Patty Hydock closed her modular home sales center in Egg Harbor City, New Jersey in 2006 on the eve of the housing bubble, but re-opened Jersey Coast Modular Homes eight years later following another disaster, Hurricane Sandy, that created a need for housing. Hydock had eleven good years of buying …
Rick Robinson, General Counsel in Governmental Affairs at the Manufactured Housing Institute (MHI), congratulates Brad Lovin, Executive Director of the North Carolina Manufactured and Modular Homebuilders Association (NCMHA), on working to reduce the sales tax on manufactured and modular housing by half in NC. The amendment is attached as a …
Following damage from Tropical Storm Irene in 2011 and Superstorm Sandy in 2012, Peter and Lorraine Grader decided to replace their 74 year-old house in Groton, Connecticut with a modular home set on 10-foot pilings, out of the flood zone and constructed to better withstand severe storms. According to theday.com, …
According to kansas.com, the U. S. Census Bureau reports the overall homeownership rate dropped to 64.7 percent in Q2 of 2014 from 66.9 percent in the same quarter five years ago. For those under 35, the Millennial generation, homeownership has dropped from 39 percent in the second quarter of 2010 …
The Bank of America (BAC) has been ordered to pay nearly $1.3 billion for mortgage fraud committed by Countrywide before B of A bought out the mortgage broker during the financial crisis. The loans were initially made through a lending program called the “High Speed Swim Lane,” involving little or …
Bank of America Paying for Countrywide’s Mortgage Fraud Read More
The latest S&P/Case-Shiller Home Price Indices for May indicates a slowdown from a year ago. The ten-city composite gained 9.4% year-over-year and the 20-City 9.3%, down significantly from the +10.9% and +10.8% returns that were reported last month. In May the 10-and 20-City Composites notched gains of 1.1 percent, and …
A proposal to allow recreational vehicles to occupy manufactured home sites in land lease communities until a manufactured home is delivered passed the Coaldale, Alberta, Canada Town Council, according to sunnysouthnews.com. Town officials will include in the ordinance that only the owner of the home site can place an RV …
Following up on a story MHProNews last posted July 21, 2014, the hearing for Wyoming Homes owner David Valenti of Moosic, Pennsylvania included a set of new theft charges at his arraignment for the previous violations of the consumer protection laws, alleging he received down payments on modular homes that …
Following three months of gains, the National Association of Realtors (NAR) informs MHProNews the Pending Home Sales Index (PHSI) for June slipped 1.1 percent to 102.7 from 103.8 in May, and is 7.3 percent below June 2013. The average remains above 100, which is considered an average level of activity, …
A six-story, 77 unit modular apartment building has been built in Perth, Australia in ten days for $22 million, according to propertyobserver.com.au. The one-and-two bedroom apartments represent a cost savings of 12 percent, with 50 percent less waste and 30 percent more energy efficiency in construction. With units starting at …
First Modular Apartment Building in Perth, Australia Read More
The National Association of Home Builders (NAHB) tells MHProNews data from the U. S. Census Bureau and the U. S. Department of Housing and Urban Development (HUD) reports the sale of newly-built single-family homes dropped 8.1 percent to a seasonally-adjusted annual rate (SAAR) of 405,000 in June. In addition, sales …
Jacksonville, Fla.-based analytics firm Black Knight Financial Services reports foreclosure inventory fell to its lowest level in six years in June, dropping 36 percent from a year earlier to 951,000 properties, according to nationalmortgagenews.com. Marking its 26th consecutive month of declines, foreclosure starts numbered 88,300 in June, a drop of …
Foreclosure Inventory and Delinquency Rate Fall from Year Ago Read More
According to CNNMoney, the Chinese are now the biggest international buyers in the U. S. housing market, and over half of the $22 billion they spent on homes for the year ending in March was spent in California, New York and Washington, according to the National Association of Realtors (NAR). …
Chinese Homebuyers Buoying the U. S. Housing Market Read More
Sales of previously-owned homes rose 2.6 percent in June to a 5.04 million annual rate, an eight-month high, according to figures released by the National Association of Realtors (NAR). More listings cooled prices as they advanced to their slowest rate since March 2012, as inventories increased to a nearly two-month …
Margeurite Nader, CEO and President of Equity LifeStyle Properties (NYSE:ELS), in discussing second quarter 2014 results, reports the company experienced its 19th consecutive quarter of occupancy growth, with homeowner occupied sites increasing by 113, and home renter sites rose by only two. Last year, by comparison, ELS had lost 189 …
Freddie Mac’s Multi-Indicator Market Index (MiMi) dipped .06 points to -2.59 last month, indicating a flat housing market, although on the year the housing market has improved by .86 points, according to housingwire.com. The all-time low was -4.42 in Nov. 2010, MHProNews has learned. Other housing market indicators are more …
Despite Cautionary Data, Housing Market Improves Modestly Read More
According to nationalmortgagenews.com, Wells Fargo executives welcome the effort by Federal Housing Finance Agency Director (FHFA) Mel Watt to expand mortgage credit availability, but caution that capturing the lower-credit quality homebuyer is not likely to increase the size of the mortgage market nor impact earnings of mortgage originators. The nation’s …
Fitch Ratings expects the housing market to continue growing this year and become much stronger in 2015, according to housingwire.com. Fitch forecasts single-family housing starts to grow 9.5 percent the remainder of the year to 677,000, and new home sales to advance eight percent to 465,000 while home volume will …
Fitch Predicts Housing Market will Expand 16 Percent Read More
According to wisconsinrapidstribune.com, custom modular homes builder Pittsville Homes, Inc. of Pittsville, Wisconsin is closing its doors after 40 years in business. Once one of the largest employers in town with 50-60 employees and a 40,000 square foot facility capable of building up to eight homes at one time, owner …
Pittsville Modular Closes; Stratford Homes picks up Ferkey Read More
Writing in nationalmortgagenews.com, Lynn Effinger states evidence is mounting we are sliding back into another housing downturn. He says the shadow inventory of foreclosures which have not been released into the marketplace is artificially inflating home values. He notes the rise in institutional investors buying up bank-owned properties and making …
