Mortgage applications decreased 1.0 percent from one week earlier, according to data from the Mortgage Bankers Association. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was essentially unchanged compared …
From the Associated Press, MHProNews.com learns that Fed Chairman Ben Bernanke says declines in home prices are hurting consumer spending and could continue to weigh on the economy for years.The comments came during a speech to the National Association of Home Builders in Orlando. The broader economy won’t recover, Bernanke …
A U.S. Small Business Administration pilot loan program aimed at increasing access to inventory financing for auto, boat, RV and other dealerships was re-launched this week and will be effective through Sept. 30, 2013. The Small Business Jobs Act of 2010 included a provision for re-launching SBA’s Dealer Floor Plan …
Realtors say that housing affordability conditions improved in most metropolitan areas from softer existing-home prices and record-low mortgage interest rates in the fourth quarter, with rising sales and lower inventory creating more balanced conditions. Introduced with this release is a new annual metro-level housing affordability index, with historically favorable conditions …
Realtors: Fourth Quarter Metro Area Home Prices Boost Affordability Read More
As follow up on a story we published Feb. 6, Joe Kelly, executive vice president of the Iowa Manufactured Housing Association (IMHA), tells MHProNews.com house bill 593 that would create a fund to assist consumers purchase manufactured housing passed out of the subcommittee by a 3-0 vote. Committee member Jeff …
MoneyNews tells MHProNews.com Sam Zell, CEO of Equity Lifestyle Properties says if the government had not stepped in to try and solve the housing market problems we would have a healthy market today. He says government intervention prevented the market from clearing itself. “We are the only country in the …
Sam Zell: Government Programs Prevent Housing Recovery Read More
In their release of the nation’s housing scorecard for 2011, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury noted mixed signals as foreclosure starts fell but foreclosure completions climbed and as new home sales fell existing home sales climbed. Existing home inventories …
According to the National Association of Home Builders (NAHB), MHProNews.com has learned a survey taken by McGraw-Hill Construction Company reveals green home building accounted for 17 percent of the residential market in 2011, but that figure is expected to increase to between 29 and 38 percent in four years. In …
NorthCentralPA reports the Wall Street Journal says the Fleetwood Homes factory in Nampa, Idaho has increased production 25 percent since last fall to keep up with demand in the North Dakota oilfields for manufactured homes. Upon adding 40 employees, factory manager Jeff Chrisman says without this new demand he would …
The Manufactured Housing Association for Regulatory Reform (MHARR) reports that according to official statistics compiled on behalf of the U.S. Department of Housing and Urban Development (HUD). The manufactured housing industry rebound evident in recent months continued and strengthened during December 2011, posting its fifth production increase in 12 months. …
HousingWire tells MHProNews.com a House of Representatives subcommittee will hold hearings on three bills that could impact the Consumer Financial Protection Bureau (CFPB). Although the bill the Republican-controlled House passed in July 2011 to replace the director with a five-member commission will not likely pass in the Democrat-controlled Senate, the …
MHProNews.com has received a memorandum from Joe Stegmayer, Chairman of the Manufactured Housing Institute (MHI), regarding testimony at last week’s House Financial Services Committee hearing on HUD’s implementation of the Manufactured Housing Improvement Act of 2000. Noting the difficulty in gaining the attention of Congress, Stegmayer emphasizes the extended effort …
MHI Responds to Unexpected Testimony at Congressional Hearing Read More
The USA Today tells MHProNews.com an op-ed piece by Congressman Spencer Bachus, R-AL, Chairman of the House Financial Services Committee, says we need more private investment that create jobs, not more failed government programs. Saying Pres. Obama’s policies have failed to help struggling homeowners and the programs are too expensive, …
Rep. Bachus: Stop the Hemorrhaging Federal Programs Read More
The National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) identifies metro areas that have shown improvement in housing permits, employment, and house prices for six consecutive months. MHProNews.com has learned the Housing markets that meet this criteria expanded by 29 for Feb. to 98, and include some …
NAHB’s Improving Market Index Grows by 29 Metro Areas Read More
GlobeandMail of Toronto tells MHProNews.com the economic recovery in the U.S. is beginning without help from the housing market. Recovery from economic slumps going back decades meant the real estate market pulled everyone else along, according to columnist Brian Milder. Karl Case, who co-developed the S&P Case/Shiller Index that tracks …
Manuel Santana, director of engineering for Cavco Industries, told a congressional subcommittee HUD’s negligence in implementing the Manufactured Housing Improvement Act of 2000 has contributed to the industry’s 80 percent decline in production. In testimony prepared for the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity, he said …
MHProNews.com has learned from NationalMortgageNews refinancings have led mortgage companies to add 3,000 employees to their rosters since September. While the U.S. Bureau of Labor Statistics (BLS) says mortgage firms employed 265,000 full time personnel at year’s end, year-over-year employment at mortgage firms actually fell 5.4 percent last year. Of …
Statistics Show Slight Improvement in Employment—Maybe Read More
From Politico we learn more about an effort by House Republicans to pass a 20 percent tax cut for small businesses that employ fewer than 500 people. The plan, Majority Leader Eric Cantor wrote to GOP lawmakers in a memo, “is focused on helping small businesses grow and giving all …
Economic activity in the manufacturing sector expanded in January for the 30th consecutive month, and the overall economy grew for the 32nd consecutive month, say the nation’s supply executives in the latest Manufacturing ISM Report On Business. The report was issued today by the Institute for Supply Management Manufacturing Business …
From Housingwire, MHProNews.com learns that the homeownership rate is now at 65.5 percent, a new low. The last time the rate was that low was 1997. Also from the report, vacant units that were held off market comprised 5.4 percent of the total housing stock. Of these, 1.7 percent were …
