Posts Tagged ‘first nine months’

Jan.–Sept. 2015 GSE Volume Outpaces 2014 Totals

November 17th, 2015 Comments off

fannie_mae_loan_volume__scotsmanguide_slash_fannie_maeAccording to scotsmanguide, reports released last week by the government-sponsored enterprises (GSEs) reveal the combined volume of single-family loans purchased and guaranteed by Fannie Mae and Freddie Mac through Q3 2015 have exceeded the total for all of 2014. Total GSE volume hit $640.7 billion for the first nine months of 2015 compared, to $624.8 for all of 2014.

Separately, Fannie’s $365.8 billion volume through the first nine months is just short of the $369.8 billion for the entire year of 2014, while Freddie’s $274.9 billion freddie_mac_loan_volume_scotsmanguide__freddie_macvolume is above the total of $255 billion for 2014. When comparing volume of activity, Freddie’s single-family numbers were up 49 percent when weighed against the same nine months of last year, while Fannie Mae’s activity was up 39 percent over the first three quarters of 2014.

Although loan counts are below the levels set by the refinance boom in 2013, Fannie’s numbers were up almost 26 percent to 1.65 million over the first nine months of 2014, while Freddie’s loan count was up nearly 36 percent to 1.2 million.

As MHProNews reported Nov. 4, 2015, Freddie lost $475 million for Q3 2015, as compared to net income of $4.2 billion for the same quarter of 2014, due mostly to losses on derivatives which hedge against the risk of interest rate changes.

Despite the losses, Fannie CEO Tim Mayopoulos and Freddie’s CEO Donald Layton stressed that single-family volumes have risen meaningfully, and the core business maintains its strength. Refinancing has been a driving force behind the increased numbers, but home buying has also risen. The GSEs anticipate that overall, single-family originations will end 30 percent higher this year than last, reaching $1.7 trillion.

Noting that refinances were stronger than home purchases, Mayopoulos said, “We’ve done some research in this area, and we see that, especially among younger people and minority people, that they have a tendency to believe that they need higher credit scores to qualify for a loan than is in fact the case. As a result, they may choose just not to apply for those loans or to pursue buying a house.

Layton added more loans are coming through smaller and mid-sized banks. He said, “About 50 percent of our business is with these lenders compared to just 16 percent before the financial crisis.##

(Graphic credit: top-scotsmanguide/Fannie Mae; bottom, scotsmanguide,Freddie Mac)

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

Cavco Financials: Holding Steady

February 1st, 2013 Comments off

GlobeNews reports Cavco Industries, Inc.’s financials for the fiscal third-quarter 2013 reveal net sales remained the same as for same quarter 2012–$114.6 million. Net income was $3 million for both. The first nine months of FY 2013, which ended Dec. 29, 2012 saw sales drop by $.01 million from the same period last year to $343.5 million. Net income for the first nine months of FY 2013 attributable to Cavco stockholders was $3.6 million versus $13.3 million for last year, which includes $11 million as the result of acquiring Palm Harbor in 2011. Speaking of Q3, Joseph Stegmayer, Chairman, President and Chief Executive Officer (and former MHI Chairman) says, “We are pleased with the continued contributions and progress of our acquired businesses. However, increasing homebuilding component and raw material costs, continued competitive pricing pressures, market demand for smaller and lower price-point homes and a higher income tax provision adversely affected our earnings during the quarter. The average sales price per home was approximately $50,100 during the third quarter of fiscal year 2013 compared to $53,200 during the third quarter last year, a 5.8% decrease. On a positive note, home sales increased this quarter to 2,065 homes, 4.7% higher than 1,972 homes sold during the same quarter last year.” As MHProNews understands, Cavco is the second largest producer of manufactured homes in the nation.

(Photo credit: Stacey Hairston/Franklin News-Post–Cavco plant Rocky Mt. Vir.)

More Underwater Borrowers Grasp Lifeline

November 30th, 2012 Comments off

The government’s Home Affordable Refinancing Program (HARP) saw a 75% growth over all of last year in the first nine months of 2012, amounting to 700,000 loans, according to nationalmortgagenews. Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA) suggested the numbers might hit one million by year’s end. Backed by Fannie Mae and Freddie Mac, the loans sparked after rules were changed that encouraged lender involvement, financing more than 1.7 million mortgages since the program began in 2009. Geared to help underwater borrowers, over 40% of the HARP refinances through the third quarter of this year went to those borrowers. As MHProNews has learned, mortgages that exceeded the value of the underlying homes by at least 25% accounted for a quarter of the 90,000 HARP loans in Sept.

(Image credit: hansafx)

Sales Up, but Profits Fall

October 25th, 2012 Comments off

RVBusiness says real estate investment trust (REIT) Sun Communities, Inc. (SUI) reports an increase in sales for the third quarter 2012 of $83.1 million versus $74.7 million for the same period 2011. Sun incurred a third quarter net loss of $275,000 as compared to Q3 2011 when the company lost $21,000. Sales for the first nine months of 2012 totaled $248.6 versus $212.7 for the comparable period last year. Net income for the nine months 2012 was $8.6 million versus $1.6 million for the first nine months last year. As MHProNews learned from the Securities and Exchange Commission (SEC) filing, same site net operating income rose 4.4 percent, and home sales increased by 7.4 percent. Chairman and CEO Gary Shiffman said, “The $300 million of equity we raised during the year has allowed us to reposition our balance sheet, significantly reduce our leverage ratios, improve our liquidity position and acquire six high quality communities.” Based in Southfield, Mich., Sun operates over 55,000 homesites in 15 states.

(Photo credit: Sun Communities, Inc.)

Patrick Industries Shows Gains

October 25th, 2012 Comments off

MH and RV component supplier Patrick Industries, Inc. (PATK) says third quarter 2012 net sales were up 45.9 percent to $112.9 million from $77.4 million in Q3 2011, a 13 percent increase of which was in the manufactured housing division. As sacbee tells MHProNews, net income from the third quarter of 2011 rose from $4.5 million to $6.6 million Q3 2012. For the nine months ending Sept. 30, 2012, net sales rose 44.3 percent over the comparable period last year, from $229.5 million to $331.2 million. Net income for the first nine months of this year amounted to $24.9 million, $2.32 per diluted share, as compared to 2011’s $7 million net income and $0.68 per diluted share for the Elkhart, Ind.- based company.

(Image credit: Patrick Industries, Inc.)

Middle East Modular-Profitable

October 18th, 2012 Comments off

Modular builder Red Sea Housing Services in Jubail, Saudi Arabia reports profits for the first nine months of 2012 rose 32 percent over the same period 2011, according to ConstructionWeekOnline. Year-over-year profits for the three months since June nearly doubled compared to last year. The company said the net income increase is due to the growth of rental income for the period. Gross profit margins also grew to 24.2% from 19.4% in the same period as last year. Located on the Persian Gulf, the company builds modular housing compounds for workers, but intends to enter the residential modular market. MHProNews has been informed the president of Red Sea, Dr. Majid bin Abdullah Al-Kassabi, has just resigned his position to serve His Highness the Crown Prince.

(Photo credit: Red Sea Housing Services)

Per Share Value for UMH Falls from Last Year

November 9th, 2011 Comments off

MarketWatch reports Freehold, New Jersey-based UMH Properties, Inc., released its performance results for the nine months ending Sept. 30, 2011. Funds from Operations (FFO) amounted to $6,529,000, $.45 per share, as compared to $.62 per share on FFO of $7,813,000 for the same nine months of 2010. Net income attributable to common shareholders amounted to $2,187,000 or $.15 per share for the nine months ended September 30, 2011. For the same period 2010 it was $4,555,000 or $.36 per share. The total revenue figure for the nine months ending Sept. 30, 2011 was $28,287,000, an increase over the $24,494,000 for the nine months ending Sept. 30, 2010. The 22nd annual Allen Report ranks UMH the 25th largest LLC with 7,222 homesites and 30 communities.

(Graphic credit: UMH)