daily Commercial News says Canadian modular builder Britco has begun talks with private and public officials to provide temporary modular schools, offices and hospitals following the devastation in northern Japan March11. Vice-president Chris Gardner says people’s needs for food and shelter come …
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
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 …
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 …
The Scottish Business Insider reports the owner of Powerwall, after many years of testing, has developed lightweight steel frame and walls for building modular homes he intends to market internationally. Taking a page from the mass production of automobiles, Dominic Tedesco says building has changed little since the Roman days, …
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 …
The Creative Coast reports that the Adaptable System for Universal Living (ASUL) was featured on the cover of the April 2011 issue of Builders News Magazine for its modular designs based on the Midcentury Home steel construction methods of Pierre Koenig. He designed the famed Stahl House in California with …
Modular Library Based on Modern Steel Buildings of Pierre Koenig Read More
From Boston/SF comes word that people traveling to work on busy Route 1 in Saugus, Massachusetts, just north of Boston, may have been surprised returning home to see a house on what was a vacant lot that morning. Westchester Modular Homes of Greater Boston (WMHGB) installed a new 2,900 square …
Statesman says Palm Harbor Homes announced it will close its Kyle, Texas, manufacturing plant in early June, idling 129 employees. The company filed bankruptcy last November, and was acquired by Cavco Industries through its Fleetwood subsidiary under a bankruptcy court auction in March for $84.9 million. Palm Harbor has eight …
Yahoo!Finance reports that Nobility Homes (NASDAQ: NOBH) received a letter of non-compliance from NASDAQ because the company did not timely file its Quarterly Report on Form 10-Q. It failed to comply with NASDAQ Listing Rule 5250 (c)(1) with the Securities and Exchange Commission (SEC) for the period ending Feb. 5, …
Zacks reports that Encore Wire Corporation (NYSE: WIRE) saw revenue increase in the fourth quarter of 2010 to $265 million from $177 million for the same 2009 period. Encore makes a variety of copper electrical wire for residential and commercial building, including manufactured housing. Although copper increased 31 percent for …
Sun Star Cebu reports from the Philippines that Primary Homes, Inc., is breaking ground for La Guardia Flats 2 (LGF2), its second set of 200 modular units. Usable as either one or two bedroom condos, the development is minutes away from the Asiatown cybergate corridor, a major IT neighborhood in …
Philippines Company Adding Another 200 Modular Unit Building Read More
