‘Historic Trends Back to First Quarter 1975’-Dallas Federal Reserve New Data, Warning on Housing Price Developments by Enrique Martínez-García;’ plus MHVille REITs, Stocks Update

DallasFedEnriqueMartínezGarcíaSeniorResearchEconomistPhotoMHProNews

CBS News and others in mainstream media reported on this housing data produced by the Dallas Federal Reserve’s research economist, Enrique Martínez-García, dated 11.15.2022. As a report on Equity LifeStyle Properties that is pending will reflect, the amount of equity in conventional housing is a factor that impacts all cash or large down payment purchases of manufactured homes by those who are selling their site-built houses. Information packed quarterly reports to investors from manufactured home companies Cavco Industries (CVCO), Skyline Champion (SKY), and Legacy Housing (LEGH) underscore the point that even as conventional housing sales are sliding, manufactured home sales have continued to rise year-over-year in 2022 compared to 2021.  While the Dallas Fed research is fresh, this factoid from CNN on 11.18.2022 is also relevant. “The 30-year fixed-rate mortgage averaged 6.61% in the week ending November 17, down from 7.08% the week before, according to Freddie Mac, the largest weekly drop since 1981. A year ago, the 30-year fixed rate stood at 3.10%.”

That noted, to tee up the data from the Dallas Fed, the following insights from left-leaning CBS News on 11.16.2022 are useful.

QuoteMarksLeftSideFor now, housing prices are still rising. The national median price for an existing single-family home rose 8.6% in the third quarter, reaching $398,500, according to the National Association of Realtors. Still, the rate of price increases is slowing, given that home prices jumped 14.2% in the second quarter, the industry group said earlier this month.

More buyers are getting priced out of the market because of the combination of rising home prices and higher mortgage rates. The median income now required to buy a typical home is now $88,300, or about $40,000 more than was needed prior to the pandemic in 2019, NAR said.

The market is particularly tough at the moment for first-time buyers. Because of the spike in mortgage rates, a buyer of a typical starter home worth about $340,000 who put 10% down would face a monthly mortgage payment of $1,808 — about $600 more than a year ago, according to the group’s calculations.

NAR Chief Economist Lawrence Yun predicted earlier this month that home sales will slip by 7% next year as more people are priced out of the market, but said he expects the median home price will rise 1%. One reason he doesn’t expect prices to slide: Inventory remains tight, meaning that buyers are still competing for desirable properties.”

 

In the report by the Dallas Federal Reserve’s Enrique Martínez-García that follows terms such as froth and exuberance are used. While froth has several definitions, the one that the Dallas Fed’s senior researcher appears to be using is this: “worthless or insubstantial talk, ideas, or activities,” per Oxford Languages. Exuberance’s definition includes: “the quality of growing profusely; luxuriance” per Oxford Languages.  More manufactured housing and general housing facts, analysis, and commentary follow. Per our Daily Business News on MHProNews routine, the manufactured housing connected stocks, REITs, and market moving left-right headline recaps is our third and final segment for this fact-packed article.

U.S. housing prices could plunge 20%, Dallas Fed warns

Skimming U.S. Housing Froth a Delicate, Daunting Task

Enrique Martínez-García

November 15, 2022

QuoteMarksLeftSideU.S. house prices appreciated a remarkable 94.5 percent from first quarter 2013 to second quarter 2022—a 60.8 percent rise after adjusting for inflation. The magnitude of the increase is even larger than that of the preceding housing boom, from first quarter 1998 to second quarter 2007.

House prices have risen especially rapidly since the pandemic began—from first quarter 2020 to second quarter 2022—accounting for roughly 40 percent of the decade-long appreciation. Measures of profitability (price to rent) and affordability (price to income) have also jumped in the past two years, past historic highs dating back to first quarter 1975.

This unprecedented pandemic boom poses an outsized risk for the U.S. economy, pressuring housing rents and, consequently inflation, higher. The possibility of a sharp price correction leading to an economic contraction—were one to materialize—would further complicate Federal Reserve inflation-fighting efforts.

Housing Demand Outstripped Supply During Pandemic

Fundamental forces—whether temporary or more persistent—spurred the initial house price surge. Robust disposable income supported by pandemic-related fiscal stimulus and cheap credit boosted consumer demand, while supply-chain disruptions, COVID-19-related lockdowns, and rising labor and raw construction materials costs pushed supply lower.

Pandemic-induced lifestyle changes—work-from-home arrangements and internal migration—also help explain why demand so outpaced housing supply early on.

A housing boom—such as the pandemic-era run-up—becomes frothy when the belief becomes widespread that today’s robust price increases will continue unabated. If many buyers and investors share this belief, purchases arising from a “fear of missing out” (FOMO) further drive up prices and reinforce expectations of strong (and accelerating) future gains beyond what fundamentals could justify.

This self-fulfilling mechanism leads to exponential price growth until a price correction inevitably occurs.

COVID-Era Boom Became Bubbly

Economists often disagree on the fundamental value of housing and what causes expectation-driven bubbles. There is greater agreement on how to identify unsustainable exponential growth—a symptom of a bubble—in the data.

A novel empirical approach is based on so-called exuberance statistics. These measures can help detect if and when housing market indicators—quarterly real house prices, the house price-to-rent ratio and the house price-to-income ratio—start growing exponentially (Chart 1). An exuberance statistic above the 95 percent threshold signifies 95 percent confidence of abnormal unsustainable behavior in the underlying data series. Such episodes are identified in all charts with varying grades of shaded bars.

Chart1MajorU.SHousingMarketsPricetoRentPrice-ToIncome-RealHousePricesDallasFederalReservedfe1115c1-qa-1982toNov2022MHProNews
Chart 1 from Dallas Federal Reserve research brief shown. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, X out (close) the window, or depending on the device, you may need to use your back key, escape key (Esc), or follow the prompts.

Prices adjusted for inflation rose 24.3 percent from first quarter 2020 to second quarter 2022, the largest nine-quarter gain since the mid–1970s and more than three times the rate of growth of the prior nine-quarter period (fourth quarter 2017 to first quarter 2020). This pace of acceleration cannot be easily reconciled with fundamentals, which did not display comparable behavior.

Moreover, the latest statistics from second quarter 2022 closely parallel the preceding housing bubble, with the data once again showing evidence of explosive behavior in the price-to-rent and price-to-income ratios as well. Accordingly, the pandemic surge before summer 2022 exhibited widening symptoms of a FOMO-driven bubble, one that extends beyond the U.S.

Monetary Policy’s Role Easing Housing Booms

The relatively high number of new houses currently under construction can be a silver lining since supply catching up with demand can take some air out of the market and curb housing affordability woes. However, completions continue to lag. Recent data also show slowing housing sales and softening prices as borrowing costs surge, easing market pressure and, perhaps, enabling builders to chip away on order backlogs.

The share of mortgage debt service payments as a percent of personal disposable income stood at a historically low 3.9 percent in second quarter 2022. This remains well below the unsustainably high range of 6–7 percent reached at the peak of the last housing boom during 2005–07 (Chart 2). The mortgage share of income is poised to rise given the rapid increase of the 30-year mortgage rate―from 3 percent to above 6 percent at the end of third quarter 2022―induced by Fed monetary policy tightening since March 17, 2022. Rapidly rising mortgage rates have contributed to plummeting mortgage loan applications and declining housing sales.

Chart2MortgageBorrowingCostsRisingLikelyWeakenHouseholdFinancesWithLagDallasFederalReservedfeq1-1982ToNov20221115c2MHProNews
Chart 2 from Dallas Federal Reserve research brief shown. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, X out (close) the window, or depending on the device, you may need to use your back key, escape key (Esc), or follow the prompts.

The full effect of the ongoing tightening on households—including ultimately restraining housing demand—will take some time to be felt as the outstanding pool of mortgages gradually incorporates more of the recent vintages at higher rates.

Housing Poses Vulnerability for the U.S. Economy

The red-hot pandemic-era housing market poses significant risks to the Fed’s dual mandate of price stability and maximum sustainable employment.

On the inflation side, the four-quarter change in asking rents climbed to 16 percent in second quarter 2022, modestly slowing to 12.2 percent in the third quarter, reflecting house price increases, according to Zillow data. The Bureau of Labor Statistics’ rent of shelter—a broad measure of household rental costs and a component of the Consumer Price Index (CPI)—reacts with a lag given that landlords’ asking rents are increased gradually as leases turn over. Even so, rent of shelter climbed to 6.2 percent in third quarter 2022—the sharpest rent increase since at least the early 1990s—and pushing overall CPI inflation higher (Chart 3).

Chart3HousingRentGrowthPressureOnInflationWhileMarketRentsStartToSlowQ1-1982-Q12022-NovReportMHProNews
Chart 3 from Dallas Federal Reserve research brief shown. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, X out (close) the window, or depending on the device, you may need to use your back key, escape key (Esc), or follow the prompts.

Achieving a soft economic landing—taming inflation and avoiding a recession, as the Fed accomplished in 1994—cannot be taken for granted given that further monetary policy tightening can increase the household mortgage debt servicing burden and boost the odds of a severe house price correction.

Housing wealth increased by nearly $9 trillion between first quarter 2020 and second quarter 2022, more than 82 percent through price gains rather than from an increase in the stock of housing (Chart 4).

Chart4HousePriceRunUpCOntributedHomeEquityWealthJumpSinceEarly2020q1-1982toq1-2022Nov2022DallasFedReportdfe1115c4MHProNews
Chart 4 from Dallas Federal Reserve research brief shown. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, X out (close) the window, or depending on the device, you may need to use your back key, escape key (Esc), or follow the prompts.

Plausible estimates of the direct impact on housing wealth suggest that a pessimistic scenario—with a real price correction of 15–20 percent—could shave as much as 0.5–0.7 percentage points from real personal consumption expenditures. Such a negative wealth effect on aggregate demand would further restrain housing demand, deepening the price correction and setting in motion a negative feedback loop.

To complicate matters, the pandemic price boom has also widened wealth inequality since homeownership is the primary driver of household wealth.

 

Is a Major Housing Correction Unavoidable?

In the current environment, when housing demand is showing signs of softening, monetary policy needs to carefully thread the needle of bringing inflation down without setting off a downward house-price spiral—a significant housing sell-off—that could aggravate an economic downturn. Increasing mortgage rates, which follow from higher Fed policy rates, reduce the risk of prolonging the house price boom.

A gradual unwinding of the pandemic housing excesses can occur if policymakers can quell inflation without putting buyers under too much stress and can slow house price and rent increases while keeping underwater mortgages (housing worth less than what is owed) from rising.

Households and financial institutions are in better shape than during the housing boom and bust in the mid-2000s, likely providing more of a cushion to withstand some of the consequences of a negative wealth effect, were one to materialize.

However, after a housing boom partly driven by pandemic-era FOMO beliefs, cooling market participants’ expectations is key to shifting house prices toward a more sustainable path and avoiding the peril of a disorderly market correction.

A severe housing bust from the frothy pandemic run-up isn’t inevitable. Although the situation is challenging, there remains a window of opportunity to deflate the housing bubble while achieving the Fed’s preferred outcome of a soft landing. This is more likely to happen if the worst-case scenario of a price-correction-induced economic downturn can be avoided. ##

Enrique Martínez-García is a senior research economist and advisor in the Research Department at the Federal Reserve Bank of Dallas.

 

Additional Information with MHProNews Analysis and Commentary

The remarks from the Dallas Fed’s research above about the impact of increasing mortgage rates are the flip side of what the American Enterprise Institute (AEI) Housing Center has been saying for about two years about the driving factors in housing appreciation and demand.

  • Undersupply of housing compared to demand from a growing population is a factor that have boosted prices to buy or rent a home.
  • Low interest rates that have kept housing more affordable (than if rates were higher) have been a factor in driving purchase prices or rental costs higher.
  • There are obviously regional variations in these patterns that create these national results. So, some markets in certain states where in-migration is higher, such as Florida, have witnessed even more home price appreciation than areas where the rate of population growth is flatter or in decline.

While there are several possible takeaways from these Dallas Fed factoids, some of them are illustrated, foreshadowed, or are hereby amplified in the recent reports linked. Among them?  Biden era housing policy promises, periodically touted by the Manufactured Housing Institute (MHI), are proving to be illusory at best. That’s not a mere opinion, rather, it is what the evidence from a range of third-party research and reporting reflects.

Biden policy promises vs. reality.

Despite Biden Housing Promises, CNN, NAR Say 1st Time Homebuyers Fall to ‘All Time Low’ – MHI Input – Unpacking Info for MHVille Advocates & Pros; plus Sunday MHProNews Weekly MH Reports Recap

MHI’s New Research, Stockholm Syndrome, Chains of Habit, Defining Insanity, You Can’t Make This Stuff Up = Manufactured Housing’s Wacky Wednesday; plus MHVille REITs, Stocks Update

 

 

USA Today reports that numbers of Democratic supporting voters believe that the housing market is “a scam.”

 

ItsaScamUSAtodayRentersMull2022VotingLackFaithInSystemNARdataRevealsBlackHomebuyingDownUnderBidenAffordableHousingSolutionsAndManufacturedHomesExploredMHLivingNews
https://www.manufacturedhomelivingnews.com/its-a-scam-usa-today-renters-mull-2022-voting-lack-faith-in-system-nar-data-reveals-black-homebuying-down-under-biden-afford/

Martínez-García’s research largely confirms the thrust of articles linked herein from the sources as shown.

Consumers ‘Fears for the Future’-Mortgage Payments Surge Since 2021, Buyers Get Priced Out–Conventional Housing Woes are Manufactured Home Pro Opportunities; plus MHVille REITs, Stocks Update

Fannie Mae’s Home Purchase Sentiment Index (HPSI) Plummets to New All-Time Low – Consumer Confidence in Housing Drop Continues, Conv vs. Manufactured Homes Trends; plus MHVille REITs, Stocks Update

There is a demonstrable dearth of housing priced under $200,000.

$200,000 ‘Starter Homes’ Becoming ‘a Myth’ – Last 4 U.S. Cities Where Renters Can Buy a House, Other Higher Cost Housing Metro Data ‘What a Difference 1 Month Makes’ – plus MHVille Stocks Update

This pattern does benefit manufactured housing.  But it manufactured home production could be multiples of the current levels, as the linked reports demonstrate.

Manufactured Home Production Growth Continues in September 2022, per Manufactured Housing Association for Regulatory Reform-Added Facts, Analysis, plus MHVille REITs, MH Connected Stocks Update

AffordableHousingConventionalHousingMobileHomeManufacturedHomeAndModularHousingConundrumWhatU.S.DepartmentOfHousingAndUrbanDevelopmentHUD.ResearchRevealedMHLivingNews
https://www.manufacturedhomelivingnews.com/affordable-housing-conventional-housing-mobile-home-manufactured-home-and-modular-housing-conundrum-what-u-s-department-of-housing-and-urban-development-hud-research-revealed/

 

There is a wealth of data, market/legal facts, and expert comments that indicate that manufactured housing ought to be soaring. While the industry has had modest growth, the robust growth that is possible has been missing.

WilliamCBoorPicPresCEOCavcoIndustriesLogoQuoteButWeveGotGreatOpportunityasManufacturedHomeIndustryCatchUpWithBuildingQ2021mhpronewslogo
Bill Boor is correct in saying that the industry has an opportunity to ‘catch up’ – or even pass – conventional housing builders. But that opportunity existed 2 decades ago too. That means, that until the root issues are addressed, authentic progress will not be obtained. That noted, by addressing the root issues robust growth can occur.

 

RichardDickJennisonQuoteManufacturedHousingInsituteLOGOMHILogoCEORichardDickJennisonPICWhyNot500000HalfMillionNewManufacturedHomesAnnuallyWeCanGetThereQuoteMHProNews1
 https://www.manufacturedhomepronews.com/we-need-to-remove-the-shackles-on-our-industry-mhi-ceos-historic-call-for-cfpb-feds-to-unleash-manufactured-home-industry-growth-via-more-lending-marty-lavin-in/

 

SkylineChampionLOGOProductionShipmentMobileHomesManufacturedHomesGraphicIllustratedJamesSchmitzFEDSamStrommenKnudsonLawMHProNewsAnalysis
Ironically, Skyline Champion’s own investor pitch-deck provides ample evidence for manufactured housing industry underperformance. That same pitch-deck further provides evidence that Mergers and Acquisitions are a key part of their business model. What is there in such revelations that Birch and Williams miss? Bear in mind, that they are mere stand-ins who voluntarily raised their hands in defense of Berkshire and MHI firms like Skyline Champion. Notice: Several of the illustrations shown in this report can be opened in many browsers to reveal a larger size. To open this picture, click the image once. When the window opens, click it again to reveal the larger size photo. Use your browsers back key to return to the article.

‘Affordable Homes for Low Income Must Produce in Factory,’ ‘Years to Unravel Sabotage,’ Grad Students Interest in Manufactured Housing, Factory-Home Solutions; plus Sunday Weekly Headlines Recap

One might wonder why the insightful research by James A. “Jim” Schmitz Jr., which explains some of the reasons why manufactured housing has been underperforming for decades, is not found on the Manufactured Housing Institute (MHI) website?

JamesSchmitzMinneapolisFederalReserveSearchManufacturedHousingInstitute-MHProNews
There is no known public pushback by MHI’s staff or corporate leaders against the research report by James Schmitz Jr. and his colleagues.

 

“ThisPatternObscuredSabotagingMonopolyTacticsLeadsToNewSetOfMonopoliesThoseInTheManufacturedHousingIndustry-JamesAJimSchmitzJrMinneapolisFedReserveMHProNews
https://www.manufacturedhomepronews.com/affordable-homes-for-low-income-must-produce-in-factory-years-to-unravel-sabotage-grad-students-interest-in-manufactured-housing-factory-home-solutions-plus-sun/
MartinMartyLavinManufacturedHousingInstituteWebsiteSearch12.42PM11.17.2022LavinLashesMHI
Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, X out (close) the window, or depending on the device, you may need to use your back key, escape key (Esc), or follow the prompts.
DavidPGochJD-attorneyPhotoWebsterChamberlainBeanLOGO-quoteMHI-ActivelyMonitorsUntrueDisparagingStatementsMHProNewsQuotableQuote
Goch is a paid mouthpiece for MHI. This pull quote from a letter from Goch is fascinating. On the one hand, Goch says that MHI is working for the interests of all, and wants all points of view. But then, Goch threatens in writing a then MHI member who dared question the association. They cannot have it both ways. Part of the irony is that in hindsight, as the evidence mounts, it becomes obvious that MHI has postured efforts for almost 20 years, since the start of the Berkshire era of manufactured housing began. Coincidence? Or just part of a broader plan that has benefited a few at great cost and harm to the many? https://www.manufacturedhomepronews.com/sun-communities-official-q2-2021-results-inversion-spencer-roane-letter-manufactured-housing-institute-scientia-potentia-est-plus-manufactured-home-stock-updates/

 

SouthDakotaUCoyotesKnudsonSchoolLawLogosSamStrommenAimOfResearchExposeBlatantSubtleMonopolizationMachineHumanSufferingMHLivingNews
https://www.manufacturedhomepronews.com/bombshell-buffett-berkshire-clayton-homes-21st-vanderbilt-specific-mhi-members-ripped-felony-monopolization-of-the-american-manufactured-home-industry/

 

SamuelStrommenKnudsonLawSearchManufacturedHousingInstitute-MHProNews

DougRyanPicProsperityNowLOGOQuoteCapitalAccessClaytonHomesLWhyManufacturedHousingInstituteUnwillingCritizeExclusionChattelLoansBoostSalesAttractNewManufacturedHomeLendersMHProNewsLogo
See his context and the full ‘debate’ context in the report, linked here. https://www.manufacturedhomepronews.com/epic-kevin-clayton-moat-rant-analysis-lesli-gooch-debate-defense-doug-ryan-charge-end-clayton-monopoly-over-manufactured-housing-breaching-buffett-berkshire-clayton-monopolistic-moat-method/

 

ShellGameAffordableManufacturedHomeThreatsOnSteroidsManufacturedHousingIndustriesTwinCrisesOneOnOneInterviewMarkWeissPresCEOManuHousingAssocRegReformMHARRlogoPicMastMHProNews1
https://www.manufacturedhomepronews.com/masthead/shell-game-affordable-manufactured-home-threats-on-steriods-exclusive-probe-into-manufactured-housing-industrys-twin-crises-a-one-on-one-interview-with-mharr/

KennyLipschutzPhotoHomeFirstCertifiedCommunitiesMHI-NCCmemberManufacturedHomeCommunityProNews

 

MHProNews has attempted for some 5 years to get MHI to publicly discuss and/or debate their performance. They have not only declined doing so, but in a documented instance below, a prior MHI executive cancelled his own appearance on stage to apparently duck questions from MHProNews or our readers.

HowardWalkerJDpicEquityLifestylePropertiesManufacturedHousingInstituteLogos4ManuHousingInstLeadersPubliclyDuckingOutExplainingPerformanceLackThereofELSHowardWalkerMHProNews
MHI has been ducking accountability for years, as these documented examples reflect. https://www.manufacturedhomepronews.com/masthead/4-quick-documented-examples-of-manufactured-housing-institute-leaders-publicly-ducking-out-on-explaining-their-performance-or-lack-thereof-els-howard-walker/

 

Note, it was MHI who apparently frayed their own reputation with this publication. After all, their own leaders praised MHProNews publicly numerous times. Put differently, as their lack of performance and/or apparently deceptive tactics increasingly emerged, MHI limited engagement in the ways they were able to do so, despite having praised MHProNews for objective, accurate, and pro-industry reporting.

TimWilliams21stMortgageCorpPriorMHIChairmanPraisingMHLivingNewsMHProNewsTonyKovach

HowardWalkerELSViceChairmanPraisingMHProNewsMHLivingNews-1.png

As pro-MHI state association executive Jim Ayotte put it, this isn’t rocket science.

“Not Rocket Science” After Flak FMHA Ayotte Attack! Exposes Tim Williams/21st Kevin Clayton Joe Stegmayer/Cavco-Manufactured Housing Institute (MHI)–“Ridiculous” MHI“Vendetta” Facts+Analysis
https://www.manufacturedhomepronews.com/masthead/not-rocket-science-after-flak-fmha-ayotte-attack-exposes-tim-williams-21st-kevin-clayton-joe-stegmayer-cavco-manufactured-housing-institute-mhi-ridiculous/

MHI, their staff and corporate leaders, can only put forth the same tread worn pattern of drivel and empty promises before their “shell game” becomes apparent.

OvercomeZoningFinancingWoesPostProductionRepMoreThanMeetingsTalkingPointsEngagePhotoOpsPublishNewslettersFullBraggadocioBoastsBereftTangibleResultsQuoteDannyGhorbaniPhotoMHProNews
https://www.manufacturedhomepronews.com/ghorbani-nails-zoning-answers-to-how-and-who/

The latest on the looming Department of Energy (DOE) manufactured housing energy rules is examined below.

LINK MHARR DOE MHCC

Note that none of these third-party quotes below are found on the MHI website either! So, it isn’t just negative remarks that are missing, but positive or insightful comments about manufactured housing are missing too. Even the pro-manufactured housing comments by Eric Belsky, once shared by MHI, are now gone from their website. The infographic that follows suggests that manufactured housing could be doing some 6 times more production that it currently does IF the industry’s leaders wanted robust growth. They apparently do not. Why not? Because growth thwarts consolidation.

InfographicmobilehomehudcodemanufacturedhousingProductionShipments1950-2021QuotesNewSFHousingExistingHousingRVsManufacturedHomeProNews
One of the images provided in the EIN media release, linked here. For those who use the content without changes and including backlinks, this content can be used at no cost. Note 2: Note: depending on your browser or device, many images in this report can be clicked to expand. Click the image and follow the prompts. For example. Click the image and you may see an option to open the image in a new window. Click that option. Then, in the new window click the image to expand it to a larger or full size. To return to this page, use your back key, escape or follow the prompts.

EricBelskyHarvardJointCenterHousingStudiesManufacturedHousingIndustryProjectedtoSurpassConventionalHousingbyDecadeEndManufacturedHomeProNews

 

The bottom line is increasingly clear and simple. MHI apparently postures efforts, palters, but fails to deliver. The industry has grown, not because of their efforts, but apparently despite their efforts. Who says? It is the obvious implications by two more MHI members.

AndyGedoPhotoManageAmericaLogoGedoQuoteClaytonHomesTheMoatBarriersOfEntryManufacturedHousingLendingManufacturedHomeProNewsKevinClaytonWarrenBuffettTheMoat
https://www.manufacturedhomepronews.com/debate-current-former-manufactured-housing-institute-members-battle-over-clayton-homes-mhi-other-key-member-activities-and-industry-performance/

 

Daily Business News on MHProNews Markets Segment

The modifications of our prior Daily Business News on MHProNews recap of the recap of yesterday evening’s market report are provided below. It still includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines. The macro market moves graphics will provide context and comparisons for those invested in or tracking manufactured housing connected equities.

In minutes a day readers can get a good sense of significant or major events while keeping up with the trends that are impacting manufactured housing connected investing.

Reminder: several of the graphics on MHProNews can be opened into a larger size. For instance: click the image and follow the prompts in your browser or device to OPEN In a New Window. Then, in several browsers/devices you can click the image and increase the size. Use the ‘x out’ (close window) escape or back key to return.

 

Headlines from left-of-center CNN Business – from the evening of 11.18.2022

  • Fatter paychecks
  • Employers are planning their biggest salary increases in 15 years
  • Fed officials crushed investors’ hopes this week
  • As Twitter staff empties out, users fear the worst for platform
  • What to do if you’re worried about your Twitter account going away
  • Twitter is the world’s digital public square. What happens if it dies?
  • Parents are buying fewer baby clothes, a sign of deep financial distress
  • Elon Musk’s $50 billion trial comes to an end today
  • US home sales fall for 9th month in a row in October
  • Elizabeth Holmes scheduled to be sentenced on Friday
  • IKEA suppliers allegedly used Belarus prisoners under forced labor conditions, report says
  • Foxconn has recruited 100,000 new workers for largest iPhone factory, state media reports
  • What is Bud Zero, the only beer Budweiser can sell at the World Cup?
  • Elon Musk unbans several controversial Twitter accounts, but says not yet on Trump
  • Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., U.S., on Wednesday, Feb. 9, 2022. The top Democrats and Republicans on the committee last month sent a letter to the CFTC calling for the regulator to take a more active role in overseeing cryptocurrencies.
  • The crypto meltdown, explained
  • Taylor Swift at the 2022 MTV Video Music Awards held at Prudential Center on August 28, 2022 in Newark, New Jersey.
  • Taylor Swift speaks out after Ticketmaster fiasco
  • MARKETS
  • BUSINESS OF SPORTS
  • Rick Fox, three-time NBA Champion and founding partner of Vision Venture Partners, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017.
  • Former NBA champ is changing ‘how the world builds’ to fight climate crisis
  • FTX investor sues Tom Brady, Gisele Bundchen
  • Miami Heat’s FTX Arena will get new arena name
  • Athletes leave Kanye West’s Donda Sports agency
  • Adidas scoops up CEO who turned around Puma
  • JOB CUTS
  • The Facebook logo reflected in a puddle at the company's headquarters in Menlo Park, California, U.S., on Monday, Oct. 25, 2021.
  • Big Tech misread pandemic demand. Now their employees are paying for it.
  • Disney plans to freeze hiring and cut jobs, memo shows
  • Oatly plans job cuts as investors sour
  • Amazon confirms it has begun laying off employees
  • Meta will lay off 11,000 employees
DowJones-ManufacturedHomeCommunitiesMobileHomeParksFactoriesProductionSuppliersFinanceStocksEquitiesClosingDataYahooFinanceLogo11.18.2022
Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, X out (close) the window, or depending on the device, you may need to use your back key, escape key (Esc), or follow the prompts.
YahooFinanceLogo9ClosingStocksEquitiesBroaderMoneyMarketInvestmentIndicatorsGraphic11.18.2022MHProNews
“In the business world, the rear-view mirror is always clearer than the windshield.” – Warren Buffett. That begs a key question. Why don’t more people LOOK at the rearview mirror so they can learn more about the patterns that influence what’s ahead? Note: depending on your browser or device, many images in this report can be clicked to expand. or example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection, you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts.

Headlines from right-of-center Newsmax 11.18.2022

  • Trump Slams AG Naming Special Counsel to Oversee Probes: ‘Not Acceptable’
  • Trump, who just announced his intention to seek reelection in 2014, decried the further step in the ongoing investigations against him as brazenly political. He also reiterated that he’s been accused of a host of misdeeds for six years without any finding of guilt. [Full Story]
  • The 2022 Elections
  • Boebert Declares Victory, Opponent Concedes Amid Recount
  • Zeldin ‘Seriously Considering’ Bid to Head RNC
  • State Sen.: Lake Must Look ‘Forward’ on Election | video
  • Texas Probes Election Conduct in Harris County
  • Ballot Harvesting Provides ‘Pathway to Winning Elections’ platinum
  • Dem Rep.-Elect Mullin Win Puts House Tally at 219-210
  • Newsmax Hasn’t Called Dem Rep. Costa’s Calif. Reelection
  • Newsmax Hasn’t Called Dem Rep. Bera’s Calif. Reelection
  • GOP House Candidate Duarte Back in Lead in Calif.-13
  • DeSantis’ Redistricting Map Helped GOP Win House Majority
  • Arizona’s Kari Lake: ‘I’m Still in This Fight’
  • Sarah Palin Stuck in Alaska Ranked-Choice Limbo | video
  • Newsmax TV
  • Texas AG Paxton: Gender Care Bills Will Protect Parent Rights | video
  • Ric Grenell: Investigation Needed in Union’s Nevada Canvassing | video
  • Biggs: McCarthy Won’t Get Votes to Be Next Speaker | video
  • Donalds: ‘Enough Information’ for Biden Hearings | video
  • Arizona State Sen.: Kari Lake Must ‘Move Forward’ | video
  • Christina Bobb: ‘Persecution’ Won’t Shake Campaign | video
  • -Elect Kiley: Pelosi Exit Sweetest Part of Win | video
  • Allen: ‘Time for a Change’ in House Leadership | video
  • Steube: No Ukraine ‘Blank Checks’ in GOP-Led House | video
  • Cruz: Biden’s Role in Son’s Actions Must Be Probed | video
  • Newsfront
  • CNN Chief Regrets Network Covered Trump 24/7
  • CNN CEO Chris Licht vowed this time around the news outlet is “not going to be a 24/7 Trump news network.”… [Full Story]
  • Twitter Reinstates Banned Users Griffin, Peterson; No Decision on Trump Yet
  • Twitter has reinstated the accounts of U.S. comedian Kathy Griffin [Full Story]
  • Related
  • Twitter Saga Continues Amid Musk Takeover |video
  • RNC Chair McDaniel Appears to Have Enough Backing for Reelection
  • RNC Chairwoman Ronna McDaniel appears to have enough votes for [Full Story]
  • Russia: Putin-Biden Summit ‘Out of Question’ Right Now
  • Russia is open to more high-level talks with the United States, a top [Full Story]
  • Trump Slams AG Naming Special Counsel to Oversee Probes: ‘Not Acceptable’
  • Former President Trump on Friday blasted Attorney General Merrick [Full Story]
  • Related
  • AG Garland Calls Special Counsel for Trump Probes
  • Confront China Belligerence With Force or Diplomacy?
  • America and the West must come to terms with Chinese belligerence and [Full Story] | Platinum Article
  • Related
  • FBI ‘Very Concerned’ by Chinese ‘Police Stations’ in US
  • Ballot Harvesting a ‘Pathway to Winning Elections’
  • Instead of complaining about the potential problems posed by ballot [Full Story] | Platinum Article
  • Why Do Some States Take so Long to Count Votes?
  • Two decades after the recount fiasco that introduced “hanging chads” [Full Story] | Platinum Article
  • Kari Lake Spotted at Mar-a-Lago
  • Arizona gubernatorial candidate Kari Lake, who has refused to concede [Full Story]
  • House Judiciary GOP Sets Sights on DHS’s Mayorkas
  • Rep, Jim Jordan, R-Ohio, the incoming chairman of the House Judiciary [Full Story]
  • Video Report: ‘Moms for Liberty’ Sees Midterm Success
  • The parental rights group “Moms for Liberty” had success in the [Full Story] | video
  • Zeldin ‘Seriously Considering’ Bid to Head RNC
  • Lee Zeldin, R-N.Y., said this week that he is “very seriously [Full Story]
  • DOJ Seeks Supreme Court Help on Student Loan Plan
  • The U.S Justice Department on Friday asked the Supreme Court to lift [Full Story]
  • NKorea Test Launches Missile Capable of Striking US
  • North Korea on Thursday test launched a short-range ballistic missile [Full Story]
  • Buffalo Already Under 2 Feet of Lake-Effect Snowstorm
  • A dangerous lake-effect snowstorm paralyzed parts of western and [Full Story]
  • Suspect Who Ran Down Sheriff’s Recruits Out of Jail
  • A 22-year-old man, arrested on suspicion of attempted murder of peace [Full Story]
  • Y. Hasn’t Licensed Pot Shops, Yet They Abound
  • Eager, anxious and frustrated, Yuri Krupitsky is waiting to find out [Full Story]
  • Jeffries Announces Bid for House Dem Leader
  • Hakeem Jeffries, D-N.Y., announced his candidacy for House [Full Story]
  • House GOP Can Pump Brakes on Biden EV Agenda
  • Republicans’ takeover of the U.S. House of Representatives could slow [Full Story]
  • Video Report: CBP Agent Killed, Two Injured in Shootout
  • A Customs and Border Patrol agent was killed and two others were [Full Story] | video
  • US, South Korea Talk Inflation Reduction Act at APEC
  • S. Trade Representative Katherine Tai acknowledged Seoul’s concerns [Full Story]
  • US Home Sales Fell in October for 9th Straight Month
  • Sales of previously occupied U.S. homes fell in October for the ninth [Full Story]
  • Boebert Declares Victory, Dem Frisch Concedes
  • Lauren Boebert, R-Colo., declared victory in her reelection [Full Story]
  • Fed’s Collins Says More Rate Rises Lie Ahead
  • Federal Reserve Bank of Boston leader Susan Collins said on Friday [Full Story]
  • Pfizer Omicron Shot Produces Antibodies Against Emerging BQ.1.1 Subvariant
  • Pfizer Inc and its German partner BioNTech SE said on Friday their [Full Story]
  • Dem Rep. Hakeem Jeffries Favored as Minority Leader
  • Hakeem Jeffries, D-N.Y. is a likely top contender to lead the [Full Story]
  • Rep.-Elect Mullin Win Puts House Tally at 219-210
  • Newsmax can officially project Democrat Kevin Mullin the winner of [Full Story]
  • GOP House Second Amendment Caucus Meets With Kyle Rittenhouse
  • House Republicans in the Second Amendment Caucus met with Kyle [Full Story]
  • Authorities: Man Wielding Knife, Ax, Sword Entered New York Times Building
  • Police in the Big Apple said Thursday that a 32-year-old man entered [Full Story]
  • Politico Poll: Trump Leads DeSantis
  • While major media has been billing Florida GOP Gov. Ron DeSantis as a [Full Story]
  • House Advances Proposal Touting More Transparency With Mail-In Ballots
  • The House Oversight and Reform Committee has advanced a potentially [Full Story]
  • Finance
  • Average 401(k) Balance Declines 23% to $97,200
  • Although retirement savers in Fidelity accounts continued to stay the course with steady contributions and asset allocations, the average 401(k) balance declined 23% to $97,200 in the third quarter…. [Full Story]
  • Home Prices Could Plummet 20% in ‘Severe’ Correction: Dallas Fed
  • Report: DOJ Probes Live Nation After Swift Ticket Debacle
  • Twitter Saga Continues Amid Musk Takeover
  • Pay Raises to Hit 4.6% in 2023
  • More Finance
  • Health
  • Indoor Humidity Level Linked to COVID-19 Transmission
  • A new study found that very dry or very humid indoor can worsen COVID-19 outcomes. Previous research has shown that proper ventilation can slow the spread of the virus, and now researchers at the Massachusetts Institute of Technology (MIT) have discovered that indoor… [Full Story]
  • Expert Tips for Gathering Safely With Friends and Family
  • Schools Struggle For Staff During Youth Mental Health Crisis
  • USDA Program Keeps Extra COVID-era Money for Fruits, Veggies
  • Chris Hemsworth Learns He’s Genetically Predisposed to Alzheimer’s
Yahoo-ManufacturedHomeCommunitiesMobileHomeParksFactoriesProductionSuppliersFinanceStocksEquitiesClosingDataYahooFinanceLog11.18.2022
In instances such as Apollo, Berkshire Hathaway, Blackstone or others, manufactured housing may only be part of their corporate interests. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts.

===================================

  • NOTE 1: The 3rd chart above includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
  • NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
  • NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm.  Thus, there is still periodic activity on DVLY.
  • Note 4: some recent or related reports to the equities named above follow.

‘No Assurance Inflation Will Not Affect Our Future Profitability Financial Position’=Cavco Industries 10-Q, Solitaire Deal, More CVCO Data; Supreme Court Ruled-SEC Regs on False-Omitted Remarks

Skyline Champion Provides Quarterly Results, Adding Retail Centers, Improved Delivery Times-CEO Mark Yost Says ‘Can Outperform Conventional Housing’ Explored; Plus MHVille REITs, Stocks Update

ChaseMcGeePicClaytonHomesChiefPeopleOfficerScanlanClaytonCultureLegendaryEditorialEyesUltimateClaytonHomesResourceBiggestManufacturedHomeBuilderADM-BoeingLogosMHLivingNews
https://www.manufacturedhomelivingnews.com/cpo-chase-mcgee-clayton-homes-chief-people-officer-scanlan-recruiting-says-clayton-culture-legendary-editorial-eyes-ultimate-clayton-homes-resource-for-biggest-manufactured/

Triad Financial Services Q2-2022 FINANCIAL RESULTS, per ECN Capital – Several Bright Spots in Manufactured Home Market Highlighted, Including Communities, Retail, Land-Home, Floor; MHStocks Update

‘Blackrock Weaponizing ESG’– State AGs Probe MHCommunities Owner, Private Equity Giant Blackrock on Possible Antitrust, Securities, Fiduciary Violations, See AGs’ Document; plus MHStocks Update

Truist, Other Investors Increase Multi-Million Dollar Stakes in Legacy Housing Corporation (LEGH), Corp Update by CEO Duncan Bates, with Added Facts, Analysis

ClaytonHomes21stMortgageCorpVanderbiltMortgageFinanceVMFLogosBerkshireHathawayLegalGavelCash100s
https://www.manufacturedhomelivingnews.com/unpacking-clayton-homes-linked-vanderbilt-mortgage-and-finance-fraud-and-rico-case-us-district-court-southern-district-of-texas-corpus-christi-division-case-no-c-09-312/
ManufacturedHomeCommunityREIT-EquityLifeStylePropertiesELSQuarter2-2022ExpensesGrewFasterThanIncomeNewsHomeSalesRentvOwnersFactsOfficialStatementsCriticalAnalysisMHProNewsMNaderPWaite
https://www.manufacturedhomepronews.com/manufactured-housing-community-reit-equity-lifestyle-properties-els-latest-quarterly-results-facts-official-statements-critical-analysis-plus-manufactured-home-reits-equities-updates/

Manufactured Home Communities (a.k.a. ‘Mobile Home Parks’ – SIC) – Exploring UMH Properties; Fellow Manufactured Housing Institute Member Yes! Communities Suits and Settlements; plus MH Markets Updates

JohnBostickSunshineHomesRedBayALpicLOGO50thAnivCeleb1971-2021MobileHomesHUDCodeManufacturedHomesModularHomesRompThruManufacturedHomeHistoryMastMHProNews
https://www.manufacturedhomepronews.com/masthead/50th-anniversary-celebration-year-sunshine-homes-1971-2021-from-mobile-homes-to-hud-code-manufactured-homes-and-modular-homes-a-romp-through-key-phases-in-manufactured-home-histo/
NathanSmithKurtKeeneyFlagshipCommunitiesREIT-MHC.U.TOLogoDIsclosuresPitchWarningsManufacturedHomeCommunityFactsCaveatEmptorAnalysisPlusMHStockUpdatesMHProNews
https://www.manufacturedhomepronews.com/industryvoices/marty-lavin-j-d-weighs-in-on-resident-complaints-of-predatory-behavior-by-manufactured-home-community-consolidators/
SteveLawlerPhotoDeerValleyHomebuildersLogoDVLYLogoDeerValleyCorpAnnouncesMergerPlusManufacturedHomeInvestingStockUpdatesMHProNews
https://www.manufacturedhomepronews.com/steve-lawler-deer-valley-corporation-dvc-otcmkts-dvly-announces-merger-plus-manufactured-home-investing-stock-updates/
CTAttorneyGeneralWmTongItsCriminalAndItsElderAbuseSunCommunitiesInLatestPrivateEquityMHVilleDramaInvolvingMajorManufacturedHousingInstituteMemberFactsAnalysisMHLivingNews
https://www.manufacturedhomelivingnews.com/attorney-general-wm-tong-its-criminal-and-its-elder-abuse-sun-communities-in-latest-private-equity-mhville-drama-involving-major-manufactured-housing-institute-me/

2022 Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.

Disclosure. MHProNews holds no positions in the stocks in this report.

· For expert manufactured housing business development or other professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.

SubscribeNowMHProNews
To get our x2 weekly industry-leading emailed news headlines, click here
iReportNewsTipsCommentsSendMastheadManufacturedHomeProNews
We recommend that news tips NOT use company, nonprofit or organizational emails or cell phones. To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP or COMMENTS in the subject line.

That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)

CongRepAlGreenDeskTamasKovachLATonyKovachPhoto12.3.2019ManufacturedHomeProNews
All on Capitol Hill were welcoming and interested in manufactured housing related issues. But Congressman Al Green’s office was tremendous in their hospitality. Our son’s hand is on a package that included a copy of the Constitution of the United States and other goodies. Tamas has grown considerably since this photo was taken. 

By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.

 

 

 

 

 

 

 

 

Manufactured Home Production Growth Continues in September 2022, per Manufactured Housing Association for Regulatory Reform-Added Facts, Analysis, plus MHVille REITs, MH Connected Stocks Update

Consumers ‘Fears for the Future’-Mortgage Payments Surge Since 2021, Buyers Get Priced Out–Conventional Housing Woes are Manufactured Home Pro Opportunities; plus MHVille REITs, Stocks Update

‘Changes Will Benefit Customers,’ Boost Sales-Legacy Homes CEO Duncan Bates – LEGH ‘Delivered 22.5% Return on Equity in 1 Yr’ – Corp Q3 2022 Insights, Analysis; plus MHVille REITs, Stocks Update  

 

 

mas kovach mhpronews shopping with soheyla .jp

Get our ‘read-hot’ industry-leading 

get our ‘read-hot’ industry-leading emailed headline news updates

Scroll to Top