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USA Snapshot, the Need for Affordable Housing, by the Numbers

July 3rd, 2017 Comments off

SearchForAffordableHomesManufacturedHomeIndustryStatsDataResearchReportsDailyBusinessNewsMHProNewsWith 1 out of 9 Americans moving every year in search of housing, that represents well over ten million potential opportunities for housing professionals annually.

The U.S. Census Bureau says that in 2016, there were 324,118,787 Americans.  With 2.64 people per household, that yields some 122,772,267.

So, when one out of nine move every year, that means there were 13,641,363 theoretical opportunities for a manufactured home professional to serve some person, couple or household.

While they may not all qualify, as credit scores and incomes are rising again, millions could.

With the Census reporting Median Gross Rent, 2011-2015 at $928 and there was 1.2 million building permits in 2016, how is it possible than manufactured housing – in the affordable housing crisis era – only produced some 81,100 new manufactured home units that same year?

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Image credits, OMHA, provided under fair use guidelines.

Frank Rolfe noted earlier this year that “Probably the greatest enemy to the growth of the… industry into a mainstream form of real estate investment is … our industry itself.”

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In a new, in depth report that includes key facts provided by MLO Bob Crawford of award winning, A+ BBB rated Dick Moore Housing reveals how flawed and contradictory messaging ‘by the industry’ from a specific source could be contributing to the problem.

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Bob Crawford, left, Frank Rolfe, right. Still credit, Inside MH video, by MHProNews.com.

That report, which is packed with facts and figures useful to attracting and selling prospective manufactured home buyers, Correcting the Record on Housing Affordability, linked here.  ## (News, with Report Announcement.)

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

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State Agency to Assist Low Income MH Residents

March 30th, 2017 Comments off
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Unrelated manufactured  homes in Delaware. Credit: Delaware State News.

In Delaware, homeowners in need are going to get some help.

The Delaware State Housing Authority (DSHA) tells MHProNews that qualified homeowners in need of assistance to keep their homes livable can now apply for assistance from the new Statewide Emergency Repair Program.

Governor John Carney and the Housing Authority made a formal joint announcement this week.

No one should live in a home with broken plumbing or a leaking roof. We can help our families in need by making their homes safe and healthy, which also strengthens our communities,” said Governor Carney.

This is not a hand out, but a hand up by helping those in emergency situations. Public-private partnerships like this help leverage our resources to assist as many people as possible.”

The new program is being administered by the Milford Housing Development Corporation, which received a $600,000 award to streamline the application process. A portion of the funding will go toward assisting residents of manufactured housing.

DSHA had previously funded repairs through a number of partners, depending on jurisdiction, while the Statewide Emergency Response Program has a single point of contact and operates in all three counties.

The DSHA says that it conducted extensive research and received partner input to develop the program.

Repairing roofs, fixing heating systems and solving accessibility issues are simple jobs that can be out of the reach of many people due to financial circumstances,” said DSHA Director Anas Ben Addi.

We’re pleased to be able to help with that by partnering with the Milford Housing Development Corporation and its statewide network of nonprofits and agencies that is helping reach people in need.

Credit: First State Manufactured Housing Association.

The Statewide Emergency Repair Program is designed to tackle emergency conditions that threaten the health and/or safety of eligible Delaware homeowners and members of their households.

Qualified applicants must own their home and have lived there for at least one year, and must meet income guidelines. Situations that qualify include immediate health or safety threats such as heating system repairs, plumbing repairs, electrical repairs, roof repair or replacement, or major structural repairs.

We have been involved in emergency repairs for more than two decades, and know how important it is to make sure homes are kept in good condition,” said David Moore, president and CEO of the Milford Housing Development Corporation.

Our goal is to help as many people as possible with true emergencies that threaten residents’ health or safety.

Homeowners can apply to the Milford Housing Development Corporation at 302-491-4010 or toll-free at 844-413-0038. ##

 

(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.

Trexler Cites Regulatory, Economic Conditions in 2016 – Nobility Homes Announces Quarterly Sales, Income, Profit Results

January 3rd, 2017 Comments off

NobilityHomesModelHomeLogoQuarterlyReport-ManufacturedHousingIndustryDailyBusinessNewsMHProNews-The demand for affordable manufactured housing in Florida and the U.S. is improving,” said Nobility Homes President Terry Trexler. “According to the Florida Manufactured Housing Association, shipments in Florida for the period from November 2015 through October 2016 were up approximately 18% from the same period last year.”

Trexler stated that the regulatory and economic environment has slowed the company’s potential.

Looking back at 2016, “Our sales and earnings continue to be affected by the uncertainty of the U.S. and world economy,” Trexler said in the statement. With “employment levels, consumer confidence and, in particular, the lack of available retail and wholesale financing. Constrained consumer credit and the lack of lenders in the industry, partly as a result of an increase in government regulations, have limited many affordable manufactured housing buyers from purchasing homes.”

 

Nobility Homes, Inc. (OTCQX: NOBH) announced increased sales and earnings results for its fiscal year ended November 5, 2016 in an official filing to the SEC on December 28, 2016.

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Per the information provided, sales for fiscal year 2016 were up 22% to $34,053,290 as compared to $27,836,804 recorded in fiscal year 2015.

Income from operations, were up 41% for fiscal year 2016, was $4,153,799 versus $2,941,452 in the same period a year ago.

Net income after taxes was $5,833,661 as compared to $2,915,395 for the same period last year.

Diluted earnings per share for fiscal year 2016 were $1.45 per share compared to $0.72 per share last year.

For the fourth quarter of fiscal 2016, sales were $8,783,779 as compared to sales of $8,494,623 in the fourth quarter of last fiscal year.

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Image credits for homes on this page are from the Nobility Homes website, and are provided under fair use guidelines.

Income from operations for the fourth quarter of 2016 was $983,707 versus $1,068,641 in the same period last year.

Net income after taxes was $589,118 versus last year’s results of $1,008,284 partly due to the elimination of our tax loss carryforward.

Diluted earnings per share for the fourth quarter were $0.16 per share versus earnings of $0.25 per share last year.

Nobility’s financial position during fiscal year 2016 remains very strong with cash and cash equivalents and short term investments of $25,043,663 and no outstanding debt.

Working capital is $32,629,820 and our ratio of current assets to current liabilities is 7.2:1. Stockholders’ equity is $44,534,975 and the book value per share of common stock increased to $11.12

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We understand that during this improving but still uncertain economic environment, maintaining our strong financial position is vital for future growth and success,” Trexler said. “Because of the recent years of very challenging business conditions in our market area, management will continue to evaluate all expenses and react in a manner consistent with maintaining our strong financial position, while exploring opportunities to expand our distribution and manufacturing operations.”

Our many years of experience in the Florida market, combined with home buyers’ increased need for more affordable housing, should serve the Company well in the coming years,” Nobility’s president stated. “Management remains convinced that our specific geographic market is one of the best long-term growth areas in the country.”

Their filings included the required disclosures and statements, including the familiar-to-investors “Certain statements in this report are forward-looking statements within the meaning of the federal securities laws.” No conference call is scheduled.

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Nobility Homes designs, manufactures and sells about 100 different models of manufactured and modular homes through its own vertically integrated retail sales centers throughout Florida. ## 

Nobility Homes, Inc. Consolidated Balance Sheets, linked here.

Nobility Homes, Inc. Consolidated Statements of Comprehensive Income, linked here.

(Image credits are as shown above.

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Soheyla Kovach.

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

Cavco Industries Reports Q2 Results

November 10th, 2016 Comments off
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Credit: Cavco Industries.

Cavco Industries (NASDAQ: CVCO) reported financial results for Q2 2016 on November 8th.

Net revenue for the second quarter was down 1.9 percent from Q2 2015 to $188.3 million, while net revenue was up 5.6% for the first six months of the year compared to the same period in 2015.

Pretax income was up 4.8% to $13.1 million, powered by operating leverage from homes sales volume. Net income was up 14.8 percent to $9.3 million.

Net income per share for the second quarter, based on basic and diluted weighted average shares outstanding, was $1.04 and $1.03 respectively, compared to net income per share of $0.91 and $0.89 for the comparable quarter last year.

Net income per share for the six months ended October 1, 2016, based on basic and diluted weighted average shares outstanding, was $1.65 and $1.63, respectively, versus basic and diluted net income per share of $1.52 and $1.49 for the prior six-month period.

 

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Cavco's Joe Stegmayer. Credit: Cavco.

Cavco’s Joe Stegmayer. Credit: Cavco.

We are pleased to report improved profitability this quarter while still operating in a highly competitive housing market,” said Cavco Chairman, President and Chief Executive Officer Joe Stegmayer.

We remain encouraged by the continued housing recovery and our solid backlogs. Interest from manufactured home retailers, developers and community operators for our product offerings remains strong heading into the winter season.

As Daily Business News readers are aware, Phoenix, AZ-based Cavco Industries produces manufactured homes, modular and park model homes, vacation cabins and commercial structures. Factory-built homes are designed and produced under such brand names as Cavco Homes, Fleetwood Homes and Palm Harbor Homes.

 

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Credit: Bloomberg.

 

Cavco is also one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here.

For an exclusive interview with Joe Stegmayer, click here. ##

Cavco Q2 Results

(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.

Site-Built Homes Replaced with New MH

December 22nd, 2011 Comments off

The JeffersonPost reports from Ashe County, North Carolina, the High Country Council of Governments is once again applying for a grant to help low-income residents make much-needed home repairs, and in some cases, replace unlivable homes with new manufactured homes. Since 2002, every three years all NC counties, except Wake and Cumberland, are eligible for a block grant through the North Carolina Division of Community Assistance. Ashe County, in the far northwest corner of the state, is applying for $400,000 for the Scattered Site Housing program to assist low-income homeowners. During the last three-year cycle which ended earlier this year, four county homes that were beyond repair were bulldozed and replaced with manufactured homes. The average for each home, including drilling new wells, grading, installing a new septic system, and set-up was $78,000.
(Photo credit: Wikipedia)