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Posts Tagged ‘housing bubble’

Sunday Morning Recap-Manufactured Housing Industry News May 1-May 8, 2016

May 8th, 2016 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

Possible American Dreams! Engineer Skip VanZant on Evolving U.S. Housing

What’s New in Manufactured Housing Industry Professional News

Innovative Building Systems said to be filing for bankruptcy, closing Maine’s Keiser. UMH wins community award. Clayton defies criticism, turns $706M profit. Alberta fire pushing refugees into workforce housing. Warren Buffett sees no housing bubble. New modular home neighborhood will be affordable, net zero. Drew acquires Italian firm. Centerbridge acquires Cascade. MHRE expanding footprint south and north. Minneapolis residents trying to save manufactured home community. New manufactured home community considered for Alberta, Canada. HUD Code home production spikes in March. Meritus acquires MI MHC. And much more in news, views and information you can use.

Saturday, May 7, 2016

UMH Wins Manufactured Home Community of the Year Award

Friday, May 6

NAHB:Builder Confidence in 55+ Market Slips, yet Still on Positive Ground

Manufactured Housing Institute (MHI) 2016 Congress and Expo Flash Report

Innovative Building Systems filing for Bankruptcy, closing Keiser in Maine

Passages: Marcia Sinclair Carabell

All Active Tracked MH-related Stocks Gain in Today’s Trading, Skyline Leading

Clayton Underwrites Third Annual Asheville Home Show

Thursday, May 5

Clayton Weathers Storm, Turns $706M Profit in 2015, 2016 Looking Good

Architectural Firm and Builder Collaborate on Modern Modular Homes

Alberta Wildfires have Driven Residents to Safety in Workforce Housing

At Annual Meeting of Berkshire Hathaway Warren Buffett sees no Housing Bubble

Louisiana Pacific Gains almost 4.5%; MHCV Slips -1.06%

New Modular Vermont Neighborhood will be Net Zero

Wednesday, May 4

Drew Wastes no Time Moving on Europe

MH Lender Cascade Financial Services Acquired by Centerbridge

Sun Communities Gains the Most, Affiliated Managers Drops

MHRE Expanding its National Footprint

Trump’s Opponents Spent over $75 Million Trying to Defeat Him

MH Community Residents Organizing to Prevent Closing of Lowry Grove in Minnesota

Tuesday, May 3

New Manufactured Home Community Considered for Alberta, Canada

Manufactured Housing Production Spikes 26.9% in March

Only one MH-related Stock Gains in Trading Today

Home Prices Continue to Rise Faster than Wages

Guerdon Modular Picks up where Zeta Communities Dropped

Results of Comparable Energy Efficiency in Manufactured Homes Revealed

Monday, May 2

CFPB Contemplating Clarifying TRID

Rising Home Prices Partially Negate Low Mortgage Rates

Universal Forest Products Gains +8%; MHCV moves up to 1343.8.

Calif. Resident-owned MHC Obtains Freddie Mac Financing

Michigan’s Meritus Acquires Lake Villa MHC, Plans Upgrades

Sunday Morning Recap-Manufactured Housing Industry News April 24-May 1, 2016 ##

(Photo credit: MHProNews)

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

High Rents Yield Hard Times for Low/Fixed Income Families

February 8th, 2016 Comments off

rents_rising__dailykos_creditRents have arrived at a historic high, similar to where they were during the housing bubble of 2008, as ktep.org tells MHProNews, according to statistics from the Commerce Department. The old rule of thumb to never spend more than a third of your income on housing is out the window.

Glenn Kelman, CEO of Redfin real estate company, said more and more people are spending as much as half their income on housing, and this is not sustainable, especially for seniors on fixed incomes. Responding to questions from Mary Louise Kelly of npr, he added while rents and home prices have been rising, and inventory is low, given the state of the economy builders are not borrowing for large developments. Instead they are focusing on urban infill housing with 20-30 units each.

Although capital is tight and/or developers are unsure of being able to attract inhabitants, finding adequate skilled labor is also a problem, which drives the rents. He said, You’ll see security guards at building sites who aren’t really guarding the lumber. They’re guarding the labor. They’re preventing a recruiter from coming onto the site and taking the whole crew across the street to another place that’s being built for an extra two bucks an hour.”

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(Graphic credit: dailykos)

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

Oil Price Drop will Cost Jobs, Reduce Home Values

August 28th, 2015 Comments off

housing slides  cnnmoney  creditWhile home values dropped drastically for most of the nation following the housing bubble, the oil-producing states posted housing gains. With crude oil trading at half the price of a year ago, according to nationalmortgagenews, New Mexico, North Dakota, Oklahoma, Wyoming and Alaska may see home prices fall six to 20 percent over the next five years. As MHProNews posted many times in the last several years, modular workforce housing and manufactured housing experienced a strong uptick in oil-producing areas of the country.

Fannie Mae Economist Eric Brescia, in a report, said if lower energy prices reduce demand for shale oil, home values will be flat in Texas in five years.

This is going to hurt, but we won’t see a repeat of the 1980s when Texas was awash in vacant houses,” said Mark Zandi, chief economist for Moody’s Analytics Inc. in West Chester, Pa. “Going into this, most of the oil states were vastly undersupplied with housing. That’s going to cushion the blow.

The government estimates lower oil prices have kept $700 a year in each American household. However, it will cost the energy sector about 150,000 jobs from January 2015 to March 2016, and another 150,000 workers in related industries such as pipe manufacturing, says Zandi. ##

(Image credit: cnnmoney)

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

Changing Housing Market Leads Company to Modular Homes

June 3rd, 2015 Comments off

wisconsin_homes__modular__their_creditMHProNews has learned Dowling Construction Co. in Oshkosh, Wisconsin lost its entire 25-person construction staff in 2008 in the wake of the housing bubble. The company was not able to hire anyone until they brought on two employees last year; they are now up to five workers, and have branched out into a new field.

Last year they received three calls a week regarding building work, and are now getting that many calls each day. Dowling is now a dealer of modular homes for Marshfield-based Wisconsin Homes. The company pours the foundations and then assembles the homes, according to thenorthwestern. Office Manager Nicole St. Clair says the modular homes have helped the company adapt to changing times. ##

(Photo credit: Wisconsin Homes)

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

 

Housing Bubble Drawing People back to Manufactured Housing

July 3rd, 2014 Comments off

BMO Capital Markets’ Senior Analyst Paul Adornato says the housing bubble has made mortgages tougher to get, leading people to manufactured housing (MH), and since manufactured home community owner Sun Communities, Inc. is poised to take advantage of the situation, their stock has been bumped up to an outperform rating, according to twst.com. “The typical resident of a manufactured home community, folks who were given a mortgage to buy a $150,000 or $200,000 house during the bubble, are no longer being offered that mortgage, so they are returning to the manufactured home communities. This is a very, very strong driver of Sun’s business—the return of the core customer.” As MHProNews knows, Sun owns and operates 192 manufactured housing and recreational vehicle communities comprised of 71,800 homesites. ##

(Photo credit: Sun Communities, Inc.–Palm Creek Golf and RV Resort)

Housing Market Not out of the Woods Yet

March 4th, 2014 Comments off

While the housing market helped lift the U. S. economy out of past recessions in 1981, 1990 and 2001, according to fxempire.com, it is not happening this time. Historically, residential investment has averaged five percent of gross domestic product (GDP), but it has only returned to three percent since the housing bubble, and that missing two percent translates into a lost $336 billion. In addition, MHProNews.com has learned pending home sales rose only +0.1 percent month-over-month in January, well below the 2.9 percent anticipated by analysts, and nine percent lower than Jan. 2013. While some blame the harsh winter weather for low pending home sales, it is more likely the result of low supply, higher interest rates and rising home values.

(Image credit: Fotosearch.com–question mark houses)

Dick Bove: Dodd-Frank Shutting out Low Income Borrowers

November 12th, 2013 Comments off

Rafferty Capital’s Dick Bove says the Dodd-Frank Act, which went into effect in 2010, was intended to pave the way for lower income borrowers to obtain mortgages, but large banks are being shut out of that market, once again leaving those of modest means fewer options for borrowing money. He says this creates a two-tiered housing finance system: Loans are going to upper middle class and high end borrowers, effectively excluding many manufactured home buyers, as MHProNews knows. Because of constraints on the market following the housing bubble, the FICO score for purchase loans increased 50 points to around 750. “What the change in underwriting standards did was force large banks to only underwrite mortgages for people with high FICO scores and low loan-to-value ratios because they would have the lowest capital requirements,” Bove said. In addition, HousingWire reports requiring banks to buy back defective loans tightened constraints for lower income borrowers even more. “It’s virtually impossible for larger banks to underwrite lower-income households’ mortgages,” he added. This may push lower income people into public housing and rentals, a far cry from the intent of Dodd-Frank, but something Bove said he predicted over a year ago. He sees no movement in Congress to change it, either.

(Image credit: HousingWire)

Fannie and Freddie Repaying Taxpayers

August 9th, 2013 Comments off

Taxpayers may yet see a profit from the $187 billion bailout by the federal government of Fannie Mae and Freddie Mac in 2008. To date, Fannie Mae has seen $105 billion of the $116 billion it borrowed from Treasury repaid, including $10 billion from the most recent quarter. Of the $71 billion Freddie Mac received, as of Wednesday it has repaid $41 billion, and expects to earn $29 billion later this year. During the housing bubble years the two firms had become the main source of funding for home loans, and hardly anyone expected a payback, according to CNNMoney. The housing market improvement during the past year is the main reason for their return to profitability. As MHProNews has learned, the record low mortgage rates spurred refinancings, increasing the pairs’ fees.

(Photo credit: Jonathan Ernst/Yahoo!Reuters–Fannie Mae headquarters)

Home Prices Appear to be Leveling

August 5th, 2013 Comments off

June to July marked the first time this year the list price per square foot did not increase in pre-existing homes for sale, which could translate into home prices falling, and perhaps putting to rest the fears of another housing bubble. Movoto Real Estate says the steady list price month-over-month may also indicate supply of homes is beginning to catch up with demand. While inventory fell 16.2 percent from July 2012, it rose four percent from June to July, typical for this time of year when many houses change hands. Additionally, as HousingWire informs MHProNews, rising mortgage rates combined with increased inventory will also slow home price appreciation.

(Image credit: photobucket)

Home Prices Continue Rising

July 30th, 2013 Comments off

While the S&P/Case-Shiller national home price index of the 20 largest markets remains 24.4 percent below the peak of June 2006, it rose 12.2 percent in May above May 2012, the largest year-over-year increase since March 2006. April 2013 rose 12.1 percent over April 2012. A year ago homes that had been on the market for many months, even years, began selling, with prices rising each month since June 2012, and each month saw a bigger increase than the previous month. The rise in mortgage rates has yet to stem the rise in prices, which have been fed by an accompanying drop in foreclosures. Some of the markets hardest hit by the housing bubble are the ones experiencing the largest current gains: Prices in San Francisco, Las Vegas, Phoenix and Atlanta are all up more than 20% from a year ago. Some fear the housing bubble may return, according to what CNNMoney tells MHProNews. But Joseph LaVorgna, chief US economist for Deutsche Bank, says, “Affordability remains near historic highs despite the recent rise in rates and home prices. And the increase in home prices should encourage banks to ease lending standards for mortgages, since the collateral for the underlying loan is appreciating in value.”

(Image credit: etftrends)