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 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
Dow Nudges Up, Most Housing Stocks Gain as Well Read More
The New York Times reports that the 52 week change in the price of stock for Nobility Homes was minus 12.50 percent. That number for Skyline Corporation was minus 2.52 percent, but for Cavco it was plus 20.64 percent. The 52-week percent change for Deer Valley was not available, but
Housing Stock Prices Fluctuate Over One Year Read More
LJWorld reports that modular home retailer Webster’s, Inc., in Lawrence, Kansas, is closing after 44 years in business. Jonathan Becker, attorney for Webster’s, said that University National Bank called in its note on the company’s financing. He said the bank has been under federal regulatory control to straighten out some
Modular Dealer Closes Suddenly after Bank Calls in Note Read More
The Weekly Calistogan in Calistoga, California, tells of a battle going on between manufactured housing community owners and residents over rent control, and the city is in the middle. The owners are raising rental fees beyond what local law allows, and the residents are getting financial help from the city
City in the Middle Between Residents and Owners Read More
Following up on a post from March 22, Daily Commercial News says Canadian modular builder Britco has begun talks with private and public officials to provide temporary modular schools, offices and hospitals following the devastation in northern Japan March11. Vice-president Chris Gardner says people’s needs for food and shelter come
Canadian Modular Builder in Talks with Japan Read More
Reuters reports that RealtyTrac says foreclosure filings in the first quarter fell to their lowest level since the first quarter of 2208, down 26.9 percent. Filings rose in March over February 6.5 percent, but were down from March 2010 34.7 percent. Lenders seized 6 percent fewer homes than in the
Foreclosure Filings Down, but May Be Temporary Read More
HousingWire says the U.S. Senate Permanent Subcommittee on Investigations released a report about the recent financial crisis targeting the Office of Thrift Supervision (OTS) for regulatory failures, conflicts of interest and lack of oversight regarding risky financial products. Senators Carl Levin (D-Mich.) and Tom Coburn (R-Okla.) released the report, which
Senate Study Slams OTS, Wall Street, and Lenders Read More
The Dow moved up 7.41 percent to 12,270.99 on news of President Obama’s plan to trim the deficit by $4 trillion. Skyline Corp. lost 2.15 percent and Cavco was down .16 percent. Nobility Homes and Deer Valley remained unchanged. The Manufactured Housing Composite lost .78 percent to close at 1126.10.
Proposed Budget Cut Affects Stocks Differently Read More
American Banking & Market News reports that Sun Communities, Inc. (NYSE: SUI), which owns and operates 124 manufactured housing communities in the United States, reported earnings per share (EPS) of .78 cents for the previous quarter. This is .08 cents per share better than the same quarter in the previous
Price Target on Shares of Sun Communities Raised Read More
The Durant Daily Democrat reports from Calera, Oklahoma, that David Strickland has purchased 25 acres in town and wants to develop a manufactured home community. He brought his preliminary plans to a Calera Council meeting in this southeastern Oklahoma town and addressed concerns of citizens about how it would look.
MH Community Being Planned for Oklahoma Read More
The Chicago Tribune reports that the Four Seasons manufactured home community in Belvidere, Illinois, has not been the same since Beverly and Richard Roeschel moved there 11 years ago. After retiring from their jobs a few years ago, they turned their attention to the community, which has a number of
New Residents Bring Enthusiasm to MH Community Read More
Bob Nielsen, Chairman of the National Association of Home Builders (NAHB), responding to President Obama’s proposal in a speech today to limit the mortgage interest deduction (MID), said, “Home owners cannot afford higher taxes at a time when the housing market is struggling to recover and contribute to economic growth….
NAHB Chairman Refutes Limiting Mortgage Interest Deduction Read More
ChicoER reports the Board of Supervisors of Butte County, California, unanimously voted to not require manufactured housing to have fire sprinkler systems installed. Butte County Fire Chief George Morris said the systems are required under new state law to be installed in all new residences under the “state responsibility area.”
County Supervisors Douse Sprinklers in MH Read More
NewYorkDailyNews says the Nehemiah housing program, shepherded by the East Brooklyn Congregations, is behind the development of 2,219 modular housing units being constructed in East New York, Brooklyn. In partnership with the city and developer The Related Companies LP, the affordable housing is part of a working and middle-class community
Partnership Behind Modular Housing Project in Brooklyn Read More
The Dow dropped 117.53 points on report of pending job cuts at Cisco and renewed fears of nuclear leaks at Japanese nuclear plant to close at 12,263.58. Deer Valley lost 29.27 percent, Skyline Corp. fell 6.91 percent, Cavco lost 2.03 percent and Nobility Homes fell .56 percent. The Manufactured Housing
Dow Drops a Little, Housing Stocks Drop a Lot Read More
The Santa Cruz Sentinel reports that Wesco Financial (AMEX: WSC), of Pasadena, California, will be acquired by Warren Buffett’s Berkshire Hathaway, Inc. Berkshire has offered $389.01 in cash and Berkshire stock for each of the 1.4 million shares of Wesco it doesn’t already own, a total of $551 million. Wesco
Berkshire Hathaway to Complete Acquisition of Wesco Financial Read More
HousingWire says according to numbers released by the Bureau of Labor Statistics (BLS) and the Mortgage Bankers Association (MBA), the mortgage industry lost 257,000 jobs between Feb. 2006 and Feb. 2011, a 51 percent decline. Feb. 2010 to Feb. 2011, the decline in mortgage employment was 5.9 percent. The first
Mortgage Workers Move to Unemployment Lines Read More
CNNMoney reports that new rules proposed by federal regulators last week are intended to discourage risky investments, but will likely make credit even tighter. On home loans where banks receive less than 20 percent down payment, they will be required to keep five percent of the loans instead of selling
New Federal Rules May Tighten Credit More Read More
RVBusiness says for the first nine months of fiscal 2011, Skyline Corporation sales were $114,224,000, an increase over the $95,535,000 for the same period fiscal year (FY) 2010. The company’s pre-tax loss for the first nine months of fiscal 2011 was $22,563,000, an increase over the pre-tax $17,789,000 loss in
Skyline Corp. Sells More, Loses More Read More
