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.
HousingWire says Rep. Barney Frank (D.-Mass.) announced that the mortgage interest deduction (MID) is safe despite President Obama’s proposal to cut itemized deductions 30 percent, including the MID. Interest on a mortgage under $1 million for couples and under $500 thousand for singles can be fully deducted from tax returns. […]
Mortgage Interest Deduction to Stay Read More
The Sequim Gazette in Washington reports that housing professionals in Sequim have declined in numbers as the economy has declined and credit has tightened. Even people who could put 50 percent down were unable to get financing. The owner of Heritage Homes of Sequim, Don Nelsen, has been selling manufactured
Optimist in Small Town Hopes to Keep His MH Business Afloat Read More
Sun Star Cebu reports from the Philippines that Primary Homes, Inc., is breaking ground for La Guardia Flats 2 (LGF2), its second set of 200 modular units. Usable as either one or two bedroom condos, the development is minutes away from the Asiatown cybergate corridor, a major IT neighborhood in
Philippines Company Adding Another 200 Modular Unit Building Read More
Fridley Patch reports Resident Owned Communities (ROC) USA partnered with the Minnesota Housing Finance Agency (MHFA) and Northcountry Cooperative Foundation (NCF) to help Park Plaza Cooperative become the fifth cooperative manufactured home community in the state. Located just north of Minneapolis in Fridley, the community’s previous owner said he is
Fifth MH Community Cooperative Forms in Minnesota Read More
Citing financial shortfalls over the last three years, and lack of leadership since last October, the U.S. Department of Housing and Urban Development (HUD) seized control of the Housing Authority of the City of Lafayette (HACL), Louisiana. An independent audit between 2007 and 2009 turned up several negative findings that
HUD Seizes Control of Housing Authority Rife with Fraud Read More
National Public Radio reports that IBISWorld research indicates that manufactured housing dealers lost $4,538,000 in 2010, which reflects a decline of 73.7 percent in the decade since 2000. It suggests part of the problem resulted from the housing bubble when people were buying conventional homes, but it also says the
IBISWorld Forecasts More Doom and Gloom for Manufactured Housing Read More
The Dow gained 71.60 points to close at 12,350.61 as it approaches what may be its best first quarter performance since 1998. Cavco gained .97 percent and Skyline Corp. was up .61 percent. Nobility Homes and Deer Valley remained flat. The Manufactured Housing Composite rose .75 percent to 1212.30
Dow Approaches Possible Best First Quarter Read More
HousingWire reports the Federal Reserve has proposed a rule to tie the risks that heads of financial institutions take to their compensation packages. The rule applies to institutions with one billion or more in assets, and is also part of the Dodd-Frank Act. Lawmakers wanted to examine executives who put
New Fed and FDIC Rules to Evaluate Executive Risk Read More
According to Maine’s Morning Sentinel, the SAFE (Secure and Fair Enforcement) Act for Mortgage and Licensing of 2008 will take effect April 1, requiring loan originators to have state licenses. The state’s Bureau of Consumer Credit Protection (BCCP) says they have received 1,550 applications, but there are 18,000 loan officers
SAFE Act Becomes Law in Maine April 1 Read More
The Narragansett Patch reports that Marilyn and Nick Tassielli were so dismayed by problems encountered with their stick-built home in Avon, Connecticut, they looked for options. Nearing retirement in 1993, they researched modular home-builder Connecticut Valley Homes. Upon realizing the quality of construction involved, they designed their own and moved
New Modular Home Owner Becomes Modular Design Consultant Read More
Dagger News Service from Harford County, Maryland, says students at Harford Technical High School are receiving early training in the modular home industry. After building a home in their construction program, the students received additional training from the Department of Inspections, Licenses and Permits (DILP) sufficient to pass state proficiency
HS Students Honored for Building Modular Home Read More
SourceMedia Group News reports from Iowa that Senate bill 252 has been defeated 23-25. This bill was designed to protect manufactured homeowners from predatory lenders, and give residents rights equivalent to those of apartment dwellers. But according to Joe Kelly, Exec. VP of the Iowa Manufactured Housing Association (IMHA), it
Iowa Senate Bill 252 Voted Down Read More
The Dow gained on positive news in the communications and retail markets, gaining 81.13 points to end at 12,279.01. Nobility Homes gained 5.76 percent. But Cavco lost 1.18 percent and Skyline Corp. lost 1.00 percent. The Manufactured Housing Composite was down .61 percent, but managed to stay above the 1200
Dow Closes Up, Housing Stocks Mixed Read More
CNNMoney reports the housing market vacancy rate for the U.S. stands at 11.4 percent, according to Census Bureau records. Vacancies include abandoned homes, which contribute to lowering sale prices, but Census Bureau statistics include any home not occupied, which would count vacation homes and ski lodges that real estate statisticians
Census Bureau Notes States with Highest, Lowest, Home Vacancies Read More
In a related development to the previous story on the mortgage servicers’ scorecard, HousingWire said 50 Democrats signed a letter sent to Treasury Secretary Timothy Geithner outlining changes that should be made to the Home Affordable Modification Program (HAMP). These include not doing a foreclosure and loan modification program at
Democrats Say Change HAMP, Don’t Throw It Out Read More
HousingWire reports that the Treasury Department will begin grading mortgage servicers in April as to their performance through the Home Affordable Modification Program (HAMP). Assistant Treasury Secretary Tim Massad said a scorecard will be issued quarterly on the compliance of the ten largest HAMP servicers. Through February, 600,000 modifications to
Mortgage Servicers to Get Scorecard on Their Performance Read More
Benzinga reports that the Katy Independent School District (Katy ISD) in Katy, Texas, is ordering 27 modular buildings to meet enrollment needs in this fast-growing suburb of Houston. Several new nearby housing developments will increase the number of families, so the district advertised for an accelerated solution to obtain classrooms.
Expeditious Need Leads Texas School District to Modular Read More
According to Bloomberg, shipments of manufactured houses rose to a seasonally-adjusted rate of 45,000 for January, an increase of 5,000 over December. Dealer inventory was down by 1,000 units to 22,000 for the same period, and placements declined from 47,000 to 36,000 units, all seasonally-adjusted rates. The average sales price
Manufactured Housing Shipments Increase Read More
The U.S. Department of Housing and Urban Development (HUD) issued an announcement that section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) regarding mortgage risk retention is being revamped. A proposed rule change will be in the Federal Register for public comment when the process is
Risk Retention Change Coming to Dodd-Frank Read More
The Dow dropped 22.71 points, as news of global developments drove prices down. Housing stocks finished mixed. The Dow closed at 12197.88. Skyline Corp. closed up 1.57 percent, Cavco lost 1.71 percent, and Nobility Homes and Deer Valley remained unchanged. The Manufactured Housing Composite lost .53 percent to end the
Dow Reverses Three-day Gain Read More
