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Sunday Morning Recap – March 1, 2015 to March 7, 2015

March 8th, 2015 Comments off

sunday-morning-manufactured-housing-weekly-pro-news-recap-mhpronews-com12-1-6-14-Good Sunday Morning! In a large portion of the United States, it has been very cold this week.  As you sit by the fire to thaw out and drink another cup of coffee, there are some interesting stories in this week’s list to read.  There is some information about the sale of several manufactured home communities and criticism of the CFPB. A Canadian modular home builder is offering 4.5% interest loans. Rent control in California is a big issue.  And, there is some corporate news about companies involved in the manufactured housing industry.  We have a lot of articles for you to read this week, so enjoy!

Saturday, March 7

Evictions sharply rise at Sunny Meadows Mobile Home Park

Friday, March 6

Unsafe manufactured homes eligible for larger loan

Dow Tumbles as Investors Fear Rate Hike; MHCV Values Also Fall

Sunshine Homes Announces 4.5% Interest Rates on Five-Year Term

New type of manufactured home installed in Shelburne, Vermont

Alaska’s Hidden Billionaire

Best Places for Millennials to Buy a Home

Thursday, March 5

Volunteers Repair Manufactured Homes

Wall St closes up slightly ahead of jobs report; MHCV Values Rise

As the Price of Site-Built Homes Rise, So Will Manufactured Home Sales

Republicans Accuse CFPB of Not Representing the Best Interests of Hardworking Taxpayers

Buyers Bidding Outrageous Prices for Toronto Homes

House Committee Chair Wants Faster Response from CFPB

Wednesday, March 4

MH Rebuilding Funds still Available in NJ for Sandy Victims

City of Petaluma Blocks Rent Increase at California MH Community

MHVC Slips; MH Stocks Split Pluses and Minuses; Dow Drops 100+ Points

Funding Provides Repairs for Manufactured Homes

Yard Sale Planned for Evicted MH Community Residents

Google Search Turns up Modular

Delaware AG Focuses on Manufactured Homes

HUD Code Production Continues to Climb

Georgia Planning Commission Upholds Decision to Allow Placement of Manufactured Home

Assumed to be Dead, Elderly Man’s Manufactured Home Is Sold

Tuesday, March 3

The Dow Fell 85.19 Points; MHCV Stocks Dipped Again

Tiny Modular Housing For Cities Where Most Housing Is Too Expensive

Michigan MH Community Sells for $15 Million

Green Courte Partners Announce Promotions

Increased Home Sales Indicate Millennials Are Awakening

Dispelling Myths About Modular Construction

Monday, March 2

U.S. Stocks Rose Monday; MHCV Stocks Dipped Slightly

Idaho MH Community Owner Ordered to Pay Residents Who Lacked Water

Dallas Reporter Discovers Benefits of MH Living

Residents Buy Deer Ridge Mobile Home Park in Maine

Funding for Affordable Housing in Florida Is Threatened

Wall Street Is Waking Up to the Value of Manufactured Home Communities

Sunday, March 1

Sunday Morning Recap – February 22, 2015 to February 28, 2015

(Graphic Credit: CNN Money)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.

 

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Evictions sharply rise at Sunny Meadows Mobile Home Park

March 7th, 2015 Comments off

longview-washington-ellis-evictionA handful of residents say it’s not so sunny at the Sunny Meadows Mobile Home Park anymore, where a wave of evictions has followed a new park manager’s first year at the West Longview, Washington, community.

Longview Daily News tells MHProNews that Yohnda Ellis is among those being told to leave the gated manufactured home community on Ocean Beach Highway.

“It’s not right to make an elderly person start over again like this,” she said Monday from a neighbor’s home where a dozen people gathered to join her in voicing concerns.

Sunny Meadows park manager Diana O’Sullivan has presented the Ellises with three “15-day notices to comply or vacate” orders since October.

“By occupying the area north of your space with vehicles, a shed, non-permitted activities and other personal property, you are in violation of the terms of your rules and regulations,” read the notices.

The issue is now being heard in Cowlitz Superior Court. On  Wednesday, March 4, Butch Ellis had to help his 80-year-old mother to a courtroom table as she listened to the reasons she may soon have to leave her home of 25 years: A shed they had built with permission years ago spills over their property line and they aren’t parking where they should.

“The reason for this eviction is because they are refusing to remove from that space, refusing to stop parking in that space, refusing to comply,” attorney Craig McReary stated.

Though a judge denied the initial request to evict Yohnda Ellis, she’ll be back in court soon for a trial. “And we’re not the only ones who will be coming through here. The park manager is raising all sorts of havoc with people’s lives,” said 61-year-old Butch Ellis. A former bartender, Ellis is disabled and lives with his mother in the manufactured home she’s owned for decades. They said in the 25 years of residing at the park under multiple managers, they have never had a problem until now.

Next to Yohnda Ellis’ neatly kept blue home is a grassy field that serves as a common area. This is the space her 12-by-18-foot storage shed is apparently encroaching on.  Previous managers had allowed the Ellises to build and maintain the shed, and they weren’t aware that it wasn’t on their  rented space.

Moving the shed, beyond the question of where it would go, just isn’t possible, Butch Ellis said.  “It would kill us,” he explained, adding that he and his mother live on fixed Social Security incomes.

Other residents have been given similar notices for parking violations or driving vehicles that were deemed too loud, Butch Ellis said. He accused O’Sullivan of fabricating charges to spur additional evictions.

Judge Michael Evans on Wednesday said the two sides are “at loggerheads” and mediation or a trial would be needed to resolve the matter. The Ellises will find out their court date next week.

For Yohnda and Butch Ellis, it’s a fight to save their home — and they’re fighting to the death. “She intends to die here, and I intend to die here,” Butch Ellis said. ##

(Photo Credit: Longview Daily News)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.

Unsafe manufactured homes eligible for larger loan

March 6th, 2015 Comments off

calistoga-repair-programThe Calistoga, California, City Manager has been authorized to grant a larger home loan amount for manufactured home owners if the funding is necessary to alleviate health and safety issues. This decision was announced by the Calistoga City Council on Tuesday, March 3.

The Weekly Calistogan tells MHProNews that the city received $500,000 from the federal HOME Investment Partnerships Program. This is an owner-occupied housing rehabilitation loan program that assists low-income homeowners whose primary residence needs repairs, improvements or reconstruction.

The program does not require loan payments or assess any interest on the loan, repayment of which is deferred for 30 years or until resale.

The guidelines allowed the maximum loan amounts of $60,000 for a stick-built, single-family home and $20,000 for a manufactured home.

To date, 24 applications have been received, 22 are from manufactured home owners. The City of Napa Housing Authority is administering the rehabilitation program and reported that the loan applications for the manufactured homes involve buildings constructed in the 1970s, requiring much-needed work. In some cases $20,000 is insufficient to repair all that needs to be corrected in a home.

In one case cited by Lynn Goldberg, planning and building director, the bathroom floor of one unit had a hole large enough that the occupant could fall through it.

The council agreed to amend the program so that on a case-by-case basis the city manager may authorize an increase of up to $10,000 above the maximum loan amount for a manufactured home, if the repairs are necessary to protect the health and safety of the occupant.

The HOME funds were awarded to the city through a grant. ##

(Photo Credit: IntersectMoscow)

sandra-lane-daily-business-news-mhpronews-com-75x75-Article submitted by Sandra Lane to – Daily Business News – MHProNews.

Dow Tumbles as Investors Fear Rate Hike; MHCV Values Also Fall

March 6th, 2015 Comments off

March-6-2015-stock-market

MHCV values dropped 1.71% today.  In the stocks we track, most lost value. One exception was CG up 1.19%.

Reuters tells MHProNews that U.S. stocks closed lower on Friday and the S&P 500 declined for a second straight week after a strong monthly jobs report as investors bet that the Federal Reserve could raise interest rates sooner than previously expected.

Some of the worst-hit stocks were utilities and real estate investment trusts as they are high-yielding investments which would look less attractive after a rate hike.

The S&P and the Dow, which accelerated their declines as the day wore on, were under additional pressure because they had hit records earlier in the week after a strong February.

Listed below are the closing numbers for today’s stock trading.

            Dow Jones    17,856.85         -278.87           (-1.54%).

            S&P 500          2,071.26           -29.78           (-1.42%).      

            Nasdaq            4,927.37           -55.44           (-1.11%).

The Yahoo! Finance Manufactured Housing Composite Value (MHCV): Composite Value:  601.1 Today’s Change: -1.71%

As of approximately 4 PM ET: CNNMoney and Google Finance tell MHProNews:

Affiliated Managers Group, Inc. (NYSE: AMG)  214.39  -1.42 (-0.66%).

Berkshire Hathaway (NYSE:BRK.A) – parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage, 21st Mortgage Corp., and other factory built housing industry suppliers. 218,810.98  -689.02   (-0.31%).

Carlyle Group (NASDAQ:CG) 27.29 +0.32 (1.19%).

Cavco Industries, Inc. (NASDAQ:CVCO) 69.56  -1.63 (-2.29%).

Deer Valley Corporation (OTCMKTS:DVLY) 0.700  +0.150 (27.27% Feb. 18).

Equity LifeStyle Properties, Inc. (NYSE:ELS) 52.16  -1.74 (-3.23%).

Killam Properties Inc. (TSE:KMP) 10.67  -0.15 (-1.39%).

Liberty Homes, Inc. (OTCMKTS:LIBHA) 0.0500  0.0000 (0.00% Feb. 10).

Nobility Homes Inc. (OTCMKTS:NOBH) 10.10  0.00 (0.00% March 6).

Skyline Corporation (NYSEMKT:SKY) 3.52 +0.02 (0.57%).

Sun Communities Inc. (NYSE:SUI) 66.37  -0.63 (-0.94%).

Third Avenue Value Fund Institutional Class (OTCMKTS:TAVFX) 57.45-0.07 (-0.12% March 5).

UMH Properties, Inc. (NYSE:UMH) 9.33  -0.11 (-1.17%)

Universal Forest Products, Inc. (NASDAQ:UFPI) 51.78 -0.32 (-0.61%).

(Graphic credit: CNNMoney)

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Article Submitted by Sandra Lane to – Daily Business News- MHProNews.

Sunshine Homes Announces 4.5% Interest Rates on Five-Year Term

March 6th, 2015 Comments off

sunshine-homes-alberta-canadaSunshine Homes, a company that has been delivering custom manufactured homes in Alberta, Canada, for the last eight years, has announced that it is able to provide interest rates at 4.5% on a five-year term.

Marketers Media tells MHProNews that Sunshine Homes knows that savings have always been an important consideration when purchasing a home. With the Bank of Canada cutting its key interest rates to 0.75% in January, Sunshine Homes has been able to offer competitively low interest rates on its modular homes. “We’re able to get as low as 4.5% interest rates on our custom modular homes, which are comparable to site-built home rates,” Bill Watt, owner of Sunshine Homes. said. “Being able to offer these savings to our clients is amazing, and with home prices rising across most of the country, homeowners deserve the break.”

Watt explains that constructing custom-built manufactured homes in Alberta already has its own cost savings for homeowners in addition to the competitive interest rates. Buyers of a Sunshine Homes custom manufactured home are able to get a draw mortgage.

“Draw mortgages help the consumer because they get progress draws throughout the duration of the project to pay contractors,” he adds. “This offers another level of flexibility and security for homeowners purchasing our affordable manufactured homes in Alberta.”

“This is all possible due to the quality of the homes that we build. We focus on our clients and on building homes that reflect each homeowner’s interests, style, and lifestyle,” Watt concludes. “At Sunshine Homes, we are taking a different approach to homebuilding and facilitating those looking to take the next step in their lives as homeowners.”

Sunshine Homes continues to expand its custom-built manufactured homes throughout central Alberta. ##

(Graphic Credit: Sunshine Homes)

sandra-lane-daily-business-news-mhpronews-com-75x75-Article submitted by Sandra Lane to – Daily Business News – MHProNews.

 

New type of manufactured home installed in Shelburne, Vermont

March 6th, 2015 Comments off

shelburne-vermont-new-vermod-home

The Shelburne News  tells MHProNews that a crane recently delivered a new style of manufactured home to the Shelburnewood Mobile Home Park in Shelburne, Vermont.

Built in White River Junction by Vermod High Performance Homes, the single section manufactured home in Shelburnewood is the 17th unit constructed and sited in Vermont. The new manufactured home utilizes quality construction and materials as well as the latest in highly efficient energy technology. All aspects of the design have been considered to provide the homeowner with the most comfort, value, and savings available.

“The project is a collaborative effort that includes, but is not limited to, the Vermont Housing & Conservation Board (VHCB), the High Meadows Fund, and Efficiency Vermont (EVT). Plus Shelburne architect David Pill of Pill-Maharam Architects, and Steve Davis and Chet Pasho from Vermod, the manufacturer, have been essential partners as well,” noted Cindy Reid, the Director of Development of the Cathedral Square Corporation (CSC).

“The new arrival is part of the Manufactured Housing Innovation Project, a pilot project focused on developing new manufactured homes which address two needs: a response to the loss of homes during Tropical Storm Irene and to increase the supply of quality affordable housing in Vermont in general,” she said. Though manufactured homes represent only 7% of Vermont’s housing stock, they comprised 15% of the homes damaged by Irene.

“Cathedral Square is a non-profit organization which provides affordable housing and services for seniors and persons with disabilities,” Reid explained. “CSC developed Wright House, a 36-unit affordable senior development next door in Harrington Village. We got involved initially when VHCB and EVT asked if our organization would consider installing a new Vermod unit in Shelburnewood. The unit will serve as a model for one year and then be sold to an income eligible household,” she explained.

“VHCB, EVT and Vermod are interested in getting the word out about this innovative affordable home, so it can be replicated in other communities,” Reid said. “Due to the style of construction, it is an appreciating (not depreciating) asset, which means Vermod homeowners can build equity. The energy usage is also low which equates to affordability for occupants.  Many of the Vermods are constructed with a 6,000 kw solar pv array, which makes them zero net energy homes. We feel that this is one of many innovative solutions to the lack of affordable housing that challenges our communities.”

Read previous article about these homes at this link.

(Photo Credit: Shelburne News)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.

Alaska’s Hidden Billionaire

March 6th, 2015 Comments off

four-seasons-mobile-home-park-anchorage-alaskaJust south of the Elmendorf-Richardson military base in Anchorage, Alaska, there’s a seven-block manufactured home community named Four Seasons, where rentals start at $1,300 a month. Its one of at least 40 multifamily properties in the area, or about 12 percent of the city’s entire rental market, owned by Weidner Investment Services.

The Four Seasons manufactured home community in Anchorage, Alaska, listed on Weidner Apartment Homes’ website.

“They’re the 800-pound gorilla in town,” Kim Johnson, a real estate agent with Paragon Properties Inc., said in a phone interview.

Bloomberg News tells MHProNews that the 4,000 apartments are a fraction of the more than 38,000 units the company owns in Seattle, Phoenix, Colorado, Texas, Canada’s Alberta and Saskatchewan provinces, and other markets. Together, the properties have a net asset value of $2.3 billion, according to data compiled by Bloomberg, making the company’s 72-year-old founder W. Dean Weidner a billionaire.

Dan Benton, an Anchorage real estate agent, said in a phone interview, “They suck up all the big stuff that my other clients would like to buy, usually in a private sale before it hits the market.” In addition to the properties Weidner owns in Alaska, his Kirkland, Washington-based company now owns at least 40 buildings with more than 6,100 units in Seattle and surrounding towns such as Bellevue, Kirkland, Renton and Everett, according to data compiled by Bloomberg. Rents in Seattle are up 6.4 percent over last year as of January, data compiled by real estate website Trulia Inc. shows.

“They recognize the opportunity in small markets,” said Gary Klockenteger, senior vice-president of valuation advisory at Kidder Mathews in Seattle.

The company invests $400 million annually, adding 4,000 units a year, and Weidner reviews 20 to 30 purchase opportunities with his acquisitions team a week, according to an official university write-up of a conversation at Wisconsin-Stout. Weidner Investment Services is the 30th-largest owner of rental properties in the U.S, according to the National Multifamily Housing Council.

Weidner owns more than 30 properties in Arizona, with at least 9,900 units, valued at about $1 billion before accounting for debt, according to data compiled by Bloomberg. Half are in Phoenix, where rents are up 10 percent year-over-year, according to Trulia. Others are located in Tucson, Anthem, Mesa, Chandler and Peoria, according to the website. Most of the Arizona properties were purchased in 2010 or later.

The company owns at least 18 properties with more than 2,900 units in Midland and Odessa, Texas, towns west of Dallas in the oil-rich Permian Basin region, where the number of operating drilling rigs has dropped with oil prices, according to Bloomberg Intelligence reports.

“In Midland, Texas, Weidner is a big player,” said Scott L. Williams, whose Scott Williams Team Realtors owns about 350 apartment units in the area.

In Colorado Springs, where the company owns at least 18 buildings with about 2,600 units, oil also has played a role: the city’s 93 percent occupancy rate is weaker than other markets Weidner operates in.

Weidner has also purchased properties in Minnesota, Utah and in cities surrounding Los Angeles.

“They look for opportunity that most people would pass right by,” Klockenteger said.

Weidner’s mother began teaching him how to maintain and manage his family’s duplex and fourplex apartments in Colorado Springs when he was 14 years old, according to a 2002 profile in Alaska Business Monthly. He continued to manage them through college, according to the article.

He bought his first property in Seattle in 1977, Weidner said in an October 2013 talk at University of Wisconsin-Stout, where he donated $1 million to the business school. ##

(Photo Credit: Bloomberg News)

sandra-lane-daily-business-news-mhpronews-com-75x75-Article submitted by Sandra Lane to – Daily Business News – MHProNews.

Best Places for Millennials to Buy a Home

March 6th, 2015 Comments off

 

dallas-texas-best-place-for-millennialsMarketwatch tells MHProNews that typically, first-time buyers account for approximately 40% of all home sales. Today they account for 28%, according to Lawrence Yun, chief economist for the National Association of Realtors. The reason – slow job growth is making it harder for young would-be buyers to find good paying jobs. In addition, student debt load can be stifling, and it’s harder for young buyers to meet today’s underwriting standards required to get a mortgage, he said.

Yun thinks it will be about three years before the number of first-time buyers returns to normal. In some markets, the oldest millennials (those between the ages of 25 and 34) may have a better chance of becoming homeowners in the near future.

Using data including the local population of people this age, job market conditions, housing affordability and inventory, NAR analyzed 100 metropolitan areas to find the best markets for those older millennials interested in becoming homeowners.  They are:

  1. Austin
  2. Dallas
  3. Denver
  4. Des Moines, Iowa
  5. Grand Rapids, Michigan
  6. Minneapolis
  7. New Orleans
  8. Ogden, Utah
  9. Salt Lake City
  10. Seattle

(Photo Credit: Shutterstock)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.

 

Volunteers Repair Manufactured Homes

March 5th, 2015 Comments off

volunteer-repairs-mfg-homesShelby Hines had just finished replacing the front door on Natia Patterson’s manufactured home when he asked to wash his hands.

Patterson agreed, but she told him the only running water was in her bathtub. When Hines walked inside, he found a kitchen with leaky pipes in warped cabinets and rotting floors. There was no sink in the bathroom, and the toilet barely functioned. Hines, of Kitty Hawk, North Carolina, was a lifelong builder, and quickly realized his work wasn’t finished.

So the 81-year-old man and a group of volunteers known as Caring Hands returned to Patterson’s home. Over several days, they installed a kitchen floor, cabinets and sink, a bathroom vanity and toilet – all for free. “I was truly blessed,” Patterson said. “I can’t thank them enough.”

The Virginia Pilot tells MHProNews that led by Hines, Caring Hands began 15 years ago with the “old fellows” from Duck United Methodist Church when they arranged a trip to Redbird, Kentucky, to install new windows and doors on coal miners’ drafty homes. The group returned annually for five years to perform repairs. Later, the team traveled to Mississippi after Hurricane Katrina for four years to repair flooded homes. In between, Caring Hands has remodeled and added on to dozens of houses – often for the working poor.

“We’ve done so many jobs, it’s hard to remember them all,” said Hines, who also is a woodworker. “This is what we do.”

In December, Hines was awarded the Order of the Long Leaf Pine, one of North Carolina’s most prestigious honors. Michael Jordan, Billy Graham and Richard Petty are past recipients.

Hines waves it off. He agreed to publicity and the award only after others encouraged him.

“You name it, and they’ve done it,” said Jenniffer Albanese, executive director of Interfaith Community Outreach. “He doesn’t take credit for anything.”

The nonprofit does charity work in Dare and Currituck Counties and provides money to Caring Hands. Home Depot donates materials and appliances. Referrals often come from the Department of Social Services. Hines and the group have helped hundreds over the years, said his son, Steve. ##

(Photo Credit: The Virginia Pilot)

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Article submitted by Sandra Lane to – Daily Business News – MHProNews.

 

Wall St closes up slightly ahead of jobs report; MHCV Values Rise

March 5th, 2015 Comments off

march-5-2015-stock-report

MHCV values went up 2.67% today.  In the stocks we track, there were only minor gains.  Highest increase: AMG 1.44% and CG 1.01%

Reuters tells MHProNews  that U.S. stocks closed modestly higher in light trading on Thursday as investors held back on big bets ahead of Friday’s jobs report. This report is expected to be a big factor in influencing the timing of a Federal Reserve interest rate hike. Focus on the report was heightened as many investors see it as one of the most import economic indicators due to be released ahead of the Fed’s meeting in mid-March.

“People are anticipating some fireworks tomorrow. That’s the best way to describe the waiting today,” said Paul Schatz, president and chief investment officer at Heritage Capital in Woodbridge, Connecticut.

The S&P and the Dow had hit records and the Nasdaq surpassed 5,000 at the start of the week after a strong February performance for U.S. stocks, giving additional reason for investors to take a breather on Thursday.

European news was some help to U.S. markets but higher-than-expected U.S. jobless claims took “a little bit of the wind out of the sails,” said Paul Brigandi, managing director of portfolio management at Direxion Funds in New York.

Initial jobless claims rose to 320,000 in the latest week, above the 295,000 estimate. The disappointing numbers came after a weaker-than-expected private payrolls report on Wednesday and ahead of Friday’s monthly employment report.

Listed below are the closing numbers for today’s stock trading.

            Dow Jones    18,135.72         +38.82            (0.21%).

            S&P 500          2,101.04          +2.51              (0.12%).        

            Nasdaq            4,982.81        +15.67             (0.32%).

 The Yahoo! Finance Manufactured Housing Composite Value (MHCV): Composite Value:  611.5 Today’s Change: +2.67%

As of approximately 4 PM ET: CNNMoney and Google Finance tell MHProNews:

Affiliated Managers Group, Inc. (NYSE: AMG)  215.81 +3.06 (1.44%).

Berkshire Hathaway (NYSE:BRK.A) – parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage, 21st Mortgage Corp., and other factory built housing industry suppliers. 219,500.00 +1,888.00 (0.87%).

Carlyle Group (NASDAQ:CG) 26.97 +0.27 (1.01%).

Cavco Industries, Inc. (NASDAQ:CVCO) 71.19 +0.43 (0.61%).

Deer Valley Corporation (OTCMKTS:DVLY) 0.700  +0.150 (27.27% Feb. 18).

Equity LifeStyle Properties, Inc. (NYSE:ELS) 53.90 +0.15 (0.28%).

Killam Properties Inc. (TSE:KMP) 10.82 +0.01 (0.09%).

Liberty Homes, Inc. (OTCMKTS:LIBHA) 0.0500  0.0000 (0.00% Feb. 10).

Nobility Homes Inc. (OTCMKTS:NOBH) 10.10 +0.10 (1.00% March 3).

Skyline Corporation (NYSEMKT:SKY) 3.50  +0.03 (0.86%).

Sun Communities Inc. (NYSE:SUI) 67.00  -0.04 (-0.06%).

Third Avenue Value Fund Institutional Class (OTCMKTS:TAVFX)  57.52-0.29 (-0.50% March 4).

UMH Properties, Inc. (NYSE:UMH) 9.44  0.00 (0.00%).

Universal Forest Products, Inc. (NASDAQ:UFPI) 52.10 -0.66 (-1.25%).

(Graphic credit: CNNMoney)

sandra-lane-daily-business-news-mhpronews-com-75x75-Article Submitted by Sandra Lane to – Daily Business News- MHProNews.