The National League of Cities reports the Joint Center for Housing Studies at Harvard University says the availability of affordable housing for lower income families continues to fall as the demand increases. The affordable rental housing stock is declining due to abandonment of older buildings and conversion of property to …
Affordable Rental Housing Availability Declines as Demand Increases Read More
Fox Business says there are several factors to consider in the housing market this summer. Mortgage rates are at near record lows, and probably will remain low for the summer unless the economy shows signs of strengthening. From 2006 to 2010, the number of owner households dropped by 201,000 each …
The Rapid City Journal reports from South Dakota that average home prices, including manufactured housing, increased $10,000 from last June to $181,500 June 2011 in Rapid City, SD. Linda Rausch, president of the Black Hills Association of Realtors, says demand not inflation has pushed the prices up. Says Rausch, “This …
The Chicago Real Estate Daily says come October, the maximum amount of a government-backed loan in the six-county Chicago area will drop $45,000 to $365,700. Currently a home buyer can put down 3.5 percent on the purchase of a Federal Housing Administration (FHA) approved home costing $424,870, and finance the …
HousingWire says mortgages 90 days or more past due that are classified as seriously delinquent fell in May 22 percent, and mortgages over 30 days due also fell from 5.9 percent last year to 4.3 percent this May. Still, the Department of Housing and Urban Development (HUD) and the Treasury …
Government Urges Caution even as Seriously Delinquent Mortgages Fall Read More
Yahoo! Finance reports The New York Times says in a poll conducted in conjunction with CBS News that nine out of ten Americans still think of home ownership as an important part of the American Dream. As for improving the housing market, 45 percent say the government should be doing …
Americans Still Place High Value on Home Ownership Read More
RealEstateRama says Thayer Long, CEO and president of the Manufactured Housing Institute (MHI), refuted charges by IBIS World Inc., that manufactured housing is a dying industry. While noting the pace of new manufactured homes sales has declined 57 percent in the last five years, the comparable statistic for new single-family …
Thayer Long Responds to IBIS World’s Dire Predictions Read More
Bloomberg reports shipment of manufactured housing in April fell to a seasonally-adjusted annual rate of 46,000 from 47,000 from March, according to the Census Bureau. The average sales price fell from $59,300 to $56,800 in April. The seasonally-adjusted dealer inventory remained steady at 22,000, while placements dropped from 43,000 to …
HousingWire reports the National Association of Realtors (NAR) says pending home sales rose above year-ago levels for the first time since April 2010, increasing 8.2 percent in May. April 2011 pending sales had decreased 11.6 percent over March, and were down 26.5 percent over April 2010. The NAR’s pending home …
Concurrent to the news from the Census Bureau, LinkedIn reports from Realtor Magazine the median sale price of new homes rose 2.6 percent in May over April, to $222,600. This marked the first time in six months that number has risen. The normal markup of new homes over existing homes …
Origination News says the Census Bureau reports new home sales fell in May to a seasonally-adjusted rate of 319,000, down from 326,000 in April. Sales fell two percent below April, and 13.5 percent below May 2010. IHS Global Insight economist Patrick Newport says new home sales are “stuck at the …
As we noted in previous posts from June 16 and 17, the Manufactured Housing Association for Regulatory Reform (MHARR) has soundly criticized the Manufactured Housing Institute’s (MHI) platform to set a “voluntary” standard for a sprinkler system when requested or required by local regulation. MHARR says any reference or prescriptive …
Business Wire reports that Morgan Stanley is partnering with National Equity Fund (NEF) to establish a program to develop affordable housing and jobs in a 13-state area hit hard by recent storms and flooding. By using Low Income Housing Tax Credits (LIHTC), the $100 million program can finance new construction …
LinkedIn reports from Realty Trac that notices for mortgage payment defaults fell to their lowest level in five years. Foreclosure filings fell 33 percent from May a year ago, and bank repossessions are down nearly 30 percent from May 2012. Banks are expected to repossess 20 percent fewer homes this …
Good Signs for the Housing Recovery—but Good Enough? Read More
The Manufactured Housing Institute (MHI)’s weekly newsletter notes on June 16, the House Financial Services and General Government Appropriations Subcommittee approved a nearly $20 billion FY 2012 spending bill, two billion short of current levels. The bill includes provisions to limit the Dodd-Frank Wall Street Reform and Consumer Protection Act …
National Mortgage News reports the Commerce Department says housing starts increased 3.5 percent in May, following a 3.4 percent drop for April, to a seasonally adjusted annual rate of 560,000 units. This figure includes single-family and multi-family units. Multifamily housing starts alone rose 24 percent over May of 2010, to …
Housing Starts, Building Permits Up, but Builder Confidence Languishes Read More
HousingWire reports RealtyTrac’s senior vice president says he does not expect a full recovery of the housing market until 2015. Rick Sharga, speaking at HousingWire‘s REO (Real Estate Owned) Expo in Fort Worth, Texas, says 2010 saw 2.9 million foreclosure filings, the most ever. There were 550,000 foreclosure filings in …
LinkedIn states Oxbridge Ventures, Inc., a private investment company of Vancouver, Canada, will offer $100 million for manufactured housing investment in the U.S. and Canada over the next five years, proffering $30 million in equity and debt during the next 24 months. The funding is intended to augment available financing. …
Canadian Firm to Invest in U.S. Manufactured Housing Read More
The Chelan Real Estate Blog says a speech by Dr. Mark Dotzour, Chief Economist of the Texas Real Estate Center and keynote speaker at the Manufactured Housing Institute’s (MHI) Congress in April, states the economy has yet to hit bottom. He says the extensive government intervention has prevented the economy …
Real Estate Economist Lashes Out at Federal Programs Read More
The Boston Globe reports Harvard University’s Joint Center for Housing Studies notes the rate of home ownership in the U.S. fell below 67 percent for the first time since 1998. The report says this results in the demand for rental housing to increase, driving up rents, which housing advocates say …
More Rental Housing a Boost to the Economy? Can it Be? Read More
