Speaking at a luncheon at the Bipartisan Policy Center’s Housing Summit in Washington, D. C., former Housing and Urban Development (HUD) Secretary Henry Cisneros said the current affordable housing assistance programs only have funding for one out of four applicants. According to housingwire.com, he said: “In addition, we aren’t focusing …
Henry Cisneros: Current Affordable Housing Programs miss 75 Percent Read More
Manufactured housing producer Nobility Homes, Inc. (NOBH) of Ocala, Florida, announcing its sales and earnings results for the third quarter 2014 ending Aug. 2, reports sales for the quarter rose 12 percent to $5,346, 639 over the $4,758,456 for the same period of 2013, according to nasdaq.com. Net income after …
Nobility Homes Reports Sales, Income Rise in Q3 2014 Read More
Experts at the American Mortgage Conference say the combination of lenders apprehensive about making mistakes on loan apps and the qualified mortgage rule, and the need for low-cost financing to meet the changing demographics of minority and women home buyers whose income is not apt to rise, are two major …
Apprehensive Lenders, Changing Homebuyer Demographics Create Challenges Read More
Following a story MHProNews first published Sept. 1, 2014 regarding a modular workforce housing complex to be built in McComb, Mississippi for oilfield workers fracking on the Tuscaloosa Marine Shale (TMS) in southwest MS and central Louisiana, the 536-bed lodge by CMS Consultants, LLC of Metairie, LA will be constructed …
Tuscaloosa Marine Shale Braces for expected Oilfield Worker Onslaught Read More
As the U. S. Border Patrol doubled its staff in Ajo, Arizona nine miles north of the Mexican border, the government bought land and sited 20 manufactured homes and built 21 two-and-three bedroom homes for the expansion, spending $17 million, about $680,000 per home in a town of less than …
Manufactured Homes Provided for Border Patrol Agents Read More
Regulators have been encouraging mortgage lenders to relax credit, saying that will fuel the tepid housing market, while others say lowering FICO scores to include more low-income borrowers will lead to more defaults. “We simply don’t have enough qualified homebuyers even with mortgage rates getting as low as 3.25%,” says …
Relaxed Credit: Kickstart Housing or Overheat the Housing Market? Read More
The Federal Housing Administration (FHA) wants to reach out to borrowers with credit scores of 640-680 because lenders have pulled back from that borrower class over the last ten years, according to Frank Vetrano, of FHA’s risk management and regulatory affairs division, noting the housing downturn took many of these …
FHA Reaching Back to Borrowers with Lower Credit Scores Read More
Case-Shiller’s improved house price index (HPI) now offers a monthly read on the housing market instead of a quarterly overview, according to housingwire.com. Paul Diggle of Capital Economics says, “The new index suggests that prices ‘only’ fell by 26% during the crash, relative to 34% on the previous quarterly index. …
New Index: Housing Crash not so bad; Recovery not so Good Read More
Data from the Mortgage Bankers Association (MBA) reveals mortgage applications to buy a new home fell nine percent in August, according to nationalmortgagenews.com. New single-family home sales fell 2.1 percent from the July rate of 433,000 units, on a seasonally adjusted annual rate (SAAR), to 424,000 in August, while the …
Following a story MHProNews posted Sept. 16, 2013 regarding the disastrous flooding in Colorado, the Federal Emergency Management Agency (FEMA) says it distributed $61,634,523 to uninsured homeowners hit by the flooding and rain, including $31,900 each to nearly all the residents of two manufactured home communities (MHCs) along the South …
Colorado MH Owners Float with FEMA Funds, while MHC Owners Sink Read More
Donald Salmon of TBI Mortgage says private investors are beginning to buy mortgages written just for self-employed borrowers who put down 30 percent and have good credit scores. Instead of looking at paychecks, they examine a twelve-month bank statement to determine if the borrower can afford the home, nationalmortgagenews.com reports. …
Loans Moving from FHA to Fannie and Freddie; Freddie Inaugurates MHC Loan Read More
Federal Housing Finance Agency (FHFA) Director Mel Watt told a gathering of the American Mortgage Conference he supports the merger of Federal Home Loan Banks (FHLB) but wants to gather more information before giving required approval, and is currently offering a consultative role to FHLBs in Seattle and Des Moines …
The Falkville Town Council in Alabama held a public hearing concerning changing the zoning ordinance for manufactured homes (MH) to allow subdivisions of MH in new areas zoned MH-S, according to hartselleenquirer.com. The ordinance will continue to allow manufactured homes in residential R-1 and R-2 or agricultural zones AG-1 on …
Alabama Town Attracting Manufactured Home Subdivisions Read More
According to CNNMoney.com, 40 million Americans now have student loan debt, reports credit bureau Experian, an increase from 28 million in 2008; and the amount of debt has risen from $23,000 to $28,000 during that same period. Total student loan debt now stands at $1.2 trillion, an all-time high and …
Rising Student Loan Debt—Pathway to Manufactured Housing? Read More
Cash sales comprised only 33 percent of total home sales in June, 2014, the lowest level since Sept. 2008, and a drop of 36.3 percent from June 2013, with the share falling year over year each month since Jan 2013. Before the housing crisis began, according to worldpropertychannel.com, cash home …
Cash Home Sales Fall to Lowest Level in Nearly Six Years Read More
According to Harvard University’s Joint Center on Housing, the nation is poorly prepared to house aging Baby Boomers, especially those disabled. An added problem is one-third of those aged 50 and older spend more than 30 percent of their income on housing; some boomers who still have a mortgage on …
PayNearMe and ManageAmerica are partnering to allow manufactured housing residents pay their rent and other housing costs with cash at a network of 17,000 convenience stores nationwide, according to marketwatch.com. The funds are immediately guaranteed to management, the resident receives a receipt, and the transaction takes under a minute, like …
7-Eleven and Family Dollar to take MHC Resident Rent Read More
With half a million manufactured homes in the northwest, and over 200,000 in Washington state, an energy efficient manufactured home prototype funded by Puget Sound Energy (PSE), Habitat for Humanity Seattle-King County, and Bonneville Power Administration (BPA) could help northwest utilities meet future energy conservation goals. The home, built for …
Energy Efficient Manufactured Home could Save Thousands Annually Read More
Updating a story MHProNews posted Sept. 3 regarding the increase in production of manufactured homes for July, 2014 over the previous July, the Manufactured Housing Institute (MHI) adds that 8,554 floors were shipped in July, an increase of 14.6 percent over July 2013. The seasonally adjusted annual rate (SAAR) of …
July Floors Rise; Plants and Producers Hold Steady in June Read More
Noting the current housing market scenario is not meeting expectations most analysts predicted a year ago, Mortgage Bankers Association (MBA) CEO and President David Stevens says the changing demographic in the U. S. is going to require changes in the home financing market. “If you look at existing housing stock …
MBA’s David Stevens: Home Ownership Financing must Change Read More
