MHMSM.com presents Factory Built Housing Industry News at Noon with Erin Patla.
We begin with these stories:
REUTERS REPORTED THURSDAY that President Barack Obama will not sign legislation that could have made it more difficult for homeowners to challenge unjustified foreclosure actions. The bill would have required courts to accept all out-of-state notarizations, including those stamped en masse by computers in a practice that critics say has been improperly used to expedite foreclosure orders.
FREDDIE MAC released the results of its Primary Mortgage Market Survey Thursday, finding that the 30-year fixed-rate mortgage rate dropped yet again to break the survey’s all-time low; the 15-year fixed-rate did the same. The 5-year ARM also set an all-time survey low. The 30-year fixed-rate mortgage (FRM) averaged 4.27 percent with an average 0.8 point for the week ending October 7, down from last week when it averaged 4.32 percent. Last year at this time, the 30-year FRM averaged 4.87 percent.
A PAIR OF ANALYSES by the nonprofit Brookings Institution finds that suburbs now are home to one-third of the nation’s poor, and rising. As reported by the Associated Press, the study of census data finds that since 2000, the number of poor people in the suburbs jumped by 37.4 percent to 13.7 million. The growth rate of suburban poverty is more than double that of cities and higher than the national rate of 26.5 percent. Cities still have higher poverty rates – about 19.5 percent, compared with 10.4 percent in the suburbs. But the gap has been steadily narrowing. In a reversal from 2000, the number of poor people living in the suburbs now exceeds those in cities by roughly 1.6 million.
Special election report…
REALTORS ARE SPENDING big bucks on political web ads. According to the Washington Examiner, The National Association of Realtors is making a six-figure web buy to help out Rep. Bill Foster, D-Illinois. They’re also spending $367,000 on mailers to blanket the district of endangered Rep. Paul Kanjorski, D-Pennsylvania. Other spending includes $100,000 for “Internet Ad Costs” to support Illinois Dem[ocratic] Rep[resentative] Bill Foster, $26,000 for a poll and $304,000 for television ads to support Dem. Rep. John Adler of New Jersey. In addition, the Realtors spent a few thousand dollars each for websites to support Reps. Texas Democrat Chet Edwards, Illinois Democrat Joe Donnelly, New Jersey Democrat John Adler, Colorado Democrat Ed Perlmutter, California Democrat Dennis Cardoza, Pennsylvania Republican Jim Gerlach, California Republican Ken Calvert, Washington Republican Dave Reichert, Ohio Republican Patrick J. Tiberi, and Republican Senators. Richard Burr and Johnny Isakson.
IT LOOKS LIKE THE REALTORS may be happy with the results of their ad buy for Donnelly, or at least the likely outcome of that race. According to a recent poll by WSBT, incumbent Democrat Joe Donnelly is leading Republican Representative Jackie Walorski 39 percent to 34 percent. An additional nine percent say they are leaning towards Donnelly compared with five percent for Walorski.
THE ELECTION OUTLOOK for Nevada Senate Majority Leader Harry Reid hasn’t improved since our last report; in fact, the outlook has deteriorated. According to a CNN/Time poll, Tea Party favorite Sharron Angle has opened up a two point lead on Reid. In Nevada, 42 percent of likely voters say they would vote for Angle, 40 percent say they would vote for Reid, and 7 percent say they would vote for third party candidate Scott Ashjian. If Ashjian were out of the race, Angle maintains the same two point lead, 47 percent to 45 percent over Reid. The poll was conducted Oct. 1-5 and surveyed slightly more than 1,500 voters in the four states.
“Up next, Modular Homes in the News…”
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Now, back to our stories.
Modular Homes in the News…
PENNSYLVANIA BRIG[adier]. GEN. Michael G. Gould, deputy adjutant general for veterans’ affairs, today announced that the Southeastern Veterans Center [SEVC] in Spring City will stop using [pre-HUD code] modular housing units in mid-November due to safety concerns. “These units, built in 1975, have simply reached the end of their useful life,” said Gen. Gould. “An engineering analysis raised concern about whether the units could withstand another winter. With safety for the 67 veterans who reside in the modular units as our primary concern, I have ordered the units closed by November 14.” Several residents are eligible for admission into the Nursing Care Unit at SEVC. Other residents, according to their wishes, will be offered a transfer to other facilities. The measure is temporary awaiting the completion of a new $41.2 million, 140,000-square foot addition at the Southeastern Veterans Center in 2013.
THE SACRAMENTO BEE reports that a company that builds ultra-energy efficient modular housing in a former aircraft hangar has expanded into school facilities. Zeta Communities assembled a $1 million, three-building addition to the Davis Waldorf School in just four weeks. Officials say Zeta’s prefabricated school buildings are a major upgrade from the 80,000 temporary buildings used throughout California’s public and private school systems. San Francisco-based Zeta opened its factory in McClellan Park last year and recently announced it had secured $5 million in private equity funding that would allow it to start building schools.
Manufactured Housing in the News…
FROM MINNESOTA, the Saint Cloud Times reports that the Stearns County board on Tuesday voted to remove 12 abandoned homes in Rose Park Manufactured Park and assess the costs, estimated at $2,000 each, on the property tax rolls. The homes were declared uninhabitable after an inspection in August. The county has tried without success to contact the homes’ owner to clean up the property, Adams said. Most have been vacant at least a year, he said. The reporter seems to have found the owner, however. Judy Adams told the Times she has been trying to get permission from the city to move them to different property, but has been denied. She said she plans to sue the county and city to stop the homes from being removed.
In Financial and Market News…
TRIAD FINANCIAL SERVICES recently announced the launch of its new web site which includes a loan approval online process that takes just minutes. Triad also says site also educates and shows customers the overall benefits of owning a manufactured home. “That age old stigma has begun to lift as the modern manufactured homes have made incredible advances over the last 20 years” said Jed Gleim, Executive Vice President at Triad. “In this economic climate where the customer is getting back to value and basics, manufactured homes make a lot of sense” The web site is available at www.triadfs.com.
THE DOW WAS DOWN 19 points Thursday after rising earlier in the trading day. Big movers among manufactured housing and related stocks included Skyline Corp, which lost nearly nine percent of its share per value. Cavco closed down two and a half percent. Gainers included Global Diversified Industries which added 65 percent to its per-share value, which at the end of the trading day amounted to four cents a share. The manufactured housing composite value was down 4.4 percent.
“On behalf of Production and IT Manager Bob Stovall, Editor L.A. ‘Tony’ Kovach, Associate Editor Catherine Frenzel, INdustry in Focus reporter Eric Miller, and the entire MHMSM.com writing and support team, this is Erin Patla. G’day!”