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Posts Tagged ‘decline’

Builder Confidence at Highest Point since 2007

March 20th, 2012 Comments off

The National Association of Home Builders (NAHB) tells MHProNews.com builder confidence as measured by the NAHB/Wells Fargo Housing Market Index (HMI) fell one point to 29 in March after five months of increase. A score of 50 or better indicates more builders see the market as good rather than poor. Based on builders’ perceptions of current construction of new, single-family homes, and rating of prospective buyers, the HMI index has been used for 20 years to gauge builder expectations. NAHB Chief Economist David Crowe says, “Builder confidence is now twice as strong as it was six months ago, and the West was the only region to experience a decline this month following an unusual spike in February.” Crowe also notes tight credit and the inventory of distressed properties continues to haunt the new home market. Regionally for March, the Northeast rose five points to 25, two points to 32 in the Midwest, two points to 27 in the South, but dropped 10 points in the West after a gain of 22 points the previous month.

(Photo credit: Wikipedia)

MH Retail Location Changing Hands

March 1st, 2012 Comments off

After 43 years, Santiam Homes in Aumsville, Oregon, is transitioning out of business and it’s location will be taken over by J & M Homes, which offers new and repossessed manufactured homes, as well as real estate, financing and construction in-house. The Statesman-Journal tells MHProNews.com Santiam’s owners, Ken and Janet Bentz, will maintain a mentorhsip role for one year as J & M’s owner Jim Wilson expands into his fifth retail location since beginning in 2000. J & M’s general manager, Marty Brown, noting the 95 percent decline in production of MH in the last 15 years, says, “There were 10 to 12 manufacturing plants in the Oregon-Washington area five years ago and that’s gone down to six. We’ve gone from 70 to 80 retail dealerships in the mid-1990s to 20.” Modular producers Modern Building Systems and Blazer Industries continue on in Aumsville. Don Miner, executive director of the Oregon Manufactured Housing Association, says delivery of manufactured homes to Oregon declined from nearly 1,800 in 2007 to 445 last year. He says production in Jan. 2011 was up almost 28 percent over Jan. 2011.

(Photo credit: Denise Ruttan/The Stayton Mail)

Boston Poised for Housing Recovery?

February 28th, 2012 Comments off

Data from Multiple Listing Services Network PIN shows inventory of single-family homes and condominiums in the Boston area are down 17 percent from last year, number of days on the market declined 12 percent from last year, and median prices are up ten percent. BostonHerald tells MHProNews.com no major downtown condos have been built since 2007 for lack of funding. MIT Center for Real Estate lecturer and vice-president at Colliers International, Yanni Tsipis,  says, “In the downtown market, as existing inventory of newer construction burns off, it appears likely that there will be a build-up of demand for new production and upward pressure on pricing.” A similar trend is reflected in neighboring cities. Housing inventory at Cambridge is at an all-time low, 126 housing units, down 43 percent from last year, with a four percent decline in days on the market. The housing inventory in Arlington dropped 21 percent from last year, and days on the market fell 33 percent. Quincy’s numbers are not as good but still positive: Inventory fell six percent and days on the market dropped four percent.

(Photo credit: Wikipedia/Boston Custom House)

Little Change in Number of Pre-sale Foreclosure Homes

February 21st, 2012 Comments off

According to HousingWire, the mortgage delinquency rate fell 2.2 percent from Dec. 2011 to Jan. 2012. Based on its data of nearly 40 million loans, Lender Processing Services says the Jan. 2012 delinquency rate dropped to 7.97 percent, which represents a 10.5 percent annual decline. There are 1.77 million properties with loans at least 90 days delinquent but not in foreclosure, and another four million over 30 days past due. MHProNews.com has learned as of Jan. 2012, 2.08 million homes were in pre-sale foreclosure, up 1.1 percent from Dec. 2011 but down slightly from a year ago. Montana, South Dakota, Wyoming, and Alaska have the lowest number of non-current loans, while Florida, Mississippi, Nevada, New Jersey, and Illinois have the highest percentage.

(Photo credit: Jillian Berman/Getty)

Detroit, Houston Home Sales Tell Different Stories

January 17th, 2012 Comments off

HousingWire tells MHProNews that according to local MLS Realcomp, sales of homes and condos in the metropolitan Detroit area increased 2.2 percent in the last six months of 2011. This figure coincides with a drop in on-market inventory of 22.5 percent, Dec. 2010 to Dec. 2011, to a total of 18,875 homes and condos. The city of Detroit, however, saw home sales decline 8.4 percent in 2011. The metro Detroit sales price fell nearly $1,000, while prices in Detroit proper edged up 0.6 percent. Meanwhile, Houston witnessed its seventh consecutive month of single-family home sales increase in December, up 7.2 percent from Dec. 2010. The Houston Association of Realtors reports every segment of the housing market gained Dec. over Dec. except homes priced above $500,000. Sales of all property categories on an annualized basis rose 4.3 percent compared to 2010; total dollar volume rose 5.2 percent to $13 billion.

(Photo/Image credit: Bankrate)

Jaime Dimon: Housing Market Closing in on Bottom

January 17th, 2012 Comments off

MHProNews has learned from OriginationNews JPMorgan Chase chairman and CEO Jaime Dimon says the “turn” in the housing market is at least getting closer as the economy slowly improves. Noting the decline in the shadow inventory, he says it’s cheaper to buy than it is to rent in some markets. The company’s mortgage division has added 15-20,000 employees to handle default servicing and real estate-owned (REO) property, but Dimon says that number has peaked and will start decreasing. JPM anticipates a loss of $350 million each quarter this year on Fannie Mae and Freddie Mac buybacks. The settlement over the robo-signing/foreclosure scandal with the state attorneys general and the Department of Justice is getting closer to a resolution, he notes.

(Photo credit: NewYorkPost)

Another Foster Child of the Housing Market

January 10th, 2012 Comments off

Every day, 480,000 school buses carry 26 million children to school and school-related activities. School Transportation News tells MHProNews.com since 2006, the manufacture of school buses has declined 37 percent. School funding is tied to property taxes. As homes are abandoned and property values fall, tax collections decline, which tightens school budgets. The majority of buses go to school bus operators based on orders from school districts. Last year 30,304 school bus units were produced, the lowest numbers since the 1980’s. If we think the educational system is faltering now, what happens if kids cannot get to school?

(Photo credit: SchoolTransportationNews)