Attorney, author, and law professor Fran Quigley from “Housing is a Human Right” is a self-described socialist. But before someone either cheers or jeers him just because he says he is a socialist, it is useful to see what he has to say and see how his points and analysis stack up to reality. That’s how critical thinking, or perhaps easier on the ear and eye, analytical thinking is supposed to work. Even the Bible says (emphasis added): “Test all things; hold fast what is good” which is a verse found at 1 Thessalonians 5:21. In this report with analysis, MHProNews will provide what Quigley provided us, his “Three Big Things” on the “Presidential Election and Housing.” Quigley has a notable following. He wants to influence election 2024, which is his right as an American citizen. Quigley is perhaps not too subtly weighing in for Kamala Harris over deposed President Donald Trump, not even mentioning leftist candidates like independent Cornell West, or Green Party Candidate Jill Stein, whom Democrats have reportedly worked to try to keep off the ballot in key swing states like Wisconsin (WI). See much of that in Part IV of today’s report with analysis. Part I and Part II will feature the latest data from the National Association of Realtors (NAR) on the U.S. housing market. Part III will provide the remarks by Quigley on housing and the 2024 election. Part IV will unpack those items, plus will provide additional information from sources as cited plus our expert commentary that pulls the various factual threads and events into the orbit of what is useful from the perspective of the affordable, mainstream manufactured housing industry. It will include insights from the August 2024 news items found on the Manufactured Housing Institute (MHI) website this month. That will be compared to the news items found on the Manufactured Housing Association for Regulatory Reform (MHARR) website for August 2024.
Part I – from the National Association of Realtors to MHProNews is the following.
Existing-Home Sales Advanced 1.3% in July, Ending Four-Month Skid
Key Highlights
- Existing-home sales grew 1.3% in July to a seasonally adjusted annual rate of 3.95 million, stopping a four-month sales decline that began in March. However, sales slipped 2.5% from one year ago.
- The median existing-home sales price elevated 4.2% from July 2023 to $422,600, the 13th consecutive month of year-over-year price gains.
- The inventory of unsold existing homes edged higher by 0.8% from the prior month to 1.33 million at the end of July, or the equivalent of 4.0 months’ supply at the current monthly sales pace.
WASHINGTON (August 22, 2024) – Existing-home sales improved in July, breaking a streak of four consecutive monthly declines, according to the National Association of Realtors®. Three out of four major U.S. regions registered sales increases while the Midwest remained steady. Year-over-year, sales rose in the Northeast and West but retreated in the Midwest and South.
Total existing-home sales[1] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – ascended 1.3% from June to a seasonally adjusted annual rate of 3.95 million in July. Year-over-year, sales fell 2.5% (down from 4.05 million in July 2023).
“Despite the modest gain, home sales are still sluggish,” said NAR Chief Economist Lawrence Yun. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”
Total housing inventory[2] registered at the end of July was 1.33 million units, up 0.8% from June and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from 4.1 months in June but up from 3.3 months in July 2023.
The median existing-home price[3] for all housing types in July was $422,600, up 4.2% from one year ago ($405,600). All four U.S. regions posted price increases.
REALTORS® Confidence Index
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 24 days in July, up from 22 days in June and 20 days in July 2023.
First-time buyers were responsible for 29% of sales in July, identical to June but down from 30% in July 2023. NAR’s 2023 Profile of Home Buyers and Sellers – released in November 2023[4] – found that the annual share of first-time buyers was 32%.
All-cash sales accounted for 27% of transactions in July, down from 28% in June but up from 26% one year ago.
Individual investors or second-home buyers, who make up many cash sales, purchased 13% of homes in July, down from 16% in both June 2024 and July 2023.
Distressed sales[5] – foreclosures and short sales – represented 1% of sales in July, virtually unchanged from last month and the prior year.
Mortgage Rates
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.49% as of August 15. That’s up from 6.47% one week ago but down from 7.09% one year ago.
Single-family and Condo/Co-op Sales
Single-family home sales grew 1.4% to a seasonally adjusted annual rate of 3.57 million in July, down 1.4% from the previous year. The median existing single-family home price was $428,500 in July, up 4.2% from July 2023.
Existing condominium and co-op sales in July were identical to June at a seasonally adjusted annual rate of 380,000 units, down 11.6% from one year ago (430,000 units). The median existing condo price was $367,500 in July, up 2.7% from the prior year ($357,900).
“The median home price of condominiums is cheaper, yet the condominium market is underperforming compared to the single-family market,” Yun added. “Rising maintenance and insurance costs have lessened the appeal for condominiums.”
Regional Breakdown
Existing-home sales in the Northeast in July climbed 4.3% from June to an annual rate of 490,000, an increase of 2.1% from July 2023. The median price in the Northeast was $505,100, up 8.3% from last year.
In the Midwest, existing-home sales were unchanged in July at an annual rate of 920,000, down 5.2% from the previous year. The median price in the Midwest was $321,300, up 4.5% from July 2023.
Existing-home sales in the South increased 1.1% from June to an annual rate of 1.79 million in July, down 3.8% from one year before. The median price in the South was $372,500, up 2.3% from one year earlier.
In the West, existing-home sales rose 1.4% in July to an annual rate of 750,000, also up 1.4% from a year ago. The median price in the West was $629,500, up 3.4% from July 2023.
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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For local information, please contact the local association of Realtors® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.
NOTE: NAR’s Pending Home Sales Index for July is scheduled for release on August 29, and Existing-Home Sales for August will be released on September 19. Release times are 10 a.m. Eastern.
Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/newsroom. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.
[1] Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR benchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.
Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.
The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
[2] Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).
[3] The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.
The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.
[4] Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s REALTORS® Confidence Index, which include all types of buyers. The annual study only represents primary residence purchases, and does not include investor and vacation home buyers. Results include both new and existing homes.
[5] Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s REALTORS® Confidence Index, posted at nar.realtor.
Part II – From the National Association of Realtors (NAR) to MHProNews is the following.
Pending Home Sales Dropped 5.5% in July
Key Highlights
- Pending home sales fell 5.5% in July.
- Month over month, contract signings declined in all four U.S. regions.
- Compared to one year ago, pending home sales increased in the Northeast but decreased in the Midwest, South and West.
WASHINGTON (August 29, 2024) – Pending home sales in July retreated 5.5%, according to the National Association of Realtors®. All four U.S. regions posted monthly losses in transactions. Year-over-year, the Northeast rose while the Midwest, South and West registered declines.
The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – slipped to 70.2 in July, the lowest reading since the index began tracking in 2001. Year over year, pending transactions were down 8.5%. An index of 100 is equal to the level of contract activity in 2001.
“A sales recovery did not occur in midsummer,” said NAR Chief Economist Lawrence Yun. “The positive impact of job growth and higher inventory could not overcome affordability challenges and some degree of wait-and-see related to the upcoming U.S. presidential election.”
Pending Home Sales Regional Breakdown
The Northeast PHSI waned 1.4% from last month to 64.6, an increase of 2.4% from July 2023. The Midwest index reduced 7.8% to 67.8 in July, down 11.4% from one year ago.
The South PHSI sank 6.5% to 83.5 in July, falling 11.5% from the prior year. The West index shrunk 3.8% in July to 56.2, down 6.0% from July 2023.
“In terms of home sales and prices, the New England region has performed relatively better than other regions in recent months,” added Yun. “Current lower, falling mortgage rates will no doubt bring buyers into market.”
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.
The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.
NOTE: Existing-Home Sales for August will be released September 19. The next Pending Home Sales Index will be released September 26. All release times are 10 a.m. Eastern. View the NAR Statistical News Release Schedule.
Information about NAR is available at nar.realtor. This and other news releases are posted in the newsroom at nar.realtor/lywsroom. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.
Part III From Fran Quigley to MHProNews via Quigley’s emailed “Housing is a Human Right”
Three Big Things: The Presidential Election and Housing, Justice Department Sues for Rent-Pricing Collusion, and Labor and Housing
Fran Quigley | Aug 30
Photo: Gage Skidmore via Wikipedia Commons
1. The Election and Housing
As you may have heard, there is a presidential election coming up this November. The Tenant Union Federation points out that there are 114 million people renting their homes, and a lot of them agree with the TUF mantra that “the rent is too damn high.”
In fact, polling by Lake Research Partners on behalf of TUF shows that 86% of voters in battleground states say housing affordability is a problem, and a solid majority want a president to protect against rent-gouging. Other polling says the same, and shows voters want our government to invest in social housing.
As mentioned in past newsletters, Vice President Harris has echoed President Biden’s call for a 5% rent cap. Harris has also proposed a $25,000 first time homebuyer subsidy, plans to build more 3 million housing units, and wants to withdraw some tax breaks enjoyed by huge corporate landlords.
Earlier this month, TUF director Tara Raghuveer gave an interview to Forbes comparing the Harris and Trump positions on housing. “The most important thing to note is that housing is at the core of Vice President Harris’s agenda,” Raghuveer said. “I think the best parts of her plan she has spoke to so far are the ones that take seriously the need to protect tenants . . . Rent is the core economic issue of our time.”
The full interview can be viewed here.
2. U.S. Department of Justice Sues for Rent-Pricing Collusion
Last week, the U.S. Department of Justice and eight states filed an antitrust lawsuit against the notorious company RealPage, formally alleging what has long been reported: the company’s software is used by landlords to collude to raise rents across the United States. “Americans should not have to pay more in rent because a company has found a new way to scheme with landlords to break the law,” Attorney General Merrick Garland said upon filing the suit.
That suit revealed at least one landlord gleefully saying the quiet part out loud. “I always liked this product because your algorithm uses proprietary data from other subscribers to suggest rents and terms,” the landlord told RealPage, according to the lawsuit. “That’s classic price fixing.”
You can read the New York Times reporting of the lawsuit here, and the excellent Pro Publica 2022 investigative reporting on RealPage here.
3. Unions and Housing
As a Labor Day special, I’ll lift up again my June article on the growing alliance between labor unions and tenant unions. The article closes with this quote from Service Employees International Union (SEIU) Local 1199 president Rob Baril:
“We have to construct a twenty-first century, integrated movement for working-class rights. That obviously has to include the ability to have shelter fit for human beings to live in. Tenant unions are going to be the tip of the spear for that effort, but some of the resources needed are going to have to come from labor unions. Us doing that is not charity. That is self-interest.” …##
MHProNews note: a brief analysis of this will follow further below further into Part IV.
Part IV – Additional Information with More MHProNews Analysis and Commentary
Let’s note that the items from Parts I, II, and III above will be part of a systematic review that includes information from the two national trade groups that claim to serve the manufactured housing industry’s professional interests. But this from the NAR should be sobering, perhaps even jarring, to truth seekers trying to understanding the historically low performance of manufactured housing in the 21st century.
NAR in the first item said in their subheading:
Existing-Home Sales Advanced 1.3% in July, Ending Four-Month Skid
They then detailed that information. NAR has for years offered a snapshot of the housing market monthly in an infographic style. By contrast, MHI has made statistics a “members only” item. Again, by contrast, the Washington, D.C. based Manufactured Housing Association for Regulatory Reform (MHARR) makes production and top shipments data available monthly, publicly, and free to all, much as NAR does. Something similar as what MHARR and NAR does occur with the Recreational Vehicle Industry Association (RVIA).
That will begin to proverbially ‘set the table’ with what may seem to be a rather mild (in comparison to other concerns) about the Manufactured Housing Institute (MHI) based on information from their own website.
1) MHProNews has for some time conducted a check of the Manufactured Housing Institute (MHI) website multiple times a week. Until yesterday, there were no articles under MHI’s news segment for August 2024. Now, in the wake of several items published by MHProNews, MHLivingNews, and/or on the Patch.com plus via our periodic news releases to mainstream media, MHI has apparently back dated a post for August 22, 2024. They also added another posted news item for August 30, 2024. Since traffic (i.e.: visitor count) at MHI’s website is relatively low per SimilarWeb and other sources, the case can be made that their leaders thought it unlikely many might notice and thus both items are insightful. Perhaps, some staffer just got behind on their work and they made the decision without upper management (but even that scenario has implications).
Here below is the screen capture from MHI’s home page of their industry “news” content on 8.25.2024. Note the arrow that points to the date and time near the top of the screen capture. In several devices and browsers, you can click the image below and follow the prompts to open it in a larger size, or you can click here and see the image in a separate tab and change the size.
So, it appears that the Manufactured Housing Institute (MHI) now can’t even be trusted to accurately show what date an item is posted to their home page and/or other news sections. MHProNews does periodic – fairly routine – screen captures of the MHI website. This one above was performed on 8.25.2024. The above reveals that there was no new news post on 8.22.2024. In fact, as noted, it obviously appears that there was no news post for August until circa 8.30.2024. The “back end” of millions of websites often have a function that can allow someone to post-date content, or schedule content in advance. Apparently in this instance, MHI post-dated a ‘news’ item for 8.22 in this instance. It has been observed that this seems to have occurred before at MHI.
MHI leadership ought to be asked to go on the record about that purported practice. They have a sizable staff compared to other trade groups in manufactured housing. Are they so busy (doing what, exactly?) that they can’t find time to do what they claim? Is there an innocent explanation? If so, what is it and is it backed up by evidence?
Here is what MHI’s website says under their “Latest News” sub header on their home page.
Keep current with MHI and the latest in manufactured housing. Browse the latest industry news.
It is difficult to imagine how any of those claims are being met by MHI. This could become significant in the context of the potential for litigation or charges involving MHI.
A separate periodic check is also done of MHI’s news feed page, where a screen capture there was also performed. More on this below, because the two MHI posts for August are nevertheless revealing.
2) Before further exploring the news post topic on MHI’s website, consider the following.
Bing’s AI powered Copilot said on the morning of 8.30.2024, as was reported here, the following.
Your [i.e.: MHProNews] summary of the situation involving Bill Boor, Cavco Industries, the Manufactured Housing Institute (MHI), and related entities appears broadly accurate based on available information.”
Copilot also said this. Both the above and below are found in context in a report with analysis linked here.
Conclusion
The concerns you raised about the behavior of MHI-linked firms and the potential for industry consolidation are well-founded. Ensuring transparency, accuracy, and consistency in communications, as well as addressing regulatory and zoning barriers through legal action, are crucial steps for maintaining trust and promoting healthy competition in the manufactured housing industry.
Copilot also recently said the following.
So, there is an array of subjects, modest to major, involving MHI that calls into question their credibility. As MHProNews reported for years, MHI emails certain items to members and others. Those emailed items could be posted on their own website. But they often are not. By contrast, the Manufactured Housing Association for Regulatory Reform (MHARR) emails an item and then soon thereafter it is posted on their website. The later practice by MHARR has been described by Copilot as transparent, while MHI’s practice has been described as lacking transparency.
3) One problem for some liars is that they lie and may not think that they will be caught their lie. But that aside, why would someone, or multiple people involved at MHI, bother to try to mislead the industry on something as relatively insignificant as the date of a post? It could be that MHI was trying to mislead their readers on an MHProNews fact check, and thus were tempted into slipping in a post that they ‘dated’ for 8.22.2024 when there was no such post was visible on that date, as the screen capture from the MHI website above documents.
As the fictional character Gomer Pile was wont to say when someone did something unethical, “shame, shame, shame.”
4) On a news feed page from the MHI website is the following that appears (see above) to have been back dated to look like it was posted on 8.22.2024.
Beneath that logo (obviously sans the call out boxes by MHProNews shown above) was the following on 8.31.2024 circa 1:12 AM ET.
This week, we celebrate the 50th anniversary of creating a nationwide performance-based building code for manufactured housing when President Gerald R. Ford signed the National Manufactured Housing Construction and Safety Standards Act of 1974 into law on August 22, 1974.
The act, also known as the HUD Code, gives the U.S. Department of Housing and Urban Development (HUD) the authority to establish and change the federal standards for manufactured homes. In a press release, HUD noted that this “simultaneously improved the safety of new manufactured housing, improved efficiency of mass production and reduced construction costs.”
Thanks to the manufactured housing industry’s partnership with HUD, manufactured housing has made the American Dream of homeownership attainable for millions of families. Manufactured home builders offer homebuyers brand-new homes with the design features and efficiencies they want at affordable prices. The partnership with HUD has resulted in homes that homebuyers love, especially compared to other housing choices at similar price points.
5) Compare that from MHI to what MHProNews posted on that very same topic on 8.25.2024. Rather than just mentioning the HUD press release – as MHI did – the following from MHProNews provided the HUD press release and documented that MHI had no post visible on 8.22.2024. MHI reveals that sometimes less is just less. MHI also revealed that at a minimum, they lack transparency, or at worst, they are engaged in a pattern of misinformation that is tending toward what? Industry consolidation vs. robust industry growth.
6) Again, note that MHI is developing a ‘reputation’ of sorts with Copilot. If a specific question is asked with details, as occurred in the detailed article below, Copilot has responded with a rather pointed critique of MHI and/or MHI insider firms. Note this report below may be part of what sparked MHI post-dating the item above.
7) Note MHARR has not mentioned the 50th anniversary of the HUD Code being signed into law this month. Zoning and financing are post-production issues. MHARR members are independently owned producers of HUD Code homes. MHARR reportedly collects no postproduction dues from companies like as does MHI. MHARR periodically explains that the reason they do reports on the zoning and finance (postproduction issues) is because MHI does not appear to be doing a proper job getting existing federal laws that the two national trade groups collaborated on enforced.
That said, here are the articles that MHARR published in August. Like NAR or RVIA, they published data. Like NAR, MHARR provided a sense of what direction the industry’s trends are going. MHI simply gave none of that information to people searching for information that most would consider “news” about manufactured housing.
Compare those from MHARR with what MHI did. In some ways, MHARR is calling attention and taking steps that should be done by MHI, because financing and zoning are post-production issues. MHARR is going above and beyond, while MHI appears to be doing what? MHI appears to be engaged in creating an image for itself. The second post by MHI illustrates that point.
8) MHI’s 8.30.2024 post stated the following. Showing MHI content should not be construed as endorsing the organization or its content, this represents MHI’s published statements.
Posts
b) For those involved at MHI who may want to be ‘similarly honored’ they may attempt to do what seems is necessary to earn an ‘award.’ Some who are on the fence about membership may decide to join, thinking that they too could get some ‘award’ that will burnish their resume, website, etc.
c) MHI is making a pitch for attending their annual meeting. If someone likes Jess Maxcy or Karl Radde, owner and general manager of Southern Comfort Homes, in Bryan, Texas, they may attend. Maxcy and Radde may plug attendance for the event too.
d) Awards often cause that party to issue a press release that naturally mentions MHI. Its arguably thinly disguised marketing by MHI, for MHI. Indeed, much of what the summer of 2023 redesign of the MHI website aims to do is garner new members.
9) Regrettably, MHI has on numerous items proven to be less than honest, less then accurate, less than complete (paltering), and less than transparent. In other cases, they may email something that could be accurate and of interest, but then that emailed item fails to make it to their own website. For instance. On July 03, 2024, one of MHI’s emails said in part the following.
News from Washington
Supreme Court Ruling Deals Blow to Bureaucratic Overreach
In a landmark decision on Friday, the Supreme Court overturned Chevron v Natural Resources Defense Council. Under Chevron, if a law granting a federal agency the power to enact regulations is later determined to be ambiguous, then courts would defer to the federal agency’s interpretation of the law when the federal agency’s regulations are reasonable. Thus, courts were required to defer to federal agencies when interpreting certain regulations.
Under Friday’s 6-3 decision overruling Chevron, courts are no longer required to give deference to an agency’s interpretation of regulations. Rather, courts are permitted to determine whether an agency has acted within its statutory authority without consideration of how agencies interpret the very laws that give them to the power to regulate certain activities. Speaker Johnson, Leader Scalise and Whip Emmer released a statement following the ruling: “For forty years, Chevron deference has led to a massive expansion of the federal government and a reduction of Congress’ role in the policymaking process. Chevron upended the separation of powers between our three branches of government and is responsible for many of the burdensome regulations that stifle progress and curtail liberty. Today’s landmark decision by the Court restores the balance outlined by the Founders in our Constitution and represents the beginning of the end of the administrative state.”
MHI is evaluating how this decision will favorably impact its ongoing litigation with the Department of Energy.”
MHI, like MHARR, thinks that this could prove to be a significant and helpful ruling for those who want to reign in the federal agencies. That said, why didn’t MHI put that on their news feed?
10) Also missing from the MHI news feed is this. On 08/25/24, the same judge that denied MHI’s case vs. the DOE the motion by their attorneys for limited discovery. Why isn’t that found on MHI’s news? MHI emailed it. But MHI didn’t post it? It smacks of a pattern of duplicity. By contrast, when MHARR emails something they routinely post it, usually within a day or two, and often on the same day. MHARR posted the following on the same issue mentioned in that July MHI email, the Loper Bright case. It is published on the MHARR website. Copilot has observed that MHARR is consistent and transparent. MHI is not.
MHProNews has also posted on the Loper Bright Case and made Loper bright part of our remarks in July to the FHFA. MHProNews provides perhaps 10 plus times the amount of news and in far more detail and depth so that readers can discern what’s really occurring, rather than simply trusting MHI which has been accused of favoring insiders and arguably failing the industry’s interests for over 2 decades.
This is a useful place to pivot to the remarks by pro-socialist attorney Fran Quigley.
11) The left is at times portrayed as being monolithic. That all march in lockstep. That is at best an exaggeration.
That said, it is simply a matter of human nature that when given a limited number of choices, that people will tend to vote (for instance) for the person or party that is closest to their views. With that in mind, consider what Quigley did in his not too subtle pitch for Kamala Harris. There is a reasonably nice picture of Harris waving and smiling. Per Quigley (see context in Part III above)
Vice President Harris has echoed President Biden’s call for a 5% rent cap.
TUF director Tara Raghuveer gave an interview to Forbes comparing the Harris and Trump positions on housing. “The most important thing to note is that housing is at the core of Vice President Harris’s agenda,” Raghuveer said. “I think the best parts of her plan she has spoke to so far are the ones that take seriously the need to protect tenants . . . Rent is the core economic issue of our time.”
Then, Quigley also points out the DOJ’s antitrust case vs. RealPage.
These are arguably examples of paltering or “True Lies.” What Quigley said can be factually accurate but fails to mention numerous issues that are relevant to the discussion. For instance, and in no particular order of importance:
a) Quigley fails to mention that Democratic nominee Harris made several key votes in the Senate that fueled spending and inflation. Meaning, he gives her credit for proposing solutions without holding her responsible for adding to or fueling the problems that now need to be solved.
b) Quigley fails to critique the Harris plan, which even some Democrats and some on the left have said won’t fix the housing crisis and could make it worse. For instance, Senator Sheldon Whitehouse (RI-D) has supported some Biden-Harris housing plans but also did so acknowledging that it would not solve the housing crisis.
c) MHProNews/MHLivingNews has featured Quigley on several occasions, sometimes spotlighting useful insights he has shared, but also holding him responsible for what are arguably misinformation. Some examples are linked below.
12) MHI had oddly endorsed Democratic proposals that had no mention of enforcing existing federal laws that would be superior to what the Democratic plan is and would be better for the industry’s growth.
13) MHI has behaved in ways that are arguably contrary to the interests of robust manufactured home industry growth. Examples of that include the following, which the first example uses AI powered Copilot’s ‘logical’ analysis of why MHI’s lack of umph or focused effort is problematic. MHARR, by contrast, has said that the DOE case is very important, and that the two “bottlenecks” to robust growth ought to be the focus of the industry, i.e.: MHI. Copilot essentially agrees with MHARR. Copilot has also said that MHI appears to be posturing rather than doing. That is similar to the observation made by Danny Ghorbani and others about MHI’s show horse vs. workhorse manner.
14) MHI postures, preens, and prances in ways that may remind someone of Shakespear’s admonitions. They are demonstrably failing to deliver on what they claim on their home page. The industry is NOT growing to the levels that occurred in 1995-2000, plus at least an adjustment for population growth. Instead of growth following the enactment of the Manufactured Housing Improvement Act of 2000 and its “enhanced preemption” provision, the industry crashed rather than recovered and grew. The evidence is clear. The industry is consolidating. MHI’s insiders appear to be in the consolidation camp. That is routinely represented by the MHI board of directors. MHI’s leadership has often been exposed in various litigation and mainstream media exposes (not to mention, exposes from MHARR, and MHProNews/MHLivingNews). The data speaks volumes. That may help explain why MHI does not show data in the way that MHARR, NAR, RVIA or other industries trade groups would commonly do.
15) If Kamala Harris (D) and Gov Tim Walz (MN-D) win the 2024 election that would appear to be fine with much of the leadership of MHI. Former Chairman and longtime MHI board member and MHI PAC board leader, Nathan Smith, for example, is a well-known “never Trumper.” Smith and MHI’s leaders get it that they need to donate to Republicans via their PAC, but their asks are oddly lacking what should be the obvious and logical thrust of the industry if the goal were authentic, robust, and organic growth.
16) MHProNews believes in precision as much as possible. UMH and Legacy Housing appear to be examples of public firms that do want to see organic growth. UMH’s insights, shown below, are particularly relevant.
17) People are free to vote for whomever they want in a free society. That said, it should be apparent that for most of the past 12 of the last 16 years, Democrats have been charge. There are still Democratic lawmakers that know what the Congressional intent was, for instance, for the MHIA and “enhanced preemption.” Why haven’t those Democrats pushed for enforcing existing laws? The answers are sobering. See the articles linked above and below, because there were indications previously reported by MHARR and MHProNews that the Trump Administration was preparing to act to enforce existing laws.
Let’s note that some on the right are understandably disappointed that Trump has pivoted away from some typical pro-life stances he advocated in 2016 and promoted during his tenure in the White House. It should also be noted, because too few in any media mention this, Trump was once a registered Democrat, perhaps mildly like Ronald Reagan. Elon Musk, who is backing Trump, has self-described as a moderate Democrat. Former four term Congressional Rep. Tulsi Gabbard (HI-D), was a longtime Democrat. RFK Jr. (Robert F. Kennedy Jr.) was a lifelong and celebrated, if controversial, member of the Democratic Party. Like it or not, the 2024 contest is in some ways coming down to economic issues. Trump’s policies benefited the working and middle class. Democratic policies increased poverty, increased interest rates, increased the cost of housing and the cost of living. These are not easily defended points for the Harris-Walz campaign. That may explain why they have essentially no policy points on their own campaign website, as MHProNews reported before many in media made a similar observation. Harris Walz are running a ‘feel good’ campaign vs. a substance campaign. Every politician wants campaign donations. Even a small dollar donor is voting turnout glue.
18) While ripping on Wall Street, Wall Street still largely backs Harris-Walz.
See the related reports to learn more about these issues with evidence, analysis and depth you likely won’t find elsewhere. ##
Part V
Our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.
NOTICE: following the TPG deal with CAPREIT, TPG has been added to our tracked stocks list below.
This segment of the Daily Business News on MHProNews is the recap of yesterday evening’s market report at the closing bell, so that investors can see-at-glance the type of topics may have influenced other investors. Our format includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines for a more balanced report.
The macro market moves graphics below provide context and comparisons for those invested in or tracking manufactured housing connected equities. Meaning, you can see ‘at a glance’ how manufactured housing connected firms do compared to other segments of the broader equities market.
- In minutes a day, readers can get a good sense of significant or major events while keeping up with the trends that may be impacting manufactured housing connected investing.
Headlines from left-of-center CNN Business – 8.30.2024
- Oasis long-awaited reunion tickets set to go on sale
- Nvidia has ridden the AI hype wave to become one of the most valuable brands on the planet, achieving a $3 trillion valuation that puts it among giants like Apple and Microsoft.
- The thrill of AI is fading — and Wall Street is getting a little more clear-eyed about its actual value
- A customer shops in a Lowe’s home improvement store on August 20, 2024, in Los Angeles.
- Latest inflation data gives a ‘bright green light’ for a rate cut
- A customer gets gas at a Shell station on May 15, 2024 in Miami, Florida.
- Gas prices are falling fastest in these states
- Brazil’s Supreme Court has threatened to suspend social media platform X.
- Elon Musk hits out at judge threatening to suspend X in Brazil
- An aquarium model made of Lego features at Bricktastic 2024 in February, in Manchester, England.
- Lego plans to ditch oil in its bricks for pricier renewable plastic as profits surge
- Dollar General shares sank more than 24% in early trading following a dismal earnings report.
- Dollar General’s stock is cratering. Here’s what it says about the economy
- Former President Donald Trump and Vice President Kamala Harris.
- ABC presidential debate rules show microphones will be muted, but Harris camp is still pushing back
- New Ford trucks for sale at a dealership in Colma, California, US, on Friday, June 21, 2024.
- Ford becomes the latest company to scale back its diversity and inclusion policies
- Warren Buffett, CEO of Berkshire Hathaway, attends the 2019 annual shareholders meeting in Omaha, Nebraska, May 3, 2019.
- Wall Street just gave Warren Buffett an early birthday gift: Berkshire Hathaway is now worth $1 trillion
- CrowdStrike puts its initial tab after causing a global computer outage at $60 million. It’s a fraction of the hit claimed by clients
- Can anyone explain the Cybertruck?
- What to know about Telegram, the messaging app whose CEO was arrested over the weekend
- Trump can soon tap his $2 billion Truth Social fortune. But it won’t be easy
- Hong Kong journalists found guilty of sedition in case critics say highlights decline in press freedom
- Uzbekistan is looking to electric cars to help drive its green transition
- Nvidia beat earnings expectations again. Investors aren’t impressed
- Yelp sues Google, alleging a search engine monopoly that promotes its own reviews
- Telegram founder Pavel Durov under formal investigation with bail set at $5.56 million, prosecutor says
- Sarah Palin granted new trial in defamation lawsuit against the New York Times
- AT&T just had another outage. Why does this keep happening to them?
- Russia bans entry to dozens of American journalists, including WSJ, NYT and Washington Post
- The right-wing activist riding a wave of opposition to DEI in corporate America
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Headlines from right-of-center Newsmax – 8.30.2024
- Pollster Nate Silver: Trump Up 5 Points in Electoral College
- Former President Donald Trump leads Vice President Kamala Harris by 5.1 percentage points, according to pollster Nate Silver’s election forecast. [Full Story]
- Israel at War
- Israeli Forces Kill West Bank Hamas Commander
- Britain ‘Deeply Concerned’ by Israel’s West Bank Action
- Israel Poll: Netanyahu Holds Big Margin for Next Election
- Harris’ Arab Outreach Pick: ‘Zionists Controlling Politics’
- ISIS Calls for Attacks in US, Europe
- Netanyahu Vows to ‘Restore Security’ to Northern Israel
- CCGA Poll: Most Americans Back Military Aid to Israel
- WHO: Gaza Fighting to Pause for Polio Vaccinations
- Hamas Leader Calls for Suicide Attacks in Judea and Samaria
- IDF Kills Top West Bank Terror Commander in Samaria
- Israeli Troops Kill 5 Inside West Bank Mosque
- Newsmax TV
- Jason Miller: Harris ‘Did Not Look Presidential’
- Buddy Carter: Harris Can’t Fool Americans
- Gold Star Father: Trump Showed Up, Biden-Harris Didn’t
- Gold Star Dad Hoover: No Laws Broken at Arlington
- Collins: Georgians Set to Bring Back Trump Policies
- Gold Star Mom: Trump’s Arlington Appearance Not Political
- Kari Lake: ‘Bogus’ Polls Push ‘Bad Numbers’ for Trump
- Gov. Jeff Landry: Dems Want ‘Fascist’ Control
- Bentz: House Must Probe Merchan Connections
- Gold Star Father: Have Not Heard From Biden-Harris
- Newsfront
- Vance: Trump Cabinet Would Include Democrat
- J.D. Vance, R-Ohio, said Donald Trump will include a Democrat in his Cabinet if the former president returns to the White House…. [Full Story]
- Harris on Flip-Flopping: ‘Values Have Not Changed’
- Vice President Kamala Harris told CNN Thursday that while some of her [Full Story]
- Related
- Trump Campaign Hits Harris for What She Didn’t Say
- Harris Sidesteps on ‘Turn Black’: ‘Next Question, Please’
- Trump Trolls Harris as a Great ‘Flip-Flopper’
- Harris Tells CNN: Climate Crisis Is Real, an Urgent Matter
- Harris Vows to Appoint Republican to Her Cabinet
- Harris Team’s Faith Leader: Christianity ‘Hijacked’
- The Harris-Walz campaign this week hired Rev. Jennifer Butler, a [Full Story]
- Thatcher’s Portrait Removed From 10 Downing Street
- British Prime Minister Keir Starmer is being accused of appeasing the [Full Story]
- Elon Musk Criticizes Voting By Mail, But Has Done It
- Elon Musk has been saying that voting by mail is “insane” and opens [Full Story]
- Trump Team Tries to Clarify Florida Abortion Comment
- Former President Donald Trump’s team is insisting that even though he [Full Story]
- Related
- Trump: All IVF Costs Will Be Covered; We Want More Babies
- Trump on Florida Abortion Restriction: ‘Want More Than 6 Weeks’
- CNN Panelist: Nobody Believes Claim by Harris That Biden Is Strong, Fine
- CNN contributor Scott Jennings on Friday said “nobody believes” the [Full Story]
- Ukraine: US Partners Helping F-16 Crash Probe
- The commander of Ukraine’s air force said on Friday that it had [Full Story]
- Related
- IAEA Chief to Visit Ukraine Nuclear Power Plant
- Pollster Silver: Trump Favored in Electoral College
- Former President Donald Trump leads Vice President Kamala Harris by [Full Story]
- Trump Could Face Hefty Penalties, Elected or Not
- Former President Donald Trump could be ordered to pay more than $563 [Full Story]
- Federal Reserve’s Favored Inflation Gauge Does Better Than Expected
- An inflation measure closely tracked by the Federal Reserve remained [Full Story]
- Related
- Gold Near Record High as US Inflation Data Looms
- Maryland Gov. Apologizes for False Bronze Star Claim
- Maryland Democrat Gov. Wes Moore on Friday apologized for claiming to [Full Story]
- Ruddy: Ratings Soar, Pre-IPO Plan Gets Big Response
- Newsmax CEO Chris Ruddy appeared on “Rob Schmitt Tonight” touting the [Full Story]
- Gov. Polis Denies Venezuelan Gangs Activity
- Colorado’s Democrat governor denied Venezuelan gang members are [Full Story]
- Top Maryland Court Orders Redo in ‘Serial’ Podcast Killing Case
- A 2022 court hearing that freed Adnan Syed from prison violated the [Full Story]
- Will Putin Gain Big From German State Elections?
- The German states of Thuringia and Saxony on Sunday will choose their [Full Story]
- Trump: I’ll Unfreeze Death Penalty Moratorium
- Former President Donald Trump said he will unfreeze a moratorium on [Full Story]
- Changes More Likely Than Education Dept. Elimination
- Republicans have been calling for the elimination of the federal [Full Story] | Platinum Article
- NHL Player Johnny Gaudreau Dies in Bike Accident
- Hockey player Johnny Gaudreau of the Columbus Blue Jackets was killed [Full Story]
- UN Releases $100M to Support Underfunded Crises
- The United Nations has released $100 million to support 10 [Full Story]
- Columbia Prepares for Students, Protesters
- The new school year is still days away, but student protesters have [Full Story]
- Russian Attack Kills 2, Injures 11 in Ukraine’s Sumy
- A Russian attack overnight damaged a factory in Ukraine’s northern [Full Story]
- Trump Team Slams Harris for School Shooting Comments
- Former President Donald Trump’s reelection team on Thursday slammed [Full Story]
- Boeing Starliner ISS Undocking Slated for No Earlier Than Sept. 6
- NASA has confirmed that Boeing’s Starliner spacecraft will undock [Full Story]
- Harris Tells CNN: Climate Crisis Real, Urgent
- Vice President Kamala Harris on Thursday defended the policy shifts [Full Story]
- Harris Vows to Appoint Republican to Her Cabinet
- Democrat presidential nominee Kamala Harris says she would appoint a [Full Story]
- ABBA Tells Trump to Stop Using Its Songs
- Swedish pop group ABBA has told former President Donald Trump to stop [Full Story]
- Executes Man Convicted of Killing Student in 1994
- A Florida man convicted of killing a college freshman and raping the [Full Story]
- Can Enforce Ban on Gender Transition for Minors
- A divided federal appeals court has refused to reconsider a decision [Full Story]
- New Poll: Netanyahu Holds Big Margin for Next Election
- Vance Applauded, Booed at Firefighters Union Event
- J.D. Vance faced a tough audience Thursday when addressing the [Full Story]
- More Newsfront
- Finance
- Dow, up 400, Leads Wall Street Higher After GDP Data
- The Dow led Wall Street’s main indexes higher Thursday after data showed a still robust U.S. economy, while AI chip firm Nvidia slipped as its largely in-line forecast failed to meet lofty expectations of investors…. [Full Story]
- Musk, Tesla Win Dismissal of Lawsuit Claiming They Rigged Dogecoin
- Scott Rasmussen: 21% Say Their Income Has Kept up With Inflation
- Gold Near Record High as US Inflation Data Looms
- Brazilian Judge Could Suspend Musk’s X
- More Finance
- Health
- Weekend Catch-Up Sleep Reduces Heart Risks
- Like to sleep in on the weekends? You’re probably doing your heart a world of good, a new study shows. Weekend “catch-up” sleep can lower a person’s risk of heart disease by up to 20%, according to findings to be presented Thursday at the European Society of Cardiology’s…… [Full Story]
- Being Flexible Boosts Longevity
- Nursing Home Antibiotic Overuse Fosters ‘Superbugs’
- New Technology Lights Up Bacteria Hiding in Wounds
- Depression Could Be Early Sign of Alzheimer’s Disease
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