According to the Sacramento Bee in California, the Manufactured Housing Institute (MHI) reports that UMH Properties Inc. (a real estate investment trust, REIT, in New Jersey) has agreed to pay an estimated $13.3 million for a trio of manufactured home communities in Tennessee with an average occupancy rate of about …
America On Line (AOL) tells of a $2.5 million factory built home in tony Malibu, California, set on a bluff overlooking the Pacific Ocean and the Santa Monica Bay. The two-bedroom, two bath, 2,300-square-foot home occupies a homesite that rents for $2,000 a month. According to realtor David Carter, several …
The Herald and News says modular home builder Integrated Building Systems (IBS) in Klamath Falls, Oregon, has been acquired by OneBuild, Inc., of Seattle. OneBuild also specializes in modular home construction, and plans to expand production in the Klamath Falls factory in southern Oregon, and add 30 construction-related jobs to …
Modular Builder in Seattle Acquires Counterpart in Oregon Read More
Airdrie City View of Alberta, Canada, reports a proposed 2,000 homesite, adult manufactured home community nearly ten years in the planning has been voted down by the Rocky View County councilors after almost five hours of debate. Initially approved by the councilors in 2002, the development was to include a …
The National Association of Home Builders(NAHB)/Wells Fargo Housing Market Index (HMI) released a report saying builder confidence slipped in April one point to 16. Now in its 20h year, the HMI comes from builders’ projections for the next six months based on inquiries and traffic. A score over 50 indicates …
The Dow dropped 140.24 points after Standard & Poor’s cut its long-term U.S. debt outlook, to close at 12,201.59. Deer Valley gained 41.43 percent, Nobility Homes was up 1.37 percent and Skyline Corporation was up .58 percent. Cavco dropped .58 percent. The Manufactured Housing Composite gained .61 percent to end …
Dow Falls as S & P Cuts Debt Outlook, but Most Housing Stocks Advance Read More
According to PRNewswire, Drew Industries (NYSE:DR) will release its first quarter financials May 2, 2011, before the stock market opens. At 11:00 AM ET that morning, this manufacturer of doors, windows, chassis, and bath and shower components for the manufactured housing industry will host a conference call to discuss the …
HousingWire reports Citigroup decreased its troubled-mortgage portfolio by 45 percent over the first quarter a year ago, to $7.8 billion. Of the $5.3 billion converted to modification loans, 75 percent were through the Home Affordable Modification Program (HAMP). The redefault rate of the HAMP loans is 10 percent lower than …
Citigroup Shedding Delinquent Loans, but Losses Still Mount Read More
The Muskogee Phoenix says borrowers in Muskogee County, Oklahoma, may have a harder time finding financing for a manufactured home than in nearby Wagoner County where the annual median income is higher by $20,000. Chris Condley of First National Bank in Muskogee says for every ten lenders available for traditional-built …
Getting MH Financing Remains Tough, Even for Quality Construction Read More
Crain’s Detroit Business reports Champion Homes of Troy, Michigan, has inked a national business deal with Whirlpool Corporation (NYSE:WHR) of Benton Harbor, MI to outfit their manufactured and modular homes with the appliance producers home appliances. Whirlpool signed a similar agreement with home stick-builder Pulte Group last year. The appliance …
Champion Homes Signs Single Provider Deal with Whirlpool Read More
Phillyburbs reports 512 inmates will be moving into new modular units at the Montgomery County Correctional Facility just west of Philadelphia. Built by NRB USA in Ephrata, Pennsylvania, each of the four units will contain 128 inmates, in four, 32 inmate dormitory-style pods, four beds in each cubicle. The modular …
In response to the IBISWorld report on manufactured homes sounding the death knell for manufactured housing, MHMSM.com received responses from many long-time industry professionals disputing their conclusions. Industry vets Paul Bradley, Thayer Long (MHI), Danny Ghorbani (MHARR), Doug Gorman, Otis Orsburn, Bob Stovall, Ken Rishel, Derek Thompson and Dustin Youngdahl …
Intense Manufactured Home Industry Response to IBISWorld Report Read More
The Dow ended the week down, though it gained nearly half a percent (56.68 points) for the day on news of inflation and consumer sentiment to end the week’s trading at 12,341.83. Housing stocks were mixed, as Skyline Corp. closed up 4.11 percent, Cavco gained .07 percent and Nobility Homes …
The Wall Street Journal reports that construction of temporary housing is just beginning in the tsunami/earthquake ravaged north of Japan, with 4337 modular units having been built so far. Australian companies have been meeting with officials of the Japanese Embassy to develop a plan to provide some of the 30,000 …
Australian Companies Bidding on Modular Units for Japan Read More
The Las Vegas Review Journal reports that the city with the highest foreclosure rate in the nation – Las Vegas – is supplying Haiti with steel modular homes for the one million who remain homeless following the earthquake last year. Sancta, from the Spanish for sanctuary, shipped its first home …
From Virginia, the Daily News-Register says the Page County Board of Supervisors has rejected an application from Century Luray LC to develop a 232-homesite manufactured housing community in Luray, VA. County attorney George Shanks said that the county code of 1989 did allow for manufactured housing communities in town, but …
Board of Supervisors Denies Application for MH Community Read More
BusinessWire reports that the Dublin-based Research and Markets firm has added manufactured housing (MH) to the list of industries included in its reports. The article says the $3 billion MH industry comprises 200 companies, but is dominated by eight firms accounting for 60 percent of revenue. Four of the largest …
Irish Research Firm Now Includes MH in Industry Reports Read More
Scribd reports that the Manufactured Housing Institute (MHI) filed an amicus curiae (friend of the court) brief in support of petitioners who are appealing a decision in federal court that denied their claim challenging a rent control ordinance in Goleta, California. Petitioners bought a factory-built community in Goleta and had …
HousingWire says according to Standard & Poor’s, the new risk retention rule will produce more stable mortgages in the long run, but the immediate effect will continue to suppress the housing market. Federal regulators are proposing banks maintain a five percent risk in all loans that do not meet the …
New Risk Retention Rule Could Prolong Housing Agony Read More
The Dow overcame losses earlier in the day as the price of commodities and energy increased to end the day up 14.12 points, closing at 12,285.15. Most housing stocks closed up, Deer Valley dramatically so, gaining 41.43 percent. Cavco was up 1.82 percent, Skyline Corp. gained .16 percent, while Nobility …
