Posts Tagged ‘Daily Business News’

2011 Trends Report – top 20 trends

September 8th, 2011 Comments off

2011 Trends Report – top 20 trends.  This video provides insights into facts that could be useful to those manufactured housing pros willing to pay close attention, and then act on what they learn.

(Video credit: THTV)

GE completes 8+ Mil Refi for Manufactured Home Community

September 7th, 2011 Comments off

TheOaks Amicorps -DeLand FLNewsJournalOnline reports that Florida-based Amicorp Inc. secured an $8.25 million dollar refinance on their 207 home-site manufactured home community, named The Oaks. Amicorp’s plans for The Oaks include having new homes built and installed on 7 vacant sites, as well as other improvements.  “We were able to get a better deal with a lower interest rate. We want to make some general park improvements, and add some homes, slowly, as the market comes back,” said Marie Jefferys, an officer with DeLand-based Amicorp Inc.  Amicorp owners, Kent Titcomb and his wife Leyvi, secured the refi from Chicago-based General Electric Capital. The cash infusion paid off the remaining $5.47 million balance on an old mortgage, according to Volusia County records.  The Oaks was transferred to a newly created subsidiary, The Oaks-Amicorp Inc.  Creating the single-purpose entity as the community’s new owner was a loan requirement, said DeLand attorney Kirk Bauer who represents the Titcombs.  The Oaks was built in 1989 with site fees of about $488 a month, according to several online information. Site fees includes cable TV, lawn watering and mowing, night security and use of the community amenities that include a pool, hot tub, tennis and shuffleboard courts and a clubhouse.

(Photo credit: Amicorp)

McClellan says Housing downturn is masking true U.S. inflation rate

September 7th, 2011 Comments off

Tom McClellan editor business insiderBusinessInsider reports that the housing bust’s resultant weak home prices are actually masking the true rate of inflation in the U.S.. Editor Tom McClellan stated “I’ll bet you did not know that housing makes up 42% of the Consumer Price Index (CPI).  All the rest of it, food, energy, clothing, recreation, education, transportation, toys, cosmetics, etc. makes up the other 58%.  So whatever housing prices are doing has a big effect on the headline CPI number. “  When housing is excluded, the rate of inflation for everything else is 4.68%.  McClellan said “…the CPI-Housing growth rate follows the movements of lumber prices, with a lag time of about 18 months.  So the bottom for housing prices in 2010 was just the echo of the bottom in lumber prices in early 2009.  So “a higher input from housing prices joining with the already 4%+ inflation everywhere else is going to make it really hard for the Fed to live up to its promise to keep interest rates low until 2013.” McClellan asserts.

(Photo credit, Tom McClellan:  Business Insider)

GCP wing buys Cheektowaga Manufactured Home Community for $6M

September 7th, 2011 Comments off

Parkside Village Photo_credit_SeniorRetirementLiving_and_MHVBuffaloBizFirst reports the Parkside Village manufactured home community, one of the area’s largest has been sold.  The 156-site land lease community, located on Crabapple Lane in Cheektowaga, NY was sold by Shamrock Mill Co-Parkside LLC of Paradise Valley, Ariz., to GCP Parkside Village LLC, a Clearwater, Fla.-based investment group, affiliate with American Land Lease.  According to documents filed in the Erie County Clerk’s office, GCP Parkside Village paid $6.05 million for the property. Built in 1988, Parkside Village sits on 25.27 acres.  American Land Lease is part of the Green Courte Partners family of firms.

(Photo credit SeniorRetirementLiving & MHV)

Codray’s CFPB hearing heats as 44 Republican Senators demand change

September 7th, 2011 Comments off

Richard Cordray PoliticoPolitico reports President Obama’s new Consumer Financial Protection Bureau (CFPB) and its proposed director were held in partisan gridlock at Senate confirmation hearings Tuesday. Sen. Richard Shelby (R-Ala.) reiterated his plan to block former Ohio Attorney General Richard Cordray from leading the agency, unless the CFPB is restructured as a commission under greater congressional control. “One of our nation’s founding principles is that the government should be accountable to the people,” Shelby said in his opening statement. Senate Banking Committee Chairman Tim Johnson (D-S.D.) scolded his Republicans for holding Cordray “hostage,” saying “Congress created the CFPB to be a robust and independent agency,” noting accountability exists because the president can fire the bureau director and its budget is capped. The CFPB began official operations in July, but its authority to issue rules and guidance are restricted without a Senate-approved director in place. The financial sector has a colossal stake in the hearings, since Cordray and the CFPB could dramatically reshape how mortgages, loans and credit cards are offered to the public. “This is akin to a Supreme Court nominee for us,” said Richard Hunt, president of the Consumer Bankers Association. “I believe this director has more power at any agency since J. Edgar Hoover.” Cordray tried to assuage concerns that the CFPB would often use litigation as a tool, which he did as Ohio’s Attorney General. Lawsuits “can be a very slow, wasteful and needlessly acrimonious way to resolve a problem,” Cordray said, “Our bigger and more flexible toolbox includes research reports, rulemaking, market guidance, consumer education and empowerment, and the ability to supervise and examine both large banks and many non-bank institutions.” Cordray’s statement exacerbated worries in the banking community, because it suggested a degree of heightened oversight by an agency with independent funding from the Federal Reserve that lacks Congressional control.

(Photo credit of Richard Cordray: Politico)

UMH presenting to Philadelphia Securities Association

September 6th, 2011 Comments off

UMH_Properties_LogoPRNewswire reports that UMH Properties will be presenting to the Philadelphia Securities Association on Wednesday, October 12, 2011.  The presentation will be at at the Union League of Philadelphia, PA. Eugene W. Landy, Chairman of the Board, and Michael P. Landy, Executive Vice President, will present an overview of the company followed by a question and answer session. It is a luncheon meeting that planned to start at 11:45 AM.  UMH Properties, Inc. is a publicly owned real estate investment trust owns and operates thirty-eight land-lease manufactured home communities located in New Jersey, New York, Pennsylvania, Ohio and Tennessee. In addition, the Company owns a portfolio of REIT securities.  UMH is a firm tracked by our manufactured housing Daily Business News stock market report.

(Graphic credit: UMH Logo)

Opportunity Knocks via HUD’s Rural Innovation Fund

September 6th, 2011 2 comments

Ed-Jennings-Jr.-regional-administrator-for-Region-IV-of-the-U.S.-Department-of-Housing-and-Urban-Development-HUD-Portal.jpgHattiesburgAmerican reports that $5 million for Native American tribes who face unique housing and community development challenges has been set aside by the  Department of Housing and Urban Development (HUD).  The award was part of a total of 46 for the $28 million Rural Innovation Fund, a new initiative by the Obama Administration.  Ed Jennings Jr., regional administrator for Region IV of the U.S. Department of Housing and Urban Development, said: “Despite our agency’s name, HUD’s work has reached across almost every neighborhood in our country – including rural neighborhoods.” Jennings said, “As President Obama has made clear, America will win the future by out-innovating our global competitors – and unlocking that innovation depends on revitalizing our rural communities.”  Jennings asserted that “With this new approach, communities will not only have a built-in competitive edge in attracting jobs and investment – but also the innovative solutions and partnerships needed to tackle multiple problems with a single investment.”

(Stock photo credit: HUD Portal)

Murrieta proposes new restrictions for Manufactured Homes

September 6th, 2011 Comments off

California_state_flagMurerietaPatch reports the Murrieta City Council is set to vote Tuesday on amending its regulations for manufactured and pre-HUD Code mobile homes.  “The City now desires to limit the age of a manufactured or mobile home…to promote and ensure the aesthetic quality of neighborhoods, to minimize the devaluation of communities due to upkeep and repair, and to maintain safe building standards for occupancy of manufactured homes,” states the amended development code. If ratified, permits will not be granted for manufactured homes if greater than 10 years has passed between the date of manufacture and the date of permit application for installation.  No members of the public spoke during a hearing held July 27 when city staff took the matter to the Planning Commission, which voted 5-0 to recommend the change. No members of the public spoke during the City Council’s initial review of the change on Aug. 16. If approved, the amended ordinance takes effect in 30 days and applies to new permit requests. It will not apply to legally permitted manufactured homes converting from a pier foundation to a permanent foundation. The California Legislature prohibited exclusion of manufactured homes on single-family properties in 1980.  California law allows municipalities to apply the 10-years or newer standard.

(Editor’s note: This is the type of zoning issue that bears scrutiny under the enhanced pre-emption provided by the Manufactured Housing Improvement Act of 2000 (MHIA 2000) is supposed to prevent.  Contact MHARR in Washington, DC for details on the MHIA 2000).

(Graphic credit: CA flag, Wikimedia Commons)

Epoch’s MOD, the Solar Decathlon at the National Mall

September 6th, 2011 Comments off

Epoch_Homes_Modular creditsConcordMonitor reports that Epoch Homes, in collaboration with two Massachusetts colleges, will be part of the U.S. Department of Energy (DOE) 2011 Solar Decatholon 4D Home.  Built to “Passiv Haus” specifications, the home is designed for affordability, comfort and will create more energy than it uses. Epoch CEO John Ela said “Our employees are very excited to be working with Team Massachusetts…Seeing the student’s enthusiasm as they push the sustainability design envelope is inspiring and provides a glimpse at the future of housing technology for the next generation.” Ela said the goal is to design and build a home that not only uses no energy but also gives back to the grid. To do that, the 1,000-square-foot home will be outfitted with super-insulated walls and windows, making it virtually air-tight. Another unique feature is the flexible floor plan with movable interior walls, Ela said. Epoch, the Massachusetts College of Art and Design Department of Architecture and the University of Massachusetts Lowell College of Engineering who are working together as “Team Massachusetts” to develop the 2011 Solar Decathlon 4D Home, which will be on display at the National Mall in Washington DC between Sept. 23 and Oct. 2. The team finished the house in about three weeks. When the competition is over, the home will go to a family in Maine.

(Graphic credit: Team Massachusetts and MNN)

Boxer’s bill could benefit manufactured home owners

August 26th, 2011 Comments off

Barbara_Boxer,_D-CA_US_Senator_Wikimedia_commonsSBSun published an OpEd by Joan Patsky which asserts that “millions of homeowners” with non-delinquent mortgages may benefit by refinancing at historically low interest rates, if U.S. Senate Bill 170 introduced by Sen. Barbara Boxer, D-Calif., goes into effect. Patsky says “S.B. 170 is designed to assist non-delinquent borrowers in refinancing an existing Fannie Mae or Freddie Mac home mortgage by banning a high, “risk-based lender fee.” The bill requires banks to offer low interest refinance rates to a homeowner whose loan exceeds the value of the home.” Patsky states this would make refinance of existing residential or manufactured home loans easier by banning the high risk-based fee. “One owner of a manufactured home permanently attached to the land said she has been shopping to refinance, and she is also appealing the county tax assessor valuation of her property because of declining neighborhood home values. The manufactured home was purchased a few years ago at $115,000. A search of comparable neighborhood home values showed a similar home that recently sold at only $95,000. If the homeowner can refinance her existing loan at a lower interest rate, her monthly savings could be significant and soften the sting of declining home values.” U.S. SB 170 is known as the “Helping Responsible Homeowners Act.” Co-sponsored by Sen. Johnny Isakson, R-GA makes this a bi-partisan bill, one Patsky believes would benefit homeowners and the economy.

(Barbara Boxer file photo credit: Wikimedia Commons)