News Reports: Housing news updates and reports for Manufactured Home and Modular Housing Industry professionals and investors. Business – daily fact checks, market reports, and analysis.
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 …
Elkhart, Indiana-based Lippert Components, Inc. (LCI) has signed a multi-year contract to supply custom school bus windows to Blue Bird Corporation, a long-time manufacturer of school buses, according to stonline.com. Phil Horlock, President and CEO of Blue Bird, says, “Through significant collaboration, we’ve developed a best-in-class window complete with a …
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
In the worst trading day in three months on the stock market, the Dow Jones Industrial Average plummeted -304 points, -1.80 percent, to end the day at 16,576.36, while the Nasdaq dropped -93.13 points, -2.09 percent, to close at 4,369.77. Similarly, the S&P 500 fell -38.41 points, -1.95 percent, to …
Nobility Shines, AMG and Cavco Fall; Dow Drops over 300 Points Read More
MHProNews has been informed that Sun Communities, Inc. (NYSE:SUI) has agreed to acquire a portfolio (the “ALL portfolio”) of 59 manufactured home communities from Green Courte Partners, LLC (GCP) comprising over 19,000 homesites for approximately $1.32 billion, including the assumption of $560 million debt. Nearly 14,000 of the sites, 73 …
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 …
MHProNews has learned that Oliver Technologies Inc. (OTI), which provides components for the manufactured housing (MH) industry has moved into the former Southwestern ColorGraphics building in Keene, Texas, just south of Fort Worth. Headquartered in Hohenwald, Tennessee, OTI develops, manufactures and distributes foundation products for MH primarily throughout the Southwest. …
Oliver Technologies Opens Facility South of Fort Worth Read More
The Federal Reserve plans to trim its bond-buying program by $10 billion to $25 billion, down from a peak of $85 billion, as planned, but will keep interest rates low, according to what CNNMoney tells MHProNews. The news trimmed losses on the stock market, spurring the Nasdaq to end in …
Skyline Rises nearly 5 Percent; Nasdaq Nudges Up, Dow Slips Read More
A request to change zoning from manufactured housing to light industrial in Sapulpa, Oklahoma, forcing the closing of Rolling Hills Mobile Home Park and displacing the residents of the 33 homes was put on hold by the county commissioners until the Sept. 22 meeting. The owner of the property, Marty …
Developer wants to Close Manufactured Housing Community Read More
The Conference Board reports the Consumer Confidence Index reached 90.9 in July, its third consecutive monthly gain and the best reading since October, 2007, according to RVBusiness.com. Beating economists’ forecast of a mid-80s reading, MHProNews has learned the June reading was 86.4. Since February the economy has added over 1.2 …
Consumer Confidence Rises to Best Reading since 2007 Read More
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 …
MHProNews has been informed that Freehold, NJ-based UMH Properties, Inc. (UMH) has completed the acquisition of two Ohio manufactured housing communities (MHCs) for $5,400,000, according to marketwatch.com. With an average occupancy of 91 percent, the all-age communities contain a total of 258 developed homesites set on 40 acres. The public …
The Huntington Beach (California) City Council voted 4-3 to bring the issue of rent control for residents of the city’s manufactured housing communities (MHCs) to a ballot measure for voters. MHC residents have complained recently that rents have risen as much as 50 percent in the last six months, according …
Rent Control Set for Ballot Measure in California City Read More
Southern Energy Homes (Sehomes), a subsidiary of Clayton Homes, reports it has moved from its facility in Double Springs, Alabama and hired 270 people at its new 176,000 facility in Russellville, Ala. where it will average 1,500 manufactured homes per year. With plans to hire an additional 50-75 workers, the …
Southern Energy Homes opens New Manufacturing Facility Read More
Stocks were relatively quiet in trading today as all three major indexes fell less than one half of one percent. The Dow Jones Industrial Average nudged down -70.48 points, -0.42 percent, to close at 16,912.11, while the Nasdaq slipped -2.21 points, -0.05 percent, to end at 4,442.70. The S&P 500 …
Drew Advances, Nobility Falls Back; Dow, Nasdaq, S&P 500 Slip Read More
Patrick Industries, Inc. (PATK) reports net sales for the second quarter of 2014 hit $188 million, an 18 percent increase over the same period in 2013, and net income per diluted share of $0.86 as compared to $0.70 for Q2 2013. President and CEO Todd Cleveland says manufactured housing (MH) …
Cavco Industries, Inc. (Nasdaq:CVCO) will release its financial results for Q1 2015 on Thurs., July 31 after the close of the market, as MHProNews has learned from money.cnn.com, followed by a webcast the next day at 12:00 PM eastern time with discussion of the results led by senior management. Headquartered …
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, …
MHProNews has learned from MyKawartha.com that the grand opening of Northern Comfort Modular Homes was held last weekend in Trout Creek, Ontario, Canada, in the northern part of the province. Joe Bennett is the owner. ## (Photo credit: marketwire.com–modular home)
