According to a new survey of 48 professional forecasters by the National Association of Business Economics, residential investment is finally contributing to economic growth. Nationalmortgagenews informs MHProNews home purchases and residential construction grew by 12 percent in 2012 as opposed to 2011 when growth was negative -1.4 percent, and is …
Bloomberg tells MHProNews of all the 24 commodities tracked by Standard & Poor’s GSCI Spot Index, lumber features rose to a six-year high, having surged 37 percent this year. Following the collapse of the housing market in the U.S., a glut of wood drove prices down, but they have more …
Although fewer U.S. chief executives expect hiring to decline than they did three months ago, a survey by Business Roundtable revealed the number of large firms that intend to hire workers is no different than three months ago. According to what the Associated Press tells MHProNews, 34 percent of Roundtable …
The Wall Street Journal says as interest rates remain low and the housing recovery continues to pick up, more people will be buying traditional houses instead of manufactured homes. Citing the drop in production of manufactured homes the last two months following 16 months of consecutive industry growth, and the …
After dropping year-over-year in 2008 and 2009, HousingWire says multifamily rentals have been rising since 2010, “leading the housing recovery in duration and strength,” according to the CoreLogic Home Price Index’s Dec. report. The property analytics firm states, in the wake of the housing market crash, residential investment is contributing …
On the heels of a strong 2012, nationalmortgagenews reports Freddie Mac’s chief economist Frank Nothaft predicts single-family loans will decline about 15 percent in 2013 as refinancings recede and home purchases decrease. Noting many borrowers have already taken advantage of low rates this year, Freddie forecasts refinancings will account for …
FoxNews reports the National Association of Realtors (NAR) says wealthy Chinese have bought over $7 billion of the $82 billion in homes sold to foreign home purchasers, second only to Canada. There are nearly one million millionaires living on mainland China, and about half are interested in investing in the …
InvestorPlace informs MHProNews hordes of college grads unable to find work are moving back home, according to the Census Bureau. In addition to their education, they are carrying one trillion dollars in student loans, which is undoubtedly preventing them from investing in big ticket items like cars and homes, especially …
MHProNews has learned the National Modular Housing Council (NMHC) reports 3,827 new modular homes were shipped in the third quarter of 2012, an increase of 14.5 percent over Q3 2011. Compared to the same quarter in 2011, 17 states showed increases in shipments, eight states showed declines, and nine states …
The National Association of Home Builders (NAHB) reports to MHProNews the Multifamily Production Index (MPI), which measures builder sentiment in the multifamily and condominium marketplace, remained steady with a reading of 52, the third consecutive month of readings over 50. Any number over 50 indicates more builders think conditions are …
Nonbank lenders are closely watching the progress of the loan officer compensation rule set to be released mid January, 2013 by the Consumer Financial Protection Bureau (CFPB) as it could have a large effect on their income. A key issue to watch, as originationnews tells MHProNews, is dual compensation where …
The FHA Emergency Fiscal Solvency Act (H.R. 4264), to insure solvency of the agency’s single-family insurance fund, passed the House 402-7 last Sept. and is awaiting action before the Senate Banking, Housing and Urban Affairs Committee. House Financial Services Committee Chairman Spencer Bachus sent a letter to Sen. Tim Johnson, …
Many community banks are still weighed down by non-performing construction loans, so their regulators do not want them issuing new construction loans, especially since so many small banks sank when the housing bubble burst. Originationnews tells MHProNews with housing starts up 3.6 percent Oct. 2011 to Oct 2012, community banks …
According to the National Association of Home Builders (NAHB), the number of metro areas with six months of improving market conditions for the housing industry increased by 84, Nov. to Dec., a huge jump to 201 total. Eight areas were removed from the list. The NAHB/First American Improving Markets Index …
In the most recent MH commentary focused on the devastation Hurricane Sandy left behind in New Jersey, specifically, the 122,000 structures damaged or destroyed, Gov. Chris Christie has recently approved a long range five-prong solution to the housing problem. In addition to rehabbing and repairing existing structures and maximizing rental …
According to Mortgage Bankers Association’s (MBA) data, refinancings accounted for 83 percent of new mortgage business, up from 81 percent the week before, as mortgage applications rose five percent, apparently with little concern for the fiscal cliff issue. Tying the all-time low, the average contract rate for a 30-year FHA-insured …
Yahoo!Finance reports Nobility Homes, Inc. of Ocala, Fla., in announcing financials for the third quarter ending Aug. 6, 2011, says net sales were $2,881,572 as compared to $4,351,040 for the same period in 2010. Loss from operations in the quarter was $929,145 as opposed to a loss of $2,963 for …
In discussing the future roles of Fannie Mae and Freddie Mac in multifamily housing finance, HousingWire tells us the Mortgage Bankers Association (MBA), in a White Paper, outlined a method for government to attract large private capital. New policies need to be enacted that provide a stability and insurance backstop …
Private Capital, Government Insurance for Multifamily Read More
The Manufactured Housing Association for Regulatory Reform (MHARR) tells MHProNews according to HUD and Census Bureau data, the shipment of manufactured homes for Oct. 2012 dropped five percent from Oct. 2011, 5,418 down to 5,127, but rose by 734 homes over Sept. 2012. Cumulative production for 2012 of 47,036 is …
The World Property Channel reports according to CoreLogic’s latest report, the foreclosure rate fell by 17 percent Oct. 2011 to Oct. 2012, from 70,000 down to 58,000; the Sept. drop was from 77,000, a 25 percent fall. By comparison, completed foreclosures averaged 21,000 from 2000-2006. 1.3 million homes, 3.2 percent …
