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Survey Says Housing Markets Two Years in Recovery

December 7th, 2010 Comments off

Trulia.com and RealtyTrac released the latest results of an ongoing survey tracking homebuyers’ attitudes toward foreclosed homes Tuesday. Results of the survey conducted online from November 2-4, 2010 by Harris Interactive showed that Americans continue to grapple with uncertainty about the housing market, with 58 percent of U.S. adults expecting recovery to take at least another two years. As a result of the recent robo-signing debacle, half of U.S. adults expressed that they now have less faith in mortgage lenders, banks and the government. Another 35 percent believe the robo-signing issue will delay the housing market’s recovery. Nearly half (48 percent) of homeowners with a mortgage admitted that they would consider walking away if their mortgage was under water, an increase compared with May 2010, when only 41 percent said they would consider walking away if their mortgage was under water. Interestingly, men (57 percent) are more likely than women (40 percent) to consider strategic default as an option for dealing with negative equity.

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Categories: Economy, home buyers Tags: ,


More Signs of Simpler Times

December 7th, 2010 Comments off

In yesterday’s News at Noon, Michigan Retailer Jim Dietrich commented that we may be moving into simpler times. ( http://www.mhmsm.com/blogs/daily-business-news/a-housing-market-report-from-michigan.php  A recent Associated Press story in the New York Times provides what may be additional evidence. According to the article, luxury home builder Toll Brothers report its new home contracts fell 27 percent in the most recent quarter. This is despite a market segment unemployment rate that’s half the national average. The company did report increases in Manhattan high-rises, as well as near Philadelphia and Charlotte, North Carolina.

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Double-digit Declines in Mortgage Delinquency Projected Through 2011

December 7th, 2010 Comments off

HousingWire reports that double-digit declines in the mortgage delinquency rate for all 50 states will occur through next year, according to TransUnion. The company expects the national mortgage delinquency rate to fall by about one-fifth to 4.98 percent by the end of 2011. The company projects the rate at 6.21 percent at the end of 2010, representing a nearly 10 percent decrease from the prior year. Slowly improving employment figures and continued stabilization in housing prices are expected to fuel the declining delinquency rates.

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Smart Appliances on the Horizon

December 7th, 2010 Comments off

Construtech ran an article about smart appliances coming to the construction industry from General Electric. GE Appliances & Lighting plans to launch a portfolio of products that provide insight into energy usage across the home. The article says through a series of products that leverage connected technologies, such as smart meters, consumers will be able to manage and control their energy use and costs more efficiently. GE says homeowners will be able to remotely adjust smart thermostats and alter the consumption of GE Profile Appliances in response to utility price signals. Construtech says the smart home may be closer than you realize. Some manufactured homes feature GE appliances.

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More on the Layoffs in Oregon

December 7th, 2010 Comments off

More on the layoffs coming to Oregon made the pages of the Oregonian Tuesday. The story mentioned the closing of a Liberty Homes plant in Sheridan, Oregon that will mean the loss of 83 jobs. In addition, the article says ZipRealty is laying off 51 sales agents, and a bio-tech company will have a phased layoff of an additional 80 workers. Oregon’s unemployment rate is at 10.5 percent.

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Categories: Business, Economy Tags:


EPA Announces New Energy Star Requirements for Modular Housing

December 6th, 2010 Comments off

The Manufactured Housing Institute reports in its Week in Review that the Environmental Protection Agency recently announced new requirements for qualifying site-built and modular homes for ENERGY STAR, which will go into effect beginning next year.  The Systems Building Research Alliance is in the process of revising the modular program to align with the new national ENERGY STAR requirements. The updated protocols will be issued in the coming weeks. EPA will phase in the new guidelines to help manufacturers and builders transition from the current guidelines to the new guidelines.

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Rural Foreclosures: The Hidden Heartland Inventory

December 6th, 2010 Comments off

UPI.com reports that there may be a large shadow inventory of foreclosed homes in the American Heartland. The reason: no data is collected from small lenders or lenders that operate exclusively in rural areas. Homeowners in the heartland struggle with many of the same factors that plague urban and suburban owners: unemployment, falling values, underwater mortgages, difficulties obtaining credit and shrinking numbers of buyers. The report says the Federal Reserve expects 2.25 million foreclosure filings this year, same number again next year and about 2 million more in 2012, but those estimates don’t include a large chunk of rural America. In rural areas, manufactured housing makes up 16 percent of rural homes, more than twice the national rate.

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Fitch: U.S. Manufactured Housing Remains Stable Amid Market Turmoil

December 6th, 2010 Comments off

A U.S. mortgage sub-sector historically known for its problematic performance has emerged as one of its more stable performers, according to Fitch Ratings in a new report. The manufactured housing sector has experienced very slight increases in loss severities, net loss rates and 60-day delinquencies over the last year. This is a far cry from the volatility of 2002 when the sector was disrupted with the bankruptcy of major market participants, such as Oakwood Homes and Conseco Inc. “Stable manufactured housing performance has been driven by consistent servicing, loan seasoning, and continued reductions in new unit supply,” said Director Susan Hosterman. A recently conducted rating review of Fitch’s Rated manufactured housing portfolio yielded over 90 percent in rating affirmations. Fitch also upgraded another 2 percent of its top-rated tranches due to an improvement in the relationship between credit enhancement and expected pool loss. “With the severity of liquidated existing units now stabilized, Fitch does not envision much change in manufactured housing performance over the next year,” said Hosterman. Fitch currently rates 138 manufactured housing transactions with an original balance of $55 billion and an outstanding balance of $10 billion. “With the severity of liquidated existing units now stabilized, Fitch does not envision much change in manufactured housing performance over the next year,” said Hosterman.

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MHMSM.com Urges Preservation of Mortgage Interest Deduction

December 6th, 2010 Comments off

With plans to change the Mortgage Interest Deduction (MID) being presented to Congress in hopes of reducing the federal budget deficit, MHMSM.com, along with homebuilders, industry and realtor groups is urging the maintenance of the benefit in its full potency. “The owners of manufactured homes, like all homeowners, benefit from this important deduction,” says MHMSM.com Publisher ‘Tony’ Kovach. “Homeownership is a staple of the American economy and is an important enabler of upward mobility. The deficit should not be reduced to the detriment of the American Dream.” The National Association of Homebuilders (NAHB) Chairman Bob Jones recently said reducing the benefit of the deduction is simply the wrong approach to the problem and that the consequences would be devastating for housing and the economy. Thayer Long, executive vice president of the Manufactured Housing Institute (MHI) said his group is part of a growing coalition of housing advocacy groups to save the MID. “It’s an important part of maintaining a vibrant homeownership market,” Long says. “Since we are a part of the housing market, and it does help owners of manufactured homes who choose to itemize their taxes, we believe it should be left alone.” The National Association of Realtors (NAR) issued a call to action among its members to call Representatives and ask them to defend the MID from any cuts or reduction as outlined in the recent Deficit Commission Report.

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Stocks Fluctuate on Wall Street Monday

December 6th, 2010 Comments off

Stocks fluctuated throughout the day Monday as oil prices hovered at a two-year high and silver hit a 30-year high. The Dow ended down about 20 points. The Manufactured Housing Composite Value moved up a percentage point, however, as some companies added to their share price. Deer Valley added 14 percent to its share price, Palm Harbor Homes added more than six percent and Nobility Homes bettered a five-percent increase.

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