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Manufactured Housing “Top Ten Truths”

April 6th, 2018 Comments off

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Give credit where it is due.

 

CFED/Prosperity Now has done important research for years. In many cases their research promotes manufactured homes as an important part of the solution to the affordable housing crisis.

Granted, CFED – which rebranded as Prosperity Now last year – sticks its finger in the eye of some manufactured home lenders, and some manufactured home community operators. That will be evident in the top ten seen below.

But should the baby be thrown out with the bathwater?  Where is “the industry’s” engagement with Prosperity Now, to come to terms with Prosperity Now on those problematic areas?  That’s another topic, for another time.

On this Flashback Friday report, the graphic shown is a reformatting of their Top Ten Truths about Manufactured Homes.

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One more point that seems to have escaped the notice of too many in manufactured housing, is that CFED led-the-charge over 4 years ago, on the point that manufactured home loans have proven to be sustainable.  In their research, they pointed to a $1.7 billion dollar loan portfolio that they said performed as well or better than conventional home loans.

The Daily Business News plans another look at related topics in the near term. “We Provide, You Decide.” © ## (News, analysis and commentary.)

(Third party images are shown under fair use guidelines.)

Related Reports:

Marketing, Web, Video, Consulting, Recruiting and Training Resources

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

Presidents, Protest Groups, Update on Plot to Disrupt MHI Annual Meeting in Orlando

July 21st, 2017 Comments off

I’ve been protested before,” the corporate president said to MHProNews. “That doesn’t scare or bother me,” the caller said in reaction to the report, linked here.

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MHProNews previously reported on the “All Parks Alliance for Change,” “Mobile Justice,” a photo taken at the Minnesota state capitol protest that activist group held. To see that prior story, click here or the image above. The leader of that particular group is one of those mentioned in more detail below.

Other manufactured home industry business and association professionals who called or messaged MHProNews about the notice that one or more left-wing resident groups were mulling disruptive activities were not as enthusiastic.

Several were leery about being caught up in the middle of – as one said – “bull horn toting, sign-carrying picketers,” press, and TV cameras.

But one party was more cynical, and clinical. “C’mon! They may protest means they may not too.”

Sources and Methods

Sources and methods for this Daily Business News report need to be carefully presented:

  • to be accurate,
  • useful to professionals discerning meeting and travel plans,
  • and which may also serve to disrupt the alleged disrupters.

At a minimum, as one professional noted, the element of surprise is gone for both left-wing resident group activists, as well as for those who may want to brave photographers with print media, and TV cameras — that follow in the wake of those anti-business minded protesters.

One of several fine points, per sources that tipped MHProNews, suggest is that the protest groups could use live streaming video themselves. They would certainly “milk any and all media” or self-generated coverage “for years to come after the MHI Orlando event.”

A simple check of activist resident group websites underscored the wisdom of that comment.  Some examples, will be seen below.

Revelations, Allegations, and An Exclusive Update from Activists

JonathanWestinNewYorkCommunitiesForChangeExecDirNYFoundationPostedManufacturedHousingIndustryDailyBusinessNewsMHProNews-

It is unclear if Communities for Change will or won’t be part of the alleged plot to disrupt the MHI meeting. What is known from a direct communication with this group is that they suggested to MHProNews that MHAction be contacted for information. To see a previously published story on how Westin and Borden teamed up using media in an attempt to discredit industry community operations, please click the photo above. Note that MHProNews debunked key elements of their media-driven claim.

MHProNews has verified directly with one such group that a steering committee has – or must – meet to further discuss just such a protest at MHI’s annual meeting in September in Orlando.

In follow ups to that same group, they have issued a “no further comment” statement.

Another group directly contacted has not yet replied.

That is not uncommon with that second organization. That group previously has replied at times, but at other times remain mute – as they know from experience that MHProNews and MHLivingNews are pro-Industry, pro-Consumer trade media that has actively debunked anti-industry claims for years. Two recent examples of this trade media platform defending the industry from unjust attacks are linked here and here.

For the response from Jonathan Westin’s organization, see the caption below his photo.

Insider Insights into ‘Splits’ Within Left-Wing Activists Resident Groups

Sources inform MHProNews that MHAction and NMHOA have a “split” when it comes to their respective “styles.”

MHAction, sources say, sees itself as more aggressive than long-time Ishbel Dickens led NMHOA.

For Ken Borden’s MHAction, per that source to the Daily Business News, NMHOA is “not aggressive enough.”

There are other resident groups that have done such ‘media magnet’ protests before, at their respective market levels.

What is unclear from information presently at hand is if – or how many of those more local groups – may be interested in leaving their normal theaters of operation, to step onto a national stage in Orlando.

That it could happen is suggested, sources say, by the emergence of Dave Anderson at NMHOA – see more on that – further below.

Disruption – Not Chess, Pinball

Tony, don’t think about these activists as chess players,” said one professional. “They absolutely have strategies, but it is more three dimensional than two. Think pinball. Disruption that gains favorable media attention for their cause – in their minds – that’s already a victory.”

That source wasn’t justifying the activist groups; rather it was an insight into their trouble-making, grab-attention worldview.

A comparison was also made by said professional between the types of protests one has seen in the U.S., pre-Trump Administration, and the far more virulent – and sometimes, violent – protests that have spring up this year, thanks in part to George Soros, and similar leftist-minded, funding sources.

Protest Group Profiles

We will provide 3 basic snapshots – self-descriptions and media headlines – of those who have been activist leaders against the business interests in the MH finance, and MH community sectors of the industry.

No particular order of importance should be construed from the 3 names listed below.

  • Ken Borden
  • Ishbel Dickens
  • David “Dave” R. Anderson

 

Ken Borden – Snapshot

MHActionAntiManufacturedHousingIndustryActivistProtestPolitcalActionGroupDailyBusinessNewsResearchReportsMHProNews

Each of these spotlighted individuals and groups has a proven track record of protests, and being media savvy. As the graphics and links below reflect, MHI has been ‘caught off guard’ before with far less dramatic incidents than the ones such seasoned protesters are allegedly plotting.

 

Ishbel Dickens – Snapshot

 

HUD’s Belated, Blustering “Promotion” of Manufactured Homes

Democrat supporter and HUD’s manufactured housing program director Pam Danner at right, and Ishbel Dickens in center, in a HUD photo, shown under fair use guidelines. The political preference of Theresa Payne is unknown. Text and collage credits, MHProNews.com.  Note stating someone’s politics should be construed as a fact, nothing more or less. MHProNews readers span the political spectrum — including those who could care less about politics. 

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Ishbel Dickens has directly challenged MHI positions in several venues, as MHProNews has previously reported. One such venue, where MHI said they were blind sided, was at the Congressional Field Hearings, to see that story, click here or the image above. Dickens and NMHOA colleague, Carla Burr, were part of the PBS News report that was harmful to manufactured housing and communities.  See that report, linked here. MHProNews has led-the-charge that debunked several of that group’s claims, but they are tenacious. Note their ties with CFED, Prosperity Now…others?

 

David “Dave” R. Anderson – Snapshot

DavidDaveRAndersonAllParksAllianceNMHOANationalManufacturedHomeOwnersAmericaDailyBusinessNewsResearchDataReportsMHProNews

As noted above in red, Dave Anderson of NMHOA was active in the MN based All Parks Alliance group, which staged the protest shown in the photo at the top.

 

An industry source stressed to MHProNews, that readers should note that not all resident groups are made up of radical political leftists. Some are interested in bridging gaps, another topic, another time – but that point is mentioned here for a balanced understanding of the various groups themselves.

For specific examples, some state associations work with various levels of effectiveness with resident groups in their states.

MHI Security and Countermeasures?

Those professionals who asked MHProNews about MHI’s plans, if any, to deal with protests and disruption were referred to MHI.  Note MHI has not opted to share a comment on this matter.

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The original picture is of an actual protest against a manufactured home community operation — a mock up to illustrate what has happened, and part of what could – per sources – be coming in Orlando in September. As one source suggested, it should not be thought that the limits of what the protesters might do is what is shown above; as political leftist groups outside of MH have grown more aggressive and even violent in 2017.  MHI Logo is provided under fair use guidelines.

Some callers asked or spoke about other MHI related items.  But those are beyond the scope of this potential threat of protests at MHI’s annual meeting in Orlando focused report.

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Many public officials and media are regulating homes or reporting on activities that they have little or no true understanding about. Photo, Sunset Village, Glenview, IL – credit, MHLivingNews.com.

Disclosures, Experience and Insights

This writer lived in a larger land lease community (several hundred sites) that had an activist protest group that was routinely able to get the local, anti-community owner media coverage they craved.

That location’s owner historically took the ‘no comment’ approach with the press. Thus, all of the coverage was slanted against that operation…

…until an alternative method and counter-plan was developed.

Those NMHOA linked-activists were listened to, a meeting attended, and parties involved were later addressed directly by this writer.

An alternate, indirect method of addressing both resident concerns and the media was established. Protest coverage by local media was no longer one-sided.

Over a period of several weeks, that engagement and countermeasures resulted in the activist numbers going from close to 100 attending their meetings, to their numbers dwindle down to single digits attending.  Only a handful afterwards were participating in their picketing and media actions, during the time this writer was involved in and led that effort.

That hardcore local version of NMHOA group remained, but the decreased level of protest, the shift in the overall resident population view, all proved useful with local media.

It was also good for generating new home sales, which protesters otherwise had previously hampered.

Those kinds of ‘disrupt the disrupters’ strategies have not been requested by MHI, who’s own ‘no comments’ approach, is unlikely to ask – or listen? – based upon their own recent patterns of problematic activity.

FrankRolfeNegativeArticlesOnIndustryNoCommentbyManufacturedHousingInstituteMHIRVHorizonsMobleHomeUniversityPostedDailyBusinessNewsMHProNewsOther successful experiences of working directly with residents, to defuse anger, and turn them into satisfied promoters could be related.

CFED Turned Prosperity Now

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If MHI is serious about passing their bill, then it would be wise to come to grips with operations such as Prosperity Now, which is pro-manufactured housing, but opposes much of the MHI agenda. To learn more, click the image above.

Yesterday the Daily Business News reported on the former CFED, which has rebranded as Prosperity Now.

They are using a different activist approach.

While they have not replied for comments on if they plan any direct level of involvement in an anti-MHI protest at Orlando, their recent actions offer a strong clue as to the kinds of issues that protesters that do attend are likely to raise.  Note too in the Ishbel Dickens graphic above the ties between NMHOA and CFED/Prosperity Now.

Borden’s History

Kevin Borden is already on record protesting Equity LifeStyle Properties (ELS), and Frank Rolfe and company’s operations. MHProNews did a report – linked here – that debunked the thrust of those MHAction claims.

Prosperity Now is anti-the Preserving Access to Manufactured Housing Act, and they will likely continue to beat the drum of certain industry lenders and operations who they deem to be engaged in – or wanting to do – what they call, “predatory lending.”

That report – which for MH Industry or Investor newcomers presents links plus facts that debunk Prosperity Now’s allegations – is linked here.

Further updates on the emerging elements of what sources allege are developing plans by left-wing activists to disrupt the MHI annual meeting in Orlando meeting will be made as warranted. ## (News, analysis, and commentary.)

(Images credits are as shown, and when by third parties, are provided under fair use guidelines.)

LATonyKovach-QuestioningNYSAAteam-NewYorkHousingAssociation-MHProNews-com-PhotoCreditMarkSimon-250x167

Photo by Mark Simon, of L. A. “Tony’ Kovach engaging with SAAs in NY. Kovach has a proven history of being for respect for residents, and being pro-Industry and pro-sustainable growth. He is a consultant, service provider and the publisher of the industry’s two largest and most popular trade media, MHLivingNews.com and MHProNews.com.

By L. A. “Tony” Kovach.

 

 

 

Sunday Morning Weekly Recap Manufactured Housing Industry News June 18 to June 25, 2017

June 25th, 2017 Comments off

The New June 2017 articles on the MHProNews.com home page are live, with the full line up on display at this link here.

If you’ve been super busy, traveling, have been on vacation, or are new to the Daily Business News  on MHProNews, welcome to our weekly recap of the Manufactured Housing Industry’s News, Tips and Views that Pros Can Use.” ©

 

 

Let’s start with what’s New on MHLivingNews.com

At Death, What do You do with a Mobile or Manufactured Home?

Highlights of What’s New on MHProNews.com and the Daily Business News

 

 

 

 

Saturday, June 24, 2017

 

 

 

Rendering of unrelated modular home in San Bernardino, for illustration purposes, Credit: Express Modular

City Expanding Affordable Housing

 Friday, June 23, 2017

The Homeless are Finding Benefactors in Many Cities

Skyline Investor Move$ Spotlight; Other MH Stocks, Broader Markets Mixed

 

 

Senior Staff Shakeup at the Manufactured Housing Institute (MHI)?

LoisStarkeyFormerlyVPManufacturedHousingInstituteRichardADickJennisonPresidentCEOMHIDailyBusinessNewsManufacturedHomeIndustryReportsResearchDataMHProNews

Are Americans Hunting for the Single Sectional Manufactured Home Alternative?

Competitive Enterprise Institute Grades Trump on Energy, Domestic Policies

 Thursday, June 22, 2017

 

Huge Loss to Affordable Housing Stock May Be in Offing

Residents of Green Tree Estates, l-r, Roz Bailey, Annabelle Bentley, Dianna Weys, Credit: Amy Reid-Surrey Now Leader

Investor$ Big Move$ – LPX Spotlight; Tricon, LCI lead, NOB, SKY Bleed

Free Resource for Retailers, Communities, Your Customers and Residents

Jana Kasperkevic, Tiny Houses, Manufactured Homes & Financing

USDA Celebrating National Home Ownership Month

 Wednesday, June 21, 2017

 

Fearful Residents Ask, “Are There Murderers Living Here?”

Modular Housing Scandal? HUD Investigating, Senator McCain Blasts, Wants Reforms

Insider Trades, UMH – Carlyle Surges, Skyline Slips

‘CFPB Rectal Exam,’ Congressman Stresses Need for Credit & Financial Reform, Manufactured Home Pros React

 

ManufacturedHomeCommunityOwnerWilliamKellyGenevaALManufacturedHousingImprovementAct2000LocalTownOrdinanceIllegalDailyBusinessNewsMHProNews

Is this MH Community Owner, Plus Thousands of Others, Unwittingly Waiving Rights Under Federal Law?

Tuesday, June 20, 2017

 

Summit Homes, Clayton Subsidiary, Donates to St Jude’s, Skyline JUMP$

Datacomp Releases Another JLT Manufactured Home Community – June 2017 Rent, Occupancy Reports, for Seven Markets

PlantationOaksManufacturedHomeCommunityOrmondBeachFLDailyBusinessNewsResearchDataMarketReportsMHProNews

 

Posh, Massive New Manufactured Home Community Being Developed

War Talk Worries? How Is It Impacting Markets?

National Home Ownership Month, MSU Tornado Researcher-Mark Skidmore-Touts Manufactured Homes as “Great” Option

 

Monday June 19, 2017

SamZellEquityLifestylePropertiesChairmanRegulationsHarmSmallerBusinessResultConsolidationMHProNewsELS’ Sam Zell – Compliance Costs Destroys Smaller Businesses = Consolidation

Why Cavco Bought Lexington Homes, per Joe Stegmayer – CG, AMG, MHCV Up

Consolidation? Not just Manufactured Housing, Look at Banking – Similar Causes?

Starting Today, it’s Prosperity Now, CFED’s Rebranding

Michael Geller, Making a Home for Manufactured Housing, a Vision for America

 

Sunday Morning Weekly Recap Manufactured Housing Industry News June 11 to June 18, 2017

 

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

Submitted by Matthew J. Silver to Daily Business News on MHProNews

Sunday Morning Weekly Recap Manufactured Housing Industry News March 19th 2017 to March 26th 2017

March 26th, 2017 Comments off

sunday-morning-weekly-manufactured-home-pro-news-recap-1-4-to-1-10-2015-mhpronews-com-Our theme for this month is The Manufactured Housing Industry’s March Madness, and our featured articles are now live on the MHProNews.com home page.

To see the line-up of over 3-dozen featured articles for this month, along with the headline commentary, please click the link above.

Manufactured, modular and prefabricated home professionals know that how a home got to its location should not define a person or their dwelling.

What the Daily Business News spotlights day-by-day are the tragedies, triumphs and struggles for acceptance of the obvious solution for millions for the growing affordable housing crisis in the U.S. and beyond.

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When you read the lineup for the month found on the home page, you can reflect on another motto as you chart your own professional path ahead: “We Provide, You Decide.”  ©

 

What’s New On MHLivingNews

 mhlivingnews-improvedlivingforle-logo

Triad Financial Services Introduces Superior Choice Credit Union to Manufactured Homes & Loans – Video

 

American Dreamers and HUD Secretary Dr. Ben Carson; How Millions Could Win by Enforcing the Law

 

What’s New On MHProNews

 

Saturday March 25th, 2017

Crowdfunding the American Dream With Manufactured Housing?

 

Friday March 24th, 2017

A Fully Furnished Manufactured Home in Three Days?

 

Skyline Spikes, Manufactured Housing CV Gains, Broader Markets Mixed

 

MHProNews, MHLivingNews in Focus: 2017 Tunica Manufactured Housing Show

 

DTS Manufactured Home Lending – Views to FHFA NAFCU, an Innovative MH Community Operator, and MHARR

 

Manufactured Housing – Highly Effective Urban Infill?

 

Thursday March 23rd 2017

Update: Manufacturers Must Turn Over Documents in FEMA Case

 

UMH Soars, Manufactured Housing CV Gains, Broader Markets Down

 

Editorial: Resident Opposes Sale to Hometown America

 

MHARR: Manufactured Housing Must Remain Federally Regulated

 

County Commission Tackles Tiny Homes

 

Wednesday March 22nd, 2017 

Nation Seeks Affordable Housing Solutions, Looks to Modular

 

UMH Rises, Manufactured Housing CV Down, Broader Markets Mixed

 

Town Battle for Modular Inclusion

 

Vandalism Affects Manufactured Home Community

 

Frank Rolfe–Manufactured Home Communities, Prospective HomeOwners Win with Trump

 

Tuesday March 21, 2017

The Heat is On – Pressure Mounts on CFPB

 

LCI Down, Manufactured Housing CV, Broader Markets Hit Hard

 

Factory Build Smart Homes – With a Twist?

 

“Otter-ly” Surprised by New Residents

 

Nobility Homes Reports Q1 2017 Results

 

Monday March 20th, 2017

 

Update: Exposed High Voltage Cable at MHC

 

Where Democrats, Republicans, Business Professionals and Non-Profits Agree

 

Skyline Soars, Manufactured Housing CV Up, Broader Markets Mixed

 

Last Stand for Manufactured Home Community Residents?

 

Homebuilder Confidence Numbers Released

 

Sunday March 19th, 2017

 

Sunday Morning Weekly Recap Manufactured Housing Industry News March 12th 2017 to March 19th 2017

 

 

(Image credits are as shown above.)

 

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

Manufactured Housing – Hope for Ownership Versus Rentals?

February 13th, 2017 Comments off
ManufacturedHousingHopeforOwnershipVersusRentalscreditTheTruthAboutMortgage-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: The truth about mortgage.

What’s the biggest factor driving site built property transitions? The answer may surprise you, but the opportunity for the manufactured housing industry won’t.

According to National Mortgage News, research from the Mortgage Bankers Association’s Research Institute for Housing America (RIHA) shows that a homeowner’s equity position is one of the major factors that drives property transitions between owner-occupied and rental status.

Between 2000 and 2014, 6.5 percent of homes built before 2000 and 10.3 percent of homes built in the 1990s went from owner-occupied to rental status, according to a study by Syracuse University professor Stuart Rosenthal.

Underwater homes are notably more likely to transition into the rental sector, possibly because of reduced incentives to maintain the home and related decay,” said Rosenthal.

ManufacturedHousingHopeforOwnershipVersusRentalscreditSyracuseUniversity-StuartRosenthal-postedtothedailybusinessnewsmhpronewsmhlivingnews

Stuart Rosenthal. Credit: Syracuse University.

Owner-occupied homes where the combined loan to value ratio (CLTV) is between 100 percent and 120 percent are between one and two percentage points more likely to become rentals, while homes that have a CLTV above 120 percent are between six and eight percentage points more likely to make this change.

Additional research showed that the share of single-family homes in the country’s rental housing inventory was 36.13 percent in 2014, about 5 percent higher than in 2000, and the share of single-family homes in the owner-occupied inventory remained relatively unchanged.

Rosenthal’s study further showed long and short-term trends that largely guide these transitions.

Over the long term, scenarios like age-related depreciation make it more likely that a home will become a rental property unless structural or neighborhood changes take place.

Over the short term, it’s housing prices that have a significant influence on an owner’s decision to reside in their property or rent it out.

For certain types of homes rising house prices encourage transitions into the owner-occupied sector,” said Rosenthal.

By comparison, Rosenthal’s research showed that falling prices tend to predicate short-term swings toward the rental market, and these shifts often reverse themselves as prices go back up.

Consequently, this indicates that the large volume of homes that moved from owner to renter-occupied following the financial crisis could continue to affect construction.

Movement of housing stock back to owner-occupancy status…has the potential to undercut demand for new construction since most home building occurs in the owner-occupied sector,” said Rosenthal.

Also, the drop in the homeownership rate to a low of 63% in the second quarter of 2016 suggests that a large buffer stock of potential owner-occupied homes may now sit in the rental segment of the market.

Rosenthal believes this explains one scenario from 2016, but believes more work needs to be done.

This may help to explain why new home construction in 2016 remains far below previous levels even though home prices at the national level have regained their 2006 peak, but this is a topic that requires further research.

 

Is MH the Solution?

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Graphic by CFED, text credit by MHProNews.

As Daily Business NewsMHProNews and MHLivingNews readers are aware, we have covered the case for manufactured housing as a viable solution to hope for the American Dream of home ownership at a reasonable price extensively, including Bloomberg making a statement to the same effect.

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Doug Ryan, CFED.

Bloomberg points to Doug Ryan, director of affordable home ownership at the Corporation for Enterprise Development (CFED) who cites advantages, and challenges, that the industry faces.

You can put them anywhere you have the land, said Ryan, who routinely promotes manufactured homes as an important option in the affordable housing crisis.

What you’re up against is the stigma. You’d have people coming to the planning meetings and saying that you’re killing their home value. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

New Federal Lending Option “Opens” for Manufactured Homes in Quiet, pre-New Year Report

January 2nd, 2017 Comments off

RHS-USDA-loansOnManufacturedHomesManufacuredHousingIndustryDailyBusinessNewsMHProNews-The United States Department of Agriculture (USDA) Rural Housing Service (RHS) announced it would begin a pilot project that would open up lending for manufactured home loans on existing (pre-owned, used) manufactured homes, per a report by Brian Collins on National Mortgage News.

Doug Ryan, director of affordable homeownership with the Center for Economic Development (CFED) in Washington cheered the move.

Now the 502 program can be used to finance existing homes that were

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Doug Ryan, photo credit, MHProNews.

not previously financed through USDA,” he said. “We do think that will open up the market in these states. This could be very positive.”

The 2-year pilot is being offered in Colorado, Illinois, Louisiana, New York, Ohio, Texas, Vermont, New Hampshire and Wyoming.

Lesli_M_Gooch__MHI_senior_vice_president_forgovernment_affairs

Lesli Gooch. Credit: MHI.

The pilot program is an important first step. We look forward to working with USDA to take this important change nationwide,” said Lesli Gooch, a senior vice president at the Manufactured Housing Institute (MHI).

BrianCollinsNationalMortgageNewsOne of the bigger changes in this announcement is that previously, RHS loans on existing manufactured homes were more limited.

If you have a 1,000-square-foot manufactured home that is a couple years old that is titled as real estate on a permanent foundation and lot, now you have more potential buyers,” Ryan said.

But with some 80% of manufactured home loans currently being made via chattel (personal property, home only) lending, how much of a difference this might make in the marketplace short term appears to be limited.

Center for American Progress

In a post dated September 13, 2016 on American Progress, co-authors Shiv Rawal, Sarah Edelman, and Gerado Sanz said the following about manufactured homes and the need for more rural lending options.

CFEDPhotoUSDA502PilotApprovedPostedDailyBusinessNewsMHProNews

Rural manufactured homes, credit, CFED.

“Manufactured housing

Manufactured housing, which refers to houses built in factories that are transported to their sites and that meet certain federal safety standards, remains an important source of affordable housing for rural communities.

Many manufactured housing loans are titled as personal property or so-called chattel loans instead of as real estate loans, the way other mortgages are titled. While in some cases chattel loans may have certain cost savings for consumers, real estate loans tend to have many more consumer protections and lower interest rates.

Participants in the roundtable noted that manufactured housing lending tends to be concentrated among a handful of lenders. Additionally, according to a 2013 report by the Fair Mortgage Collaborative, borrowers with FICO scores under 650 may face difficulties in obtaining a mortgage-titled manufactured home.

University of Georgia, USDA Published Report

As the cost of housing rises, manufactured housing remains an affordable option to help more Americans realize their dream of homeownership,” says the Non-Technical Summary of a USDA reported, dated in 2008.

manufactured-home-financing-CreditRiverBankFinance-postedDailyBusinessNewsMHProNews

Image credit, RiverBankFinance.

The summary continues, “However, obstacles stand in the way of increasing the prevalence of manufactured housing. Negative perceptions of manufactured housing and zoning barriers prevent people from owning manufactured housing. The aim of this study is not just to learn more about the state of manufactured housing, but also to prepare a foundation for action plans to make the dream of homeownership come true for more Georgians and to help policy makers understand the issues for their community in a broader context.”

The project was terminated.  The post on the USDA website is linked as a download, click here.

Progress is progress. But approaching a decade later, how much has changed from University of Georgia’s description?

Given that the affordable housing crisis has only grown since that date, the need to educate and quicken the pace of such efforts needs to be enhanced dramatically. ##

(Image credits are as shown above.)

soheylakovachmhlivingnewsmhpronews

Soheyla Kovach.

Submitted by Soheyla Kovach to the Daily Business News on MHProNews.

Bloomberg – Manufactured Home Industry is the Solution to the Affordable Housing Crisis

September 23rd, 2016 Comments off
Sunshine_Homes__credit

The single section home is featured in a video on MHLivingNews. The Energy Star ™ would often sell in the low 50s, has 3 bedroom, 2 baths and is thus lower in cost than what the Bloomberg story shows as the average price. Image, Sunshine Homes, Red Bay, AL.

An article in Bloomberg makes the case that manufactured homes – what they refered to as mobile homes (sic), are an obvious solution to the affordable housing crisis.

It starts with a simple question: Why Aren’t We Building More Mobile Homes?” While their terminology isn’t exactly accurate – and they admit that mobile homes aren’t very mobile – their message is clear.  The manufactured home industry provides real hope for the American Dream of home ownership at a reasonable price.

Bloomberg’s article shares metrics that show people in West Virginia accepted delivery of more than 1,000 manufactured homes last year, while 2,000 conventional builders secured permits to for new single family homes. This means that 1 in 3 homes added in the state last year was a manufactured home.

The more facts one sees, the more apparent the solution becomes, as MH professionals know.

The average sales price of a manufactured home was $67,800 in April, 2016. By contrast, the average sales price for a site-built home in the same month was  $380,000. While the manufactured home was priced without land, even factoring land cost in creates an amazing savings.

According the stats in the Bloomberg article, 75% of manufactured homes residents have household incomes of less than $40,000 per year.

bloombergchartmanufacturedhomesinvariousstates2016-postedmanufacturedhousingindustrydailybusinessnews-mhpronews

Bloomberg means, HUD Code Manufacturd Homes, not mobile homes, but the stats are useful. Credit, Bloomberg.

While the graphic shown above cites that most of the manufactured homes are highly concentrated in southern states (where the bulk of sales have been,) there are over 500,000 manufactured homes in California, which has pushed aggressive regulation that continues to affect the ability to own a home.

While those of us in the industry can see growth, it’s not always as clear to those outside of manufactured housing, due to long insufficiently addressed lingering perceptions.

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Bloomberg cites age, loose lending practices and the fact the manufactured home sales peaked in the mid 90’s – when they made up 1 in 3 homes sold nationwide – among reasons they think MH loans started to go bad, flooding the market with foreclosures and thus limiting demand.

While MH is years into its recovery, the data also shows that manufactured home sales have been slower to recover from the last recession than other forms of housing.

Bloomberg points to Doug Ryan, director of affordable home ownership at the Corporation for Enterprise Development (CFED – a Washington-based nonprofit group,) who cites advantages, and challenges, that the industry faces.

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Doug Ryan, CFED.

You can put them anywhere you have the land, said Ryan. As the Daily Business News recently reported, CFED’s Ryan routinely promotes manufactured homes as an important option in the affordable housing crisis.

What you’re up against is the stigma. You’d have people coming to the planning meetings and saying that you’re killing their home value.” The Daily Business News has covered this scenario playing out in Austin recently.

The Bloomberg piece ends with something for the industry to think about:

Maybe it’s time for another rebrand. The homes vary in size and price, but they’re generally smaller than the typical site-built home. Instead of “manufactured,” why not borrow the name for another kind of often prefabricated abode: the tiny house.”

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Narrative control, it seems, is everything in the fight for the American dream.  As regular readers know, MHProNews and MHLivingNews, we’ve extensively covered the many ways that the MH industry is the solution to the housing affordability crisis in the U.S.

Underscoring Bloomberg’s tip to the MH Industry?  Rebrand them as tiny houses, which are hot. ##

(Image credits are as shown above.)

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RC WIlliams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News, MHProNews

NYT – Rent to Own Houses Blur Lines, can harm Tenants Seeking Ownership

August 24th, 2016 Comments off

OwnerRenter-creditRealEstateSyracuse-postedDailyBusinessNews-MHProNews-The purported road-to-home ownership cloaked as “Rent to Own” is often found to be harmful and misleading, reports The New York Times.

Although housing prices have recovered from the financial collapse of 2008, borrowers with less than stellar credit reports and those seeking to finance lower priced properties are left to their own measures, the NYTimes says in a recent article.

Unfortunately numbers of tenants are falling victim to the blurred lines between home ownership and reworded rental contracts.

Vision Property Management, the Columbia, S.C. company targeted by the NYT investigation is an example, one of many throughout the nation.

By operating within legal loop holes and gray areas of the law, they are able to take advantage of what are described as unsuspecting tenants through their seller financed ‘Rent to Own’ deals.

These cases often end on a bad note, the NYTimes argues.  Families hoping for a chance at ownership may opt to live in non-inspected, ‘as-is’ houses in need of major repairs.

Since homes are eventually required to abide by the building code, the violations become the responsibility of the tenants, who are threatened with eviction notices if they fail to comply.

The NYTimes report stands in stark contrast with the manufactured housing industry’s affordable new home option, which in many markets, offers a viable alternative to the same demographic group that thinks they want rent to own, when in fact what the desire is ownership; their name on a mortgage, title or owning a home that is free and clear of debt.

The reason some non-profit organizations such as CFED initially find a lot of appeal with manufactured housing, is precisely because low-income households are able to obtain good homes at reasonable prices.

While rent-to-own in housing – and lending to lower credit scores – has been made more challenging by the Consumer Financial Protection Bureau’s implementation of the Dodd-Frank Act, one of the unintended consequences is the loss of potentially viable options to many housing seekers who desire ownership, not rent receipts.

Examples of this was reported in depth last year in Renters Nation – The Dark Side of Dodd-Frank and its Impact on Affordable Housing.  ##

(Image Credit: realestate.syracuse)

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Frank Griffin, Daily Business News, MHProNews.

Article submitted by Fank Griffin to Daily Business News – MHProNews.

Doug Ryan, CFED, HR 650/S 682 and Manufactured Home Lending

October 9th, 2015 Comments off

doug_ryan_cltnetworkWriting in an Industry in Focus report, MHProNews publisher L. A. ‘Tony’ Kovach lines up various references and witnesses to call publicly upon CFED’s Doug Ryan to modify its opposition to the Preserving Access to Manufactured Housing Act (HR 650/S 682).

Citing Barney Frank, Marty Lavin, research done by Jan Hollingsworth, Jess Maxcy, Liz Romanchek and others, Kovach lays out a systematic case that respects CFED’s overall support of MH, while critiquing Ryan’s failure to modify his stance on personal property lending.

For the full commentary and analysis, click here. ## 

(Photo credit: CLTNetwork–CFED’s Doug Ryan)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

War of Words? DC’s The Hill Congressional Blog on Manufactured Housing Finance Reform

July 22nd, 2015 Comments off
plus1properties-parodyCFPBlogo-w-MHProNewsCartoon-manufacturedhomelending-CFED-DougRyan-

Plus1 Properties – original image credit. Cartoon by MHProNews.com.

While the Corporation for Enterprise Development’s (CFED) Doug Ryan nominally supports manufactured homes (MH) as affordable housing for low income consumers, his response to The Hill  about Rep. Steve Fincher’s call to ease the regulatory burdens on prospective purchasers of MH demonstrably misses the mark. As MHProNews and MHLivingNews publisher L. A. “Tony” Kovach points out in The Hill Congressional Blog today, Ryan said recently that longtime MH finance expert Dick Ernst knows more about MH financing. “Ryan said that weeks after Ernst and a non-Berkshire-Hathaway MH lender privately walked him through the realities of MH financing,” notes Kovach.

Congressman Fincher pointed out that payments on an MH personal property loan are typically less than rent on an apartment or house. Kovach says, “The reason for higher rates on MH is simple business math. The cost to originate a $35,000 loan is similar to the cost of originating a $350,000 loan. Since there are no federal guarantees for conventional MH lending, no real secondary market and thus no risk to tax payers – naturally the rates, points and fees for an MH lender need to be higher to have a chance to profit.” Unlike the traditional mortgage market, interest rates are not kept artificially low via federal supports of the GSEs, FHA or VA loans.

Current CFPB regulations have caused a number of smaller and low rate lenders, as well as huge U S. Bank, to leave the MH finance market because of regulatory burdens. Why aren’t lenders pouring into the market if it was so profitable (i.e. “predatory”)?

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Click the image to go The Hill’s Congressional blog post to see and share this time sensitive article. The Senate will take this up again soon. Photo credit, WikiCommons.

 

While millions of MH loans have been made over the years, consumer complaints reported by the CFPB do not show MH lenders ranking high in originating or servicing. Even when MH consumers are forced by CFPB regulations to turn to 36 percent interest rate payday-style loans, we know of real world examples of their payments on an inexpensive home still being less than rent. So why shut the door on lenders making smaller loans and give a break to consumers on interest charges?

Rep. Fincher’s measure, The Preserving Access to Manufactured Housing Act (HR 650/S682) gives manufactured home owners the opportunity to sell their homes if it has a value that would be financed under $20,000. It also allows MH sales people the ability to help MH consumers in their purchase, much like a realtor does in a conventional mortgage scenario.

Kovach says, “That’s all good for homeowners, consumers and business. That’s good public policy. The Senate should promptly pass the bill, and/or CFPB should change their policies on MH lending ASAP.”   MH associations are encouraging industry members to read and share the article with their Senators and staffs, because it documents and refutes opposition arguments, point by point. The link to the full blog post on the Hill is here. ##

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.