Archive

Posts Tagged ‘amp’

Mark Dotzour: Texas Housing Recovery in Full Swing

September 25th, 2013 Comments off

The Chief Economist of the Real Estate Center at Texas A&M University forecasts higher prices, reduced inventory and more home sales in 2014 for the state. Mark Dotzour says, “If you are a real estate professional in Texas, I would suggest that you not take a vacation at all in 2014. It is shaping up to be a busy year.” As MHProNews has learned, Texas suffered less than most other regions of the country during the recession, and the state has added 459,000 jobs since Jan. 2012, according to Dotzour, and he expects that to continue through 2014. According to timesrecordernews.com, although mortgage rates are slowly rising, they remain at historically low rates. Adds Dotzour: “In the late ‘70s, we thought 8 percent mortgages were cheap. Five percent was unheard of. Now the media is saying higher mortgage rates will make houses unaffordable and derail the housing recovery. It won’t. Look at the numbers for housing affordability indexes in Texas and the nation. Houses have never been more affordable, if you have a job.”

(Image credit: forbes.com)

New FHA Proposal could Cost Lenders more

August 15th, 2013 Comments off

It will more expensive for lenders to do business with the Federal Housing Administration (FHA) if a new method for determining lenders’ liability for poorly written loans that default is adopted. Currently, when defects are discovered lenders have to eat the losses on those loans. Under the new proposal, FHA would conduct a sampling of loans, determine the percent that have underwriting errors, extrapolate that number to the portfolio and the lender than pays an “estimated total risk” to FHA. Phillip Schulman of K&L Gates law firm, and a former lawyer with HUD, says, “If this goes through, it means it will be a lot more expensive to be an FHA lender. If a lender runs the risk that every time he makes a mistake it will be multiplied against his entire portfolio, he has to be very cautious.” In June 2013, of 6,251 loans FHA reviewed from the first quarter, only 19 percent had no mistakes, while 44 percent were unacceptable, and 37 percent were deficient, according to nationalmortgagenews. In addition, if the percent of loans with defects crosses a particular line, MHProNews has learned it would automatically trigger more scrutiny.

(Image credit: hansafx)

Texas to need over Ten Million Housing Units

August 15th, 2013 Comments off

According to Jim Gaines from the Real Estate Center at Texas A&M University, the population of Texas is anticipated to increase to 30 million by 2050, a gain of nearly 120 percent, which will require 10.5 million additional housing units. The Dallas-Fort Worth area is expected to grow 163 percent to 16.8 million by 2050, and the greater Houston area will increase more than 143 percent to nearly 15 million. Rich Thomas, CEO of the MetroTex Association of Realtors, tells HousingWire many corporations are moving to the state, adding that the Great Recession did not hit the state as hard as many other parts of the country. He says, “We have such a diverse industry that people can come from virtually any kind of job opportunity and have places to work.” As MHProNews knows, Texas continues to be the monthly leading shipment state for manufactured homes.

(Image credit: city of Pecos, Texas)

Modular Homes and Nuclear Power Plants have Common Building Techniques

August 14th, 2013 Comments off

Nuclear power plant construction and building aircraft carriers utilize the same methods as modular home construction. Ron Jones, of South Carolina’s energy company SCE&G says, “When modules are built for a home assembly, the pipes, conduit, etc. are already in there. It’s not just walls and floors. It’s the same thing with the nuclear modules. The modules contain pipes, pumps, tanks, conduit and other components. This is a factory type approach to construction.” Using modular building techniques to construct the two nuclear power plants near Jenkinsville, SC, just northwest of Columbia, will save about $500 million dollars on the project. As heraldindependent informs MHProNews, aircraft carriers have been built module by module for many years.

(Photo credit: Skip Dickstein/timesunion–module being loaded onto ship)

Green Courte Adds Two Communities to its Portfolio

July 31st, 2013 Comments off

Lake Forest, Ill.-based private equity real estate investment firm Green Courte Partners, LLC announces the acquisition of two all-age land lease communities in southern Maine. Incorporating 483 home sites, MHProNews has learned Town & Country Village in Lisbon and Maplewood Manor/Merry Meeting in New Brunswick will be managed by American Land Lease, Inc., a wholly-owned subsidiary of Green Courte. American Land Lease manages the manufactured housing community portfolio of Green Courte, which now includes 53 communities in eleven states comprised of 19,000 developed home sites.

(Photo credit: Green Courte Partners, LLC)

Home Prices Continue Rising

July 30th, 2013 Comments off

While the S&P/Case-Shiller national home price index of the 20 largest markets remains 24.4 percent below the peak of June 2006, it rose 12.2 percent in May above May 2012, the largest year-over-year increase since March 2006. April 2013 rose 12.1 percent over April 2012. A year ago homes that had been on the market for many months, even years, began selling, with prices rising each month since June 2012, and each month saw a bigger increase than the previous month. The rise in mortgage rates has yet to stem the rise in prices, which have been fed by an accompanying drop in foreclosures. Some of the markets hardest hit by the housing bubble are the ones experiencing the largest current gains: Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. Some fear the housing bubble may return, according to what CNNMoney tells MHProNews. But Joseph LaVorgna, chief US economist for Deutsche Bank, says, “Affordability remains near historic highs despite the recent rise in rates and home prices. And the increase in home prices should encourage banks to ease lending standards for mortgages, since the collateral for the underlying loan is appreciating in value.”

(Image credit: etftrends)

Affordable Modular Homes Rising in Pennsylvania

July 17th, 2013 Comments off

Site development of the first of four modular homes is set for Monday, July 22 in Chambersburg, Penn., with two of the three-bedroom two-story homes ready for occupancy Oct. 1 of this year. The goal of city officials is to encourage affordable homeownership in the Southgate area where millions of dollars have been spent in recent years for town homes and apartment buildings. The $580,000 project is a collaboration of non-profit Valley Community Housing Corp. along with the state and federal governments as well as F&M Trust, which will receive tax credits for lending to first-time home buyers who qualify for the opportunity to buy one of the homes. According to what publicoopiniononline reports to MHProNews, Pennsylvania Interfaith Community Programs, Inc will be marketing the homes in this town in south central Penn. So far, 20 families have shown an interest in buying a home.

(Photo credit: Dickinson Homes)

Affordable Housing Award goes to Minnesota State Legislator

June 17th, 2013 Comments off

According to what hibbingmn tells MHProNews, Minnesota State Representative Jason Metsa has been recognized by the Manufactured & Modular Home Association of Minnesota (MMHA) with its 2013 Friend of Affordable Housing Award for his efforts during this year’s legislative session. MMHA President Mark Brunner said, “Rep. Metsa was particularly effective in his work helping to maintain the availability of quality and affordable housing for Minnesota families and workers while helping to grow Minnesota based jobs.”

(Photo credit: higgingmn–MMHA President Mark Brunner, left , and Rep. Jason Metsa)

U. S. Supreme Court may Hear Rent Control Challenge

June 7th, 2013 Comments off

The U. S. Ninth Circuit denial to rehear the Equity LifeStyle Properties (ELS) vs. City Of San Rafael ruling may lead to a battle in the U. S. Supreme Court. The court’s decision handed down in April establishing rent control in manufactured housing communities may embolden rent control advocates across the state, but the battle is far from over, according to Attorneys Hart, King & Coldren (HK&C). The April 13 three-judge panel decision had reversed a decision by District Court Judge Vaughn Walker, who ruled rent control unconstitutional. Whether ELS takes the review to the U. S. Supreme Court or not, as MHProNews has been informed, the future remains open to constitutional challenges whenever owners are denied rent increases. But while the battle rages, HK&C says “there continue to be opportunities to maximize property values through rent increase applications, subdivisions or closures. The pursuit of these opportunities may also help set the stage for successful taking claims.” .

(Image credit: photographersdirect)

Marcus and Millichap Promotes Two

May 22nd, 2013 Comments off

According to what multihousingnews tells MHProNews, Jonathan McClellan and Kyle Baskin of Marcus & Millichap Real Estate Investment Services have been named senior directors of the company’s National Manufactured Housing Group. Since joining the Cleveland, Ohio firm in 2006, McClellan has closed on 48 transactions totaling over $148.5 million, according to Michael A. Glass of M&M’s National Manufactured Home Communities Group. Baskin, with Marcus & Millichap since 2009, has closed on 26 transactions valued at over $111 million. Marcus & Millichap bill their company as the Nation’s Largest Commercial Real Estate Services Firm.

(Photo credit: thinkstock–manufactured housing community)