Newswire from Canada tells MHProNews.com eight leading Saskatchewan credit unions are teaming with the HeadStart on a Home program to provide down payment loans for entry -level buyers to purchase a home. The loans are repayable within five years at Credit Union prime. This $200 million program will provide 1,000 …
Investors tells MHProNews.com the rise in rents may make some people think twice about renting as opposed to buying. The average rent of $1,016 in 2009 will hit 1,101 this year, according to Marcus and Millchap’s 2012 National Apartment Report. Analysts expect it will rise four percent next year. As …
NationalMortgageNews has informed MHProNews.com FiServ chief economist David Stiff says actual improvement in housing prices is still a year away, when he expects prices to rise four percent. The Fiserv Case-Shiller house price index indicates prices will fall 2.7 percent through the third quarter 2012. Meanwhile, buying a home has …
Republican Presidential hopeful Mitt Romney campaigned in The Villages in Ocala, Florida, the largest age restricted active adult community in the world, 55 and better, with nearly 75,000 homes spanning three counties. The Villages website depicts numerous manufactured homes among the housing options. MHProNews.com has been informed it is a …
Gingrich Would Repeal Dodd-Frank; Romney Courts MH Seniors Read More
MHProNews.com hears from Canada there has not been a better time to buy a home in nearly 30 years. Mark Weisleder says in TheSpectator in Hamilton, Ontario, Canada, mortgage rates are at an all-time low, the political and social climates are stable, as is the real estate market. According to …
HousingWire tells MHProNews.com Wednesday’s hearing before the House Financial Services Committee will feature John Bostick, Chairman of the Manufactured Housing Association for Regulatory Reform (MHARR), and president of Sunshine Homes. He will testify how HUD’s failure to implement certain provisions of the Manufactured Housing Improvement Act of 2000 has hindered …
NationalMortgageNews tells MHProNews.com the U.S. Census Bureau reports new home purchases last year totaled 303,000, declining 6.5 percent in 2011, the lowest number since the 1960’s. Sales of newly-built homes fell to a seasonally adjusted rate (SAAR) of 307,000 from 314,000 in November, a 2.2 percent slide after rising three …
New Home Sales Fall in December; Economists See Growth in 2012 Read More
MHProNews.com has learned the housing downturn pushed rents to record highs in the metropolitan Boston area in the last quarter of 2011, while the vacancy rate dropped to four percent, a nine year low. Average monthly rents went from $1,600 in 2009 to $1,686 Dec. 2011. TheBostonGlobe reports economists expect …
The idea for an REO rental program could soon provide additional competition for the manufactured housing industry. Panelists at the recent American Securitization Forum expressed support for a government-led program to rent out foreclosed Fannie Mae, Freddie Mac and FHA homes. According to an article in Housingwire, the foreclosure pipeline …
HousingWire tells MHProNews.com Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, appearing before a House subcommittee, says he is examining the exclusion of smaller banks from regulations targeted at larger firms responsible for the housing crisis. He says the bureau will analyze how the rules might impact banks with assets …
CFPB’s Cordray Attempts to Allay Congressional Fears Read More
The National Association of Home Builders (NAHB) tells MHProNews.com the Government Accountability Office (GAO) reports the lack of government oversight of real estate appraisals has resulted in inaccurate home valuations. Both builders and realtors note 18-33 percent of appraisals have been inaccurate, resulting in cancellations and delays in contracts. A …
Mortgage Bankers Association (MBA) chief executive David Stevens, noting the current 20 percent downpayment requirement is “a direct attack on first-time homebuyers, African-American borrowers and Latinos”, says it will make it more difficult to attract teachers, firefighters, and healthcare workers to new jobs in communities. NationalMortgageNews tells MHProNews.com Stevens says …
As follow-up to an article we wrote Jan. 16, 2012 about a revived proposal shelved ten years ago to develop an MH community in Ormond Beach, Florida, the Volusia County Council approved plans for the community Jan. 19. OrlandoSentinel tells MHProNews.com the area, near the “Loop”, is a scenic route …
MHProNews has learned from NationalMortgageNews, former President Bill Clinton’s plan to resolve the housing crisis is for underwater borrowers to receive lowered principal and interest rates that match current valuations. Once the market recovers and the house is sold, the bank would get a portion of the sale. This would …
From Hoover’s Bizmology comes an article about the North Dakota Oil boom and a related spike in manufactured hosuing shipments. Writer James Bryant says in the article that the oil boom in the Bakken shale formation in North Dakota has manufactured home companies scrambling to meet demand. The recent declines …
Freddie Mac released today its U.S. Economic and Housing Market Outlook for January this week showing that while the economy is undoubtedly in a better place than the same time a year ago, a speedy recovery still seems unlikely this year. “With the new year comes a sense of cautious …
From Housingwire.com, MHProNews.com learns that a new report from IHS Global Insight contends that wage stagnation and weak consumer confidence among young adults are helping to delay a recovery in housing. The report, which indicates those who do apply for loans face tight underwriting that ends many of their bids, …
Mortgage applications increased 23.1 percent from one week earlier (last week’s results included an adjustment for New Years Day), according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 13, 2012. The Market Composite Index, a measure of mortgage loan application volume, …
Mortgage Applications Increase in Latest MBA Weekly Survey Read More
A private equity fund is betting $250 million on foreclosed homes. Menlo Park, California’s GI Partners is investing in WayPoint Real Estate Group, a company that buys foreclosed homes at discount prices and rents them. The Wall Street Journal tells MHProNews this investment is one of the largest by an …
NationalMortgageNews tells MHProNews in Q4 2011 the mortgage division of Wells Fargo & Co. wrote $120 billion of new home mortgages, triple the volume of JPMorgan Chase, its nearest competitor. In the third quarter it did almost double the volume of Chase. In the fourth quarter 2011 Wells’ mortgage banking …
