A credit union in Michigan is reaching out with their Turning Point Home Loan to people with lower credit scores but with enough financial stability worth the risk. Michigan First CU’s vice president of lending, Chris Maynard says, “Take members who lost their job at the height of the financial […]
Credit Union Loaning to Lower Denominator Read More
Fannie Mae recently reported a net loss of $2.4 billion in the fourth quarter of 2011, compared with a net loss of $5.1 billion in the third quarter of the year. For the full year of 2011, Fannie Mae reported a net loss of $16.9 billion, compared with a loss
Fannie Mae Reports Fourth-Quarter and Full-Year 2011 Results Read More
According to a new report, present day mobile homes are increasingly being considered permanent dwellings for the middle-income individuals, in many parts of the world, and the sector contributes significant revenues to the entire housing industry. The Manufactured Homes segment within the prefabricated housing market, is the most competitive category
Report: Global Prefab Market Bright Read More
After 43 years, Santiam Homes in Aumsville, Oregon, is transitioning out of business and it’s location will be taken over by J & M Homes, which offers new and repossessed manufactured homes, as well as real estate, financing and construction in-house. The Statesman-Journal tells MHProNews.com Santiam’s owners, Ken and Janet
MH Retail Location Changing Hands Read More
Reports from the twelve Federal Reserve Districts suggest that overall economic activity continued to increase at a modest to moderate pace in January and early February. The Fed reports manufacturing continued to expand at a steady pace across the nation, with many districts reporting increases in new orders, shipments, or
Fed Reports Increased Real Estate Activity Read More
HousingWire tells MHProNews.com the Federal Housing Administration (FHA) will raise the mortgage insurance from one percent to 1.75 percent to make up for the drop in the Mutual Mortgage Insurance (MMI) Fund below the Congressionally mandated two percent, to 0.2 percent. The FHA said the increase will add $1 billion
FHA Insurance to Increase Read More
Although orders for durable goods fell last month by four percent, the sharpest drop in three years, improved perception of the job market contributed to consumer confidence rising to its highest level in a year, according to what the LATimes is telling MHProNews.com. Economists expected the durable goods orders to
Rise in Consumer Confidence, but Economy Continues to Falter Read More
Data from Multiple Listing Services Network PIN shows inventory of single-family homes and condominiums in the Boston area are down 17 percent from last year, number of days on the market declined 12 percent from last year, and median prices are up ten percent. BostonHerald tells MHProNews.com no major downtown
Boston Poised for Housing Recovery? Read More
The inventory of new homes on the market hit a new low in January, sinking to 151,000 units, equivalent to a 5.6 month supply, while sales of newly-built single-family homes in January declined by .09 percent from Dec. 2011. According to data from the U.S. Commerce Dept. and HUD, the
Inventory and Sale of New Homes Drop Read More
In his annual letter to shareholders of Berkshire Hathaway, Warren Buffett, while noting the per share book value of their Class A and Class B stock gained 4.6 percent in 2011, says he jumped the gun on the housing recovery. As Business Insider tells MHProNews.com, “We have five businesses whose
Oracle of Omaha Errs Read More
Patrick Industries, a major manufacturer and distributor of building and component products for the recreational vehicle (“RV”), manufactured housing (“MH”) and industrial markets, recently reported its financial results for the fourth quarter and twelve months ended December 31, 2011. The company reported the MH industry, which represented 26 percent of
Patrick Industries Reports 45 Percent Increase in MH Shipments Read More
From the Grand Forks Herald in North Dakota, MHProNews.com has learned residents at a local RV community say management is giving them the boot to make room for oil companies with deep pockets. Residents of Heartland Homes Village recently received eviction notices because of what the article refers to as
Manufactured Homes to Replace RVs in North Dakota Read More
The Metropolitan Indianapolis Board of Realtors (MIBOR) reports sales of existing homes climbed 28 percent from a year ago Jan. to 1,344 Jan. 2012. IndyStar says the median price of sold homes increased 4.7 percent to $116,213. However, discounting also rose as home sellers received 88.9 percent of their list
Home Sales Climb in Indianapolis Read More
Realtors report existing-home sales rose again in January, marking three gains in the past four months, while inventories continued to dwindle. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3 percent to a seasonally adjusted annual rate of 4.57 million in January
Existing-Home Sales Rise Again Read More
Congress passed a $150 billion bill that extends the payroll tax reduction and unemployment benefits for ten months without increasing the guarantee fees (g-fees) on Fannie Mae and Freddie Mac. Consideration was at first given to raising the fees as a means to pay for the extension but then dropped.
G-Fee Increase Dropped Read More
NationalMortgageNews tells MHProNews.com Richard Cordray, the recess-appointed head of the Consumer Financial Protection Bureau (CFPB), made his first appearance on Capitol Hill at a meeting with members of the Senate Banking Committee, some of whom want budget oversight and structural changes to the agency. Cordray says the CFPB is similar
Cordray Ticks off Achievements to Ticked-off Senators Read More
According to HousingWire, the mortgage delinquency rate fell 2.2 percent from Dec. 2011 to Jan. 2012. Based on its data of nearly 40 million loans, Lender Processing Services says the Jan. 2012 delinquency rate dropped to 7.97 percent, which represents a 10.5 percent annual decline. There are 1.77 million properties
Little Change in Number of Pre-sale Foreclosure Homes Read More
HousingWire tells MHProNews.com while 145 of 146 markets tracked by the National Association of Realtors (NAR) showed a drop in inventory of single-family homes, condos, and town homes by 23.2 percent in January 2012 from a year ago, the median list price fell $2,500 to $185,500 Dec. 2011 to Jan.
Homes for Sale Inventory and Median Price both Fall Read More
According to SeniorHousingNews, with health care costs rising and the economy still not thriving, “Granny pods” may start appearing in your neighbors’ backyards. Small modular homes, Med-Cottages, 288 square feet, outfitted as needed for the particular resident, assembled in a backyard, can give seniors a sense of independence while keeping
“Mom and Dad are Out Back”, said the Son Read More
In an op-ed piece in Statesman of Austin, Texas, Ed Wendler, Jr. says the most important issue in the upcoming city council elections should be affordable family housing. As a developer in a city where rents increased 7.2 percent last year and are expected to continue rising the next three
Build Housing Families Can Afford Read More
