CityBiz in Philadelphia reports that MHC operator UMH Properties, Inc., based in Freehold, NJ has passed a resolution to increase the size of its board of directors from nine to ten members. According to Eugene W. Landy, UMH Board Chairman, the tenth spot will be filled by Stuart Levy, vice …
UMH Adds Board Member with International Banking Ties Read More
On Sept. 22, Danny Ghorbani of the Manufactured Housing Association for Regulatory Reform (MHARR) reports a joint delegation of MHARR and MHI (Manufactured Housing Institute)-member executives and staff met with Ms. Carol Galante, the new Acting HUD (Housing and Urban Development) Federal Housing Commissioner-Assistant Secretary for Housing. As reported previously …
Industry Association Members Meet with HUD Housing Commissioner Read More
Investors reports SmarTrend, that inveterate tracker of 5,000 stocks daily, says as measured by dividends, the number one company in the Residential REIT (Real Estate Investment Trust) Industry is UHM Properties (UMH). It ranks at the top with a dividend yield of 7.7 percent, followed in second place by Sun …
Bloomberg News reports sales of previously owned homes rose to 7.7 percent in August, according to the National Association of Realtors (NAR). Sales of existing single-family homes rose to their highest level since January, rising 8.5 percent to a seasonally-adjusted rate of 4.47 million. The August figures compare to the …
Origination News reports the Consumer Financial Protection Bureau (CFPB) is continuing to test the new mortgage disclosure forms, this time with actual consumers in Springfield, MA. The agency wants to make certain that consumers understand the differences between two distinct but competing adjustable rate mortgages (ARMs): One that adjusts every …
From industry sources reporting to MHMSM.com and Housing Wire, as the Consumer Financial Protection Bureau (CFPB) opened for business July 21 with a budget estimated at $550 million, the debate in and out of Congress continues to rage over the authority one person will have over all mortgages and other …
HousingWire says the Mortgage Bankers Association (MBA) reports its market composite index for the week ending July 15 saw mortgage applications climb 15.5 percent on a seasonally-adjusted basis from the previous week, as refinancing increased. On an unadjusted basis the index rose 44 percent. Of all mortgage applications, refinancing made …
Refinancing Mortgage Applications Increase as Rates Fall Read More
Origination News says a report by George Washington University’s Center for Real Estate and Urban Analysis suggests changes in the Federal Housing Administration’s (FHA) loan limits proposal. The plan to reduce the high end of (FHA) loan limits will not do much for low-income, first time, and minority buyers. Co-author …
CoStar Group reports Equity Lifestyle Properties (ELS) (NYSE:ELS) has closed on 35 of the 76 manufactured home communities it is acquiring from Hometown America LLC. These 35 properties represent 12,057 sites in seven states including Florida, Arizona and Michigan. This $451 million purchase is part of a larger $1.43 billion …
ELS Closes on 12,057 of Hometown’s 31,167 Home Sites Read More
MHMSM.com today received from Thayer Long, Executive Director of the Manufactured Housing Institute (MHI), that association’s position paper on a critical Industry subject. In noting the impact of the Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) on manufactured housing, MHI says the unintended consequences of the bill …
CityBiz Real Estate in Philadelphia, PA reports that Cedar Grove MHC (manufactured home community) in Mantua, New Jersey, has secured a $4.55 million dollar loan arranged by Dockerty Romer & Company of Philadelphia. The age restricted community contains 185 homes comprised of 57 percent multi-section and 43 percent single section …
Yahoo! Finance says unemployed borrowers with Federal Housing Administration (FHA)-backed loans will be able to remain in their homes for up to a year without making a payment and stave off foreclosure. T he goal is to allow people to remain in their homes, and thereby reduce the number of …
Government Trying to Ease Burden of Jobless Homeowners Read More
HousingWire reports rising interest rates in response to the Federal Reserve’s quantitative easing program caused mortgage applications to fall 5.2 percent for the past week on a seasonally-adjusted basis, according to the Mortgage Bankers Association (MBA). The 30-year, fixed-rate mortgage (FRM) went from 4.46 percent to 4.69 percent, and the …
From New Mexico, the Cibola County Beacon says Gateway Mortgage Group has opened a branch in Albuquerque, New Mexico, that will specialize in Federal Housing Administration (FHA) Section 184 loans. The Section 184 Indian Home Loan Guarantee Program was established by Congress in 1992 to provide Native Americans with access …
Privately Run Government-Funded Mortgage Program Will Not Finance MH 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 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
Market Watch says Sun Communities, Inc., (NYSE:SUI) has declared a quarterly dividend of $0.63 per share for the second quarter 2011, payable July 22, 2011 to shareholders as of July 12, 2011. The company has 21.5 million outstanding shares. Sun Communities, a real estate investment trust (REIT) owns and operates …
Jason Boehlert at MHI has informed MHMSM.com that the complete final SAFE Act rule is about to be published. The rule will not officially be released in the Federal Register until tomorrow. Deborah Robertson of McGlinchey-Stafford is in the process of compiling a detailed analysis and interpretation of the final …
The Louisville Courier-Journal says a Wall Street Journal analysis of mortgage banking in Kentucky shows people had more trouble getting financing in 2010 than in other states. Adam Hall, president of the Mortgage Bankers Association of Kentucky says part of the reason in the rural areas is the existence of …
Study Shows Tighter Lending Restrictions in Kentucky Read More
