While bankers fear the Consumer Financial Protection Bureau (CFPB) under Director Richard Cordray may be too aggressive, he assures them he is balancing safety and soundness with consumer protection. In a wide-ranging interview with American Banker, he says despite the fight over his initial recess appointment, he and his staff …
While 75 of the largest metropolitan housing markets across the country are posting a recovery index of over 100, which according to RealtyTrac means those markets are recovering faster than the national average, 63 markets continue to have at least 20 percent of homes underwater. Foreclosure is beyond its highest …
Housing Recovery is Real Despite a Few Bumps in the Road Read More
John Westrum of Westrum Development has seen demand rising for his modular homes in the beachside neighborhoods that were devastated when Hurricane Sandy waylaid the coast from New Jersey to Connecticut. As new federal flood maps and insurance require homes to be elevated, Westrum, who up to now has been …
Modular Homes Dotting the Jersey and New York Coasts Read More
Signifying continuing recovery of the housing market, housing starts nationwide jumped 5.9 percent to a seasonally annual adjusted rate (SAAR) of 896,000 units in July, led by a sharp rebound in the multifamily sector, strong enough to offset a slight loss in the single-family home market. According to the National …
In an attempt to recover taxes on manufactured homes that have not been paid in three years, the municipality of Parkland County in central Alberta, Canada holds an auction on the properties. The jurisdiction makes every attempt to notify the owners of the levy, but people sometimes are not aware …
The National Community Council’s Fall Leadership Forum will be held Oct. 16-18, 2013 at the W. Chicago City Center Hotel. Titled “Building a Vision for the Future,” Sam Zell, Chairman of Equity Group Investments and Equity International, which own Equity LifeStyle Properties, will be the featured speaker at the conference. …
Zell to Speak at National Communities Council Forum Read More
Builder confidence for new, single-family homes rose three points to 59, according to the National Association of Home Builders (NAHB) Wells Fargo Housing Market Index (HMI), bringing the index to its highest mark in almost eight years. Any number over 50 is rated as “good”, MHProNews has learned. The index …
The city of Saco in southern Maine near the Atlantic Ocean is partnering with the Biddeford Housing Authority to develop modular homes on a donated three acre parcel of land for seniors who are seeking to downsize. Because the land has an industrial past going back to the 19th Century, …
It will more expensive for lenders to do business with the Federal Housing Administration (FHA) if a new method for determining lenders’ liability for poorly written loans that default is adopted. Currently, when defects are discovered lenders have to eat the losses on those loans. Under the new proposal, FHA …
According to Jim Gaines from the Real Estate Center at Texas A&M University, the population of Texas is anticipated to increase to 30 million by 2050, a gain of nearly 120 percent, which will require 10.5 million additional housing units. The Dallas-Fort Worth area is expected to grow 163 percent …
The momentum of the housing recovery, despite tight credit, rising prices and low inventory, is in its early stages of recovery, and panelists at the Bipartisan Policy Center’s conference say the Federal Reserve’s bond-buying program should continue. “There is a cyclical and structural nature to the problem,” reports Paul Weech …
Top managers of Greensboro, North Carolina-based Phoenix Housing Group (PHG), a manufactured and modular housing retailer in North and South Carolina, have been charged with selling more than 1,100 homes in North Carolina financed with fraudulently-secured government backed loans, resulting in millions of dollars in losses to federal loan programs. …
Carolina Lender Closed due to Fraudulent Activities Read More
Housing affordability slipped nationwide as home prices in recovering markets rose during the second quarter, according to the National Association of Home Builders (NAHB) Wells Fargo Housing Opportunity Index (HOI). Of all new and existing homes sold in the first quarter of 2013, 73.7 percent were affordable to families earning …
In its National Delinquency Survey, the Mortgage Bankers Association (MBA) reports homes across the country in some type of financial distress fell in the second quarter to 10.1 percent from 11.6 percent a year ago. Nationwide the average foreclosure rate was 3.3 percent in Q2 2013, although Florida hit the …
Noting that New Zealand is facing a housing shortage, Alistair Helm says the Labour and National political parties are not doing enough to ease the problem, especially in helping younger and first-time home buyers obtain financing. He suggests lowering the down payment to five percent, in particular because he says …
While the Republican-led House Financial Services Committee is supporting legislation to totally eliminate Fannie Mae and Freddie Mac from the mortgage business with no government interference , the Democrat-majority Senate Banking Committee says the government needs to be a backstop to make certain borrowers of modest means can continue to …
Discarding Fannie Mae and Freddie Mac = A Nightmare Read More
In its continuing attempts to amend rules that inhibit lending to the manufactured housing market, the Manufactured Housing Institute (MHI) says the Consumer Financial Protection Bureau (CFPB) released additional rules that exempt loans on existing manufactured homes (excluding real estate) from Dodd-Frank appraisal requirements. There is already an existing rule …
Manufactured Housing Industry Gains in Easing Lending Restrictions Read More
Taxpayers may yet see a profit from the $187 billion bailout by the federal government of Fannie Mae and Freddie Mac in 2008. To date, Fannie Mae has seen $105 billion of the $116 billion it borrowed from Treasury repaid, including $10 billion from the most recent quarter. Of the …
Builder confidence in the 55+ housing market for single-family homes rose to its highest second quarter level since the National Association of Home Builders (NAHB) began keeping track in 2008. Marking the seventh quarter of year-over-year improvements, the Housing Market Index rose 24 points to 53, as MHProNews has learned. …
Mortgage closing costs have risen on average six percent this year, from $2,264 to $2,402, based on a $200,000 loan with 20 percent down and good credit. Origination fees increased eight percent to $1,730, while third-party fees rose one percent to $672. With interest rates historically low in the past …
