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Posts Tagged ‘backlog’

Nobility Homes: Poised to Regain the Crown?

July 30th, 2013 Comments off

Florida-based manufactured home producer Nobility Homes (NOBH) may become a good turnaround stock buy as baby boomers age and look for inexpensive housing in Central Fla. Currently saddled with a large inventory of new and pre-owned homes, Nobility has been run by CEO Terry Trexler since 1967, and with his CFO son, Thomas Traxler, controls 67 percent of the stock. They do not pay themselves outlandishly, and while the company’s market cap is $34 million, the current p/e ratio is 17.8. At $30k to $100k, their homes are aimed at the low to middle markets, and sales rose 30 percent from 2011 to 2012. This year, however, sales have been relatively flat. As long as the company can move its backlog of repossessed homes, and the housing market continues to improve in central Fla., seekingalpha.com says the company has no debt and earnings should significantly increase. As MHProNews reported, in yesterday’s (July 29) trading, Nobility’s stock rose 5.58 percent to 9.00.

(Photo credit: Nobility Homes)

House Committee to HUD: Hire Manufactured Housing Administrator or Else

June 29th, 2013 Comments off

The 2014 fiscal year House Appropriations Committee measure that outlines budgets for the Dept. of Housing and Urban development (HUD) contains a provision that HUD must choose a permanent administrator of the Office of Manufactured Housing within 120 days of the legislation’s enactment. Introduced by Rep. Chuck Fleischmann (R-Tenn.), if HUD fails to meet this deadline, the agency will lose $50,000 in salaries and expense budgeting for each day the requirement is not met, according to the Manufactured Housing Institute (MHI) newsletter. The report accompanying the bill states that “the Committee understands that a substantial backlog of recommendations approved by the Manufactured Housing Consensus Committee exists, and a lack of action and attention in this area has meant that codes and standards have not kept pace with technological innovation or allowed the industry to keep pace with consumer demand. The Committee looks forward to a more focused and responsive office under permanent leadership.” Knowing of the committee’s activity, a week prior HUD issued a notice announcing its search for someone to fill the administrator post, reversing a long-standing policy to leave the post vacant. As MHProNews knows, this marks an important milestone for the industry.

(Image credit: Fairmont Homes)

Foreclosures have Risen in Early 2013

March 28th, 2013 Comments off

MHProNews has learned from HousingWire housing analyst firm RealtyTrac reports foreclosure activity rose to 1.5 million in the first quarter of 2013, nine percent more than the same period in 2012, but considerably less than the peak 2.2 million in December 2010. Daren Blomquist, vice president at RealtyTrac, says, “Delinquent loans that fell into a deep sleep after the robo-signing controversy in late 2010 are gradually coming out of hibernation following the finalization of the national mortgage settlement in April 2012.” The settlement says Bloomquist has encouraged lenders to push more delinquent loans into the foreclosure process, especially in states where slow court procedures has resulted in a larger backlog.

(Photo credit: Michael Williamson/Washington Post–Barbara Zucker takes prospective home buyers on bus tour of Las Vegas foreclosures.)

Foreclosures Nudge up August over July

September 21st, 2012 Comments off

CNNMoney reports foreclosure filings increased one percent in August over July as lenders slogged through a backlog of delinquencies and defaults. Scheduled auctions, default notices and bank repossessions were filed on 193,508 properties in August. Despite the increase, filings fell 15 percent from a year earlier. Foreclosures are rising in states where the process must go through court proceedings (judicial states), such as New Jersey, New York and Maryland, but falling in non-judicial states where they are handled by a trustee—Nevada, California, Arizona and the District of Columbia. The $25 billion foreclosure abuse settlement in April has contributed to the rise in foreclosure activity, as it sets out a definite path to follow when going through the process, as MHProNews has learned.

(Image credit: condometropolis)

Modular Business Booming

July 4th, 2012 Comments off

The energy and mineral fields north and west of Friendship Homes in Montevideo, Minnesota are making the modular builder crank out seven modules daily, but that number is expected to rise to 12 in the near future. wctrib says the oil patch in western North Dakota, the destination for its modular man camps, and the energy and mineral projects in Canada began spurring growth about a year ago, and now there are back orders through the end of the year for some units. The Canada market, where different building requirements apply, accounts for 25 percent of the business. A division of Fairmont Homes of Nappanee, Indiana, Friendship also offers custom modular homes for the residential market as well as commercial product. MHProNews.com has learned the backlog of orders means the help wanted sign is always out.

(Photo credit: Canadian/Simcoe)