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City Permits Some Manufactured Home Replacements for Tornado Ravaged Conventional Housing

May 23rd, 2019 No comments
BattleInCityOverPermittingManufacturedHomeReplacementsforTornadoRavagedConventionalHousing

Still from video posted below.

A month after tornadoes ripped through Alto, Texas, many were left homeless as their residences were damaged or destroyed.

 

Last week, in a special city council meeting, the Alto city council voted to allow manufactured homes to be used as replacement homes for residents living there.

The homes were being provided by a local church, and dozens have signed up hoping to obtain one of those homes.

But that doesn’t mean that the decision was popular with numbers of Alto’s citizens, as the video report posted here from CBS 19 reflects.

 

 

In this situation particularly, we had a family that lost their home and we were able to purchase them a two bedroom, one bath HUD-manufactured mobile home,” said Ann Henley, employee of the River Church. “And we’re trying to replace it on their lot here in Alto.”

Henley said the church was been gifted with money to assist families impacted by last month’s natural disaster. They have purchased 6 manufactured homes, and at that time had already placed three of the homes on designated lots.

We have three more that they’re trying to get their lots cleaned up,” Henley said. “We’ve replaced about seven or eight roofs so far and we have about five or six lined up to replace the roofs in the next week or two.”

It’s one of those notes of positive irony. Conventional housing was sadly reduced to rubble in many cases, and manufactured homes were the quick and positive solution.

 

AltoTXmanufacturedhomeStreetNextToOlderConventionalHousingMHProNewsMHIMembersChangingPerceptionOfManufacturedHousingMHILogoClaytonHomesLogoBerkshireHathawayLogoMHProNewsBloombergShipmentProductionDataManufacturedHousingMHProNews2019-05-16_1057

 

But the resistance in that town council meeting was present, and slinging the ‘t-word’ was part of the process.

You can pull onto Putman Avenue and the trailer is the biggest thing on the road there now,” one resident in the news video said. “I don’t think that’s what we want, certainly I don’t in that neighborhood and I don’t think that’s what we want for the city.”

 

TrailerHouseMobileHomeManufacturedHomeFactoryBuiltHousingEvolution101MHProNews-MHLivingNews

You must meet people where they are. Terminology must be taught and caught. Make a habit of using the correct terminology.

 

I think our biggest concern are basically the people that have been misplaced and that are basically homeless and getting them into a house as quick as possible,” Henley said. “Unfortunately, there are a lot of people in Alto who are very low-income and even if they did own their home, they weren’t able to afford home owner’s insurance. They’re just in a bad situation and we’re just trying to help them as best as we can.”

This scenario of manufactured housing being the obvious solution, but encountering local resistance, is playing out in various ways from coast-to-coast.  It will be part of an upcoming special report on MHProNews. Watch for it.

That’s tonight’s last look at “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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“The Illusion of Motion Versus Real-World Challenges”

MHARR Launches “Fighting Discriminatory Zoning Mandates” Manufactured Housing Project

“Lead, Follow … Or Get Out of The Way”

 

 

 

 

 

‘Minorities Aren’t Being Well Served in Housing Finance’ Today, per Mozilo – Former Exec Near Eye of the 2008 Housing/Mortgage Storm

May 15th, 2019 No comments

 

MinoritiesAren'tBeingWellServedHousingFinanceTodayPerAngeloMoziloFormerCountrywideChairmanNearEyeof2008HousingFinanceStorm

Angelo R. Mozilo is the former chairman of the board and chief executive officer of Countrywide Financial until July 1, 2008,” according to Wikipedia.

 

 

Put differently, Mozilo was near the eye of storm during the Housing and mortgage crisis that sent the economy and markets into a tailspin, causing the loss of businesses and millions of jobs. Not that Mozilla was alone in that fiasco, far from it. But his perspective is a noteworthy one.

That said, in his first interview since the 2008 crisis, Mozilo in an interview with Fox Business’ Liz Clayman said that minorities aren’t getting well served, and that barriers to home ownership must be removed.

Before teeing up this interview, given that more than a decade after the housing and financial system meltdown has passed, some facts are reviewed. This classic video 3:12 video report is useful in that regard.

 

 

Economist Thomas Sowell also weighed in on the matter years ago.  While holding Frank more responsible, he found President Bush and Alan Greenspan had responsibility in the matter too.  Rephrased, his perspective was similar to what’s portrayed by the Fox News video report, above.

 

 

Former Representative Barney Frank himself, in hindsight, admitted that he didn’t see the financial crisis coming.

Then keep in mind that Warren Buffett led Berkshire Hathaway dumped shares of the GSEs of Fannie Mae and Freddie Mac. In 1988, Buffett was touting those stocks in Fortune Magazine.  In the quote that follows the quoted text from GuruFocus is turned bold and brown, as MHProNews often does, but we’ve changed the direct quote from Buffett in blue, so that it pops.

By 2000, Buffett was the largest shareholder of Freddie Mac, whose stock had soared to between $41 and $64 per share, for a sizable gain.” But per GuruFocus,His view on it changed, though, and he unloaded nearly all of his Freddie Mac and Fannie Mae shares that year, according to his testimony to the U.S. Financial Crisis Inquiry Commission in May 2010. When Brad Bondi, deputy general counselor of the commission, asked if he sold because the stocks were no longer good investments, Buffett responded that hedidn’t know they weren’t going to be good investments but becameconcernedabout their management.”

 

MobileHomeShipmentsManufacturedHomeShipmentChartMHIAShipmentsMHIndustryChampionSkylineHUDCodeDailyBusinessNewsMHProNews

What was accomplished previously in sustainable shipment levels, can clearly be done again. Data above per Skyline-Champion investor relations information. SKY is a MHI member company.

 

The Manufactured Housing Connection to the Mortgage Crisis?

In the mid to late 1990s, manufactured housing soared to its highest sales levels since the establishment of the HUD Code which federally regulated the construction, safety, and energy standards for manufactured homes via performance based vs. prescriptive standards.

Some pundits in manufactured housing say that poor underwriting and flimsy verifications by lenders fueled the surge in manufactured home sales. While lending absolutely played a role, objectively, one must also bear in mind that hundreds of thousands of consumers were keen to own the manufactured homes they bought. Buyers were willing to ‘sign on the dotted line’ for a HUD Code manufactured home on terms of often 20 to 30 years.

Bad lending practices in MHVille in those days can’t be used to cloud the fact that buyers were purchasing manufactured homes at a clip that caused Harvard’s Eric Belsky with the Joint Center on Housing Studies to opine that by 2010, he expected manufactured housing to surpass site building.

Belsky said that knowing about the problems with rising defaults in manufactured home (MH) lending.

 

ErikBelskyManufacturedHousingMHIWebsiteDailyBusinessNewsmHProNews

The Eric Belsky search result remains the same on the MHI website, on 5.15.2019 at about 1:38 PM ET.

 

But as to poor MH lending practices, there are some observers who have said that poor manufactured housing lending practices was “the petri dish” – a metaphor for a laboratory experiment – for conventional housing and its subprime lending problems.

 

 

The First New Mozilo Interview

With that background, the video interview with Mozilo will be of greater insight.

Former Countrywide CEO Angelo Mozilo, said that certain housing barriers needed to be removed, in his first interview since the 2008 financial crisis.

I was asked to come to this [SALT] conference and I think turning 80 had a big effect on me. You know, I’m running out of runway. And I thought well now’s the time to speak out and I don’t have any inhibitions anymore,” Mozilo said.

 

 

Housing…”It’s a very important part of the economy, but it’s also a very important part of people’s lives and their children’s lives,” Mozilo said. “And since the crisis, things have clamped down again.”

African-Americans, Hispanics — still very difficult for them to get a home of their own even though they could afford it,” he said. “They can’t get over all the barriers that are in their way because the barriers don’t fit their lifestyle. But those barriers have to be taken down.”

Barriers to qualify for a mortgage, the underwriting requirements, just don’t fit the lives of minorities,” Mozilo explained as he pointed out the housing segment of the economy is missing out as a result. “Fannie Mae had a survey some years ago that clearly pointed out the African-Americans and Hispanics have a higher desire for housing than do whites. Whites considered, you know, that’s their part of living in America you’re entitled to.”

While Mozilo was speaking in general, his points mirrored some comments made by HUD Secretary Carson in his recent speech, linked below.

 

Dr. Ben Carson Secretary of Housing and Urban Development Manufactured Housing Conference Remarks New Orleans, Louisiana, Hyatt Regency Hotel, May 7, 2019

 

Defensively, Mozilo wants people to believe that it was Countrywide’s duty to lower the barriers of entry for everybody in America getting a home, as long as they could afford it.”

Mozilo also believes that he and Countrywide became an “easy target” during the crisis because of their size and also for making these loans, which he alleges only accounted for 3 percent of business.

This is a huge economy — the whole world economy,” Mozilo stated. If you take all the assets of the world and you put a price on it and you value one and you take the amount of subprime mortgages in the United States — it’s a pebble in an ocean — it’s ridiculous.”

People who want to discriminate said, ‘Look, we told you if you don’t make these loans you’re going to have a crisis.’ Nonsense, absolutely nonsense. They had nothing to do with it.”

Some of those arguments could easily be applied to the tiny percentage of the economy that manufactured home loans which defaulted represent during the late 1990s, and early 2000s.  That’s not to white-wash wrong-doing.  But it is to put it into perspective.  As an industry insider told MHProNews, what took place in MHVille was like “a pimple on an elephants ass” – especially when compared to the financial blood bath that conventional housing caused the economy.

So, why is manufactured home lending still being de facto punished, nearly 20 years after MH lending’s meltdown?  Perspective is necessary, and that clarity of understanding can lead to a better America.  Who says?  HUD Secretary Ben Carson, as he advocates for manufactured housing.

So why aren’t Secretary Carson’s comments on the MHI website?

 

HUDSecretaryBenCarsonAffordableHousingSupplyDemandCostSavingsFHFAAppreciationSustainableOwnership5000renters200000OwnersQuotesMHProNews

To see Secretary Carson’s entire address and more related information, click here.

 

That’s this afternoon’s look at “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Multibillion Dollar Opportunities Knock in Solving Affordable Housing Crisis

Joe Stegmayer, George F. Allen, Manufactured Housing Institute Slogans, Slump, Slurs, Solutions

Clayton Homes, 21st Mortgage Corp, Vanderbilt Mortgage and Finance – Investor Lessons Learned

Manufactured Home Community Case Study, UMH Properties, Lessons for Independent Community Owners, Investors

Nathan Smith, SSK Communities, Manufactured Housing Institute Leader, Profitably Correcting the Record

 

“Lead, Follow … Or Get Out of The Way”

HUD Code Manufactured Home Production Decline Continues, May Updates

 

 

 

 

 

 

 

What the Manufactured Housing Institute (MHI) Said About March 2019 Shipment and Production Data

May 9th, 2019 Comments off

 

LET’S KEEP BUILDING!” declares one of the Manufactured Housing Institute (MHI) messages about their recent Congress and Expo in New Orleans.

 

The upbeat sound of that message is arguably betrayed by the reality that for the 7th straight month, manufactured housing shipments are down.

But that embarrassing detail is not mentioned anywhere in the MHI release earlier today.

Here’s the meat of what MHI’s statement said, which will be followed by an analysis.

 

MHIlogoMonopolisticHousingInstituteLogoManufacturedHousingInstituteLogoMarch2019ProductionShipmentReport

7,623 New HUD Code Homes Shipped in March 

In March 2019, new manufactured home shipments decreased 13.5% to 7,623 homes as compared to the 8,813 homes shipped in March 2018. Total shipments for March 2019 were 382 homes more than the prior month of February. Compared with March 2018, shipments of single-section homes are down by 18.2% and multi-section homes are down by 9.2%. Total floors shipped in March 2019 decreased 12.1% to 11,859 compared to March 2018.

Of the 7,623 homes shipped in March, there were no homes designated as FEMA units shipped which is generally flat against the five FEMA units shipped in March 2018.

The seasonally adjusted annual rate (SAAR) of shipments was 90,459 in March, down 1.9% from the adjusted rate of 92,195 in February. The SAAR corrects for normal seasonal variations and projects annual shipments based on the current monthly total.

In March, 134 plants representing 34 corporations reported production data which is the same number of active plants and corporations as in February 2019.

##

The video below is from about prominent MHI member, Nathan Smith and SSK Communities. It is not related to their economic report, other than as food for thought as to some of the public perception reasons why the industry is struggling.  A clip from this video was part of John Oliver’s viral hit video. 

 

Compare and contrast what MHI said this week vs. what MHARR did days earlier.

 

HUD Code Manufactured Home Production Decline Continues, May Updates

 

While it may not be Jenny Hodges’ job at MHI to explain what the Arlington based trade group’s plan are to address the 7-month downturn, whose job there is it?  We’ve asked several times, and MHI isn’t saying.

 

MHI’s Growth Agenda? Rick Robinson, JD, SVP Manufactured Housing Institute, Preemption Evidence, Writ of Mandamus, and Addressing HUD Code Manufactured Home Shipment Woes

 

One MHI member-producer floated the notion of FEMA shipment related being a factor, but the MHI statement above belies that notion for this cycle.

When purported MHI surrogate George F. Allen asked Cavco’s Joe Stegmayer, still MHI’s chairman, about the shipment drop Stegmayer said:

Joe Stegmayer, Cavco.

Joe Stegmayer, Cavco.

 

George 

Believe inventories of retailers climbed rather suddenly to above comfort levels. Now being adjusted. 

Our view is consistent with Clayton’s that consumer traffic is solid. would add that it appears that credit availability has improved somewhat. 

Another plus: The inventory of all existing homes for sale is near historically low levels.

Absent national economic calamities we are optimistic.”

 

Bear in mind that Stegmayer is an ex-Clayton Homes division president.  He also happens to be under a cloud of last November’s SEC subpoena, at a firm that faces several legal woes. Stegmayer’s comment was referencing this from Kevin Clayton.

kevinclaytonl-warrenbuffettr-inclaytonhomecredittodayonline-postedmanufacturedhousingindustrydailybusinessnewsmhpronews

Kevin Clayton, left, Warren Buffett, right, standing in a Clayton Homes model. Credit, TodayOnline.

Retail inventory correction

Look at RV industry….it is even more severe for them. 

Good news is retail activity remains healthy to work through it.  That’s just one opinion \ view.   

Kevin Clayton

This from a company president reportedly under several federal investigations. It is also from the president who’s conglomerate’s chairman, Warren Buffett is reportedly funding the industry’s opposition, see the reports linked here and here.

 

While others have noted that there were more orders last year to counter long factory backlogs, that fails to address the point that demand at some point slumped, or the backlog would have continued.

Furthermore, industry pros and investors should bear in mind that the RV industry is not in the affordable housing market.  It is an interesting item to look at, MHProNews uses it as a reference too.  But we do so to reflect the point that RVs are outselling MHs by some 5 to 1, when in 1998, MHs outsold RVs by 3 to 2.

Not a peep about that from Clayton, Stegmayer or other senior MHI leaders in public.  Apparently, it doesn’t fit their ‘party line’ or ‘narrative.’

March2019MHARRManufacturedHousingAssocRegReformTop10states8StatesInDeclineMHProNews

 

The issue of a downturn during an affordable housing crisis is serious, as the related reports below reflect.  See two special reports tomorrow morning that spotlight various aspects of this #NettlesomeThings issue.

That’s this tonight’s edition of “News through the lens of manufactured homes, and factory-built housing” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Declining Manufactured Home Shipments More Serious Than Retailers, Communities Being Told

George F. Allen’s Unity Call for MHI, MHARR, and National Association of Manufactured Housing Community Owners (NAMHCO) Examined

Lanham Act, Monopolistic Housing Institute, err, Manufactured Housing Institute, Legal Bullies, and You

MHARR Calls on HUD Secretary to End Discriminatory And Exclusionary Zoning of HUD-Regulated Manufactured Homes

 

“Lead, Follow … Or Get Out of The Way”

 

 

 

 

 

 

 

 

 

 

 

Governor Signs 18’ Wide Single-Section Bill

May 3rd, 2019 Comments off

GovernorSigns18WideSingleSectionBillMHAODailyBusinessNewsMHProNews

The first session of the 57th Oklahoma Legislature completed its third month last week as the Senate and House completed hearing bills on the floor of their respective chamber by the April 25 deadline,” said the Manufactured Housing Association of Oklahoma (MHAO).

 

Governor Kevin Stitt has signed the bill that makes 18’ single sections legally transportable in Oklahoma.

On [April] the 26th Governor Stitt signed HB 1217 which will allow homes not exceeding 18 to be transported upon the Interstate/Defense Highways, effective November 1st,” said the MHAO.

An 18’ wide single section can rival the size of a modest multisectional, without additional installation costs needed for two sections.

 

18WideManufacturedHomeFloorplanSouthTexasMHDailyBusinessNewsMHProNews600

An example of an 18’ floorplan is shown.

Governor Kevin Stitt and legislative leaders are continuing to negotiate the FY20 state budget and an agreement could be announced in the very near future. Sine Die is May 31 by 5:00pm, however depending on the timing of the budget agreement, it is possible legislators will adjourn earlier than that day,” said MHAO.

That said, and while this is useful, the industry is still down from 2018.  See related reports, further below.

That’s this afternoon’s edition of “Industry News, Tips and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Warning – Number 1 Manufactured Housing State, Texas – Reports Month Over Month Rise, Year over Year Shipment Decline Continues

Newly Published Regional State Data Reflects Gainers, Losers in New Manufactured Homes Shipped

 

 

 

 

 

 

Unique Shipping Container Home, Lessons for Factory Builders, Manufactured Home Professionals

April 24th, 2019 Comments off

UniqueShippingContainerHomeLessonForFactoryBuildersManufacturedHomeProfessionalsMHProNews

Spoiler alerts. First, this isn’t a tiny container house.

 

The second spoiler alert is that this video doesn’t give the cost of the completed project.  What we know from other container housing projects is that they are significantly higher than a HUD Code manufactured home.

But what makes this one interesting is that:

·        It was a DIY project.

·        So, the construction cost may well have been ‘closer’ to a similar sized manufactured home, and less than a conventional house.

Here is what their YouTube webpage said.

Seven gray metal rectangles create a stacked array of straight lines on a quiet street in New Orleans. These shipping containers once traveled along the Mississippi River.

Now stationary, they make up the extraordinary home of Kicker Kalozdi, founder of premium bag company DamnDog, and his wife Anne Kalozdi, who is a biomedical engineer. They designed and built this house made out of shipping containers… despite having had no real experience building a house before!

It’s an interesting design.  Another reason to showcase this is that this video has had approaching 300,000 views in about a week online.

ShippingContainerHomeAptTherapyManufacturedHousingMHProNews2019-04-23_2059_001

We’ve observed previously on the Daily Business News on MHProNews that container housing – especially single-section container homes – reflect an kind of American search for the single section HUD Code manufactured home alternative. A single sectional home looks better than a container does for a house. That’s a fundamentally educational or marketing issues. It is a wake up call. It is an opportunity in disguise. 

 

 

That’s this morning’s episode of “News through the lens of factory-built homes, and manufactured housing,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Yurts – Americans Hunt for an Affordable, Single-Sectional Manufactured Home Alternative

Are Americans Hunting for the Single Sectional Manufactured Home Alternative?

Container Houses for Under $40,000, Transported by Flatbed, Construction, LifeStyle Videos

Modular Container Housing to House At Risk Women and Families in Vancouver

 

 

 

 

 

 

Transformational! Old Mobile Home Park Redeveloping Into Small or ‘Tiny House’ Factory-Built Housing Project

April 5th, 2019 Comments off

TransformationalOldMobileHomeParkRedevelopingSmallTinyHouseFactoryBuiltHousingLandLeaseCommunityDailyBusinessNewsMHProNews600

Champion Homes, or Champion Home Builders, is a mobile and modular home manufacturing company that operates as a subsidiary of the Skyline Champion Corporation,” says Wikipedia. Among their operating brands is Silvercrest, located in Corona, CA 92880.

 

Silvercrest is very much in the mix of what is occurring at the “Palm Canyon Mobile Club.”

According to that land-lease communities YouTube page, “Built in the 1940s, the Palm Canyon Mobile Club was showing its age when the owners approached realtor Paul Kaplan about helping to sell new homes in the park.”

Kaplan suggested a fresh start to the development. He promoted the notion of investing in smaller factory-built homes, which they initially referred to as “tiny homes instead of traditional mobile homes. Rather than partnering with a prefab designer or tiny home architect, they chose to work with a traditional mobile home manufacturer because of the scale of the project (100 homes).”

While the nomenclature is the normal problematic mix, no doubt the promoters wanted the search engine optimization (SEO) value of the phrases “mobile home” and “tiny house.”

DefinitionsTerminologyFactoryBuiltHomesMobileHomesModularHomesManufacturedHomesDailyBusinessNewsMHProNews

TrailerHouseMobileHomeManufacturedHomeFactoryBuiltHousingEvolution101MHProNews-MHLivingNews

You must meet people where they are. Terminology must be taught and caught. Make a habit of using the correct terminology.

Working with manufactured home builder Silvercrest, they pushed for a modern, Midcentury-inspired design more fitting of Palm Springs and avoiding some of the hallmark details of conventional mobile homes like ceiling moldings and six-panel doors,” states their YouTube web page, which has had over 500,000 views in about 7 months.

There’s also a stigma against mobile home parks,” explains Kaplan, adding, “You know the whole trailer trash kind of thing, and I think people are re-looking at it and seeing it really provides a nice sense of community.”

Their page said, “The Palm Canyon Mobile Club has a renovated pool and clubhouse with workout room and community kitchen. The houses start at $115,000 for the 600 square foot model, with a $650 monthly rental fee for the site.”

Their video is below. Let’s note once more that the old canard that a video has to be short to be viewed is proven errant by this one.  The issue in part is, does the viewer want to learn about that given topic?  If a viewer finds the video relevant, they will watch it.

 

 

Published on Sep 9, 2018, this video has at the time we posted it 511,939 views, with some 9,900 likes vs. 359 thumbs down from viewers.

Notice that this video dwarfs what Clayton Homes, or the Manufactured Housing Institute (MHI) has produced in the way of views to ‘debunk’ the manufactured home stereotypes.

These are issues that must be carefully considered, because the powers-that-be in manufactured housing continue to put out industry ‘alerts’ and ‘news updates’ that make it sound like they are doing so much to ‘promote’ the industry or address underlying issues.  If so, where’s the beef?  Where are their results?

To learn more, see the articles linked below.  Our sources are telling us that the Omaha-Knoxville-Arlington ‘axis’ are feeling the heat.  They need to, or they arguably have no incentive to change their patterns of behavior.

That’s this evening’s “Industry News, Tips, and Views Pros Can Use” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Independent MH Communities, Retailers – NAMHCO’s Susan Brenton Says What Fueled Break from Manufactured Housing Institute (MHI)

March 30th, 2019 Comments off

 

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It is a principle of good medicine and good business that one must treat the underlying cause(s), and not merely the symptoms of an illness or problem.

 

The headline topic will follow this rapid thumbnail of mobile/manufactured home (MH) history, which will prove useful to new and longtime readers alike.  It will also tee up Susan Brenton’s insights in useful ways for industry professionals, investors, advocates, and researchers.

For decades, part of the business model of the mobile home industry – which later evolved into the manufactured housing industry – was that independent retailers sold homes that went either into ‘mobile home parks’ or onto privately property.

During those decades, while some MH community owners sold and/or rented housing, the more common practice was that they developed and then leased home sites to the buyers or owners of a mobile or later a HUD Code manufactured homes. The bulk of those home sales were made by manufactured home ‘dealers’ or ‘street retailers.’

New manufactured home (MH) communities sprang up, as other communities filled up.

MH Retailers and community owners alike benefited from that long-established business model. Note too that this early business model for the industry served and benefited consumers and MHC residents.

In the 1950s through much of the 1990s, MH Communities had to compete for the business of residents. The stories that have become more common in roughly the last 15 (+/-) years of communities closing, being sold off for big box stores or other forms of multiple-family housing redevelopment were not yet occurring. The related displacements of residents were thus not generating problematic events for those owners, nor vexing headlines for those in the industry. The organization of resident groups in MH Communities to ‘defend against’ their ‘landlords’ is a more recent phenomenon. Why? Because MH residents and MHC managers had an alignment of interests.

 

As long-time or ‘veteran’ industry professionals know, the development of new land-lease communities continued into the 1980s and the 1990s. It was after 2000 that the pace of new communities opening began to slow to a crawl, while community closures for a variety of reasons began to pick up steam, and make often sad news.

 

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Community closures like Lowry Grove sparked protests and headlines. But what has routinely not occurred is a deeper look at what has caused these troubling issues in the first place. Estimates on the numbers of community closures now runs into the thousands.  Meanwhile, consolidators are buying up properties from independently owned MHCs. 

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Thousands of manufactured home communities have closed since roughly 2000. By contrast, relatively few new communities have come on-line. That combination of facts impacts industry, consumers, and government alike.  Affordable housing is being lost, but once again, the root causes of the issues are often misunderstood.

 

While somewhat simplified, millions of MH home owners and thousands of MH professionals that reflect back can see that pattern as an accurate reflection of what occurred.

In the 1980s, some may recall the S&L or savings and loans crisis.  There was turbulence in the housing and finance sectors, but not at the same level as occurred in 2008. There were peaks and valleys in the sales of new housing, including what by then was HUD Code manufactured homes.

 

ManufacturedHousingVsTotalCompletedHomesLegacyHousingS1FilingIPODailyBusinessNewsMHProNews

The use of this graphic here should not be construed to mean that Legacy agrees or disagrees with this thesis. That said, Legacy clearly believes in the future of the business, because they are raising capital to expand their retail base. It was part of their IR information.  This graphic shows the trend lines of both new MH shipments by years, and also the percentage of MH to conventional housing starts.  MH is underperforming on both levels.  The loss of thousands of independent MH retailers is one factor in that milieu. 

 

It was during the resurgence of sales and the production of manufactured housing in the 1990s that several states saw a significant percentage of new single-family housing stock construction were factory-built HUD Code homes.

There are those who say that easy financing fueled that surge in the 1990s. Beyond question, that played a role, because lending is always a factor in robust home sales.

But it is arguably too much to say that easy lending was the only factor. The quality and appeal of manufactured homes continued to evolve after the start of HUD Code homes on June 15, 1976.

The price advantage of manufactured homes over site-built homes remained steady in the 1990s. It was researchers for the Fannie Mae Foundation and Harvard’s prestigious Joint Center for Housing Studies that pointed to such various realities of increasing appeal, durability, energy and purchase cost-savings.  Based on an ever-growing need for new housing stock, those university and third-party level researchers began to project that the trend lines favored a continued growth of the housing market share for manufactured homes.

 

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Why did Belsky miss his predicted date? Because it came before Buffett’s entry into MH? See the more detailed report and video, found here.

 

Belsky was quoted for a time in the literature of the Manufactured Housing Institute (MHI).  But a check of his name today reveals nothing on the MHI website.  Curious?

 

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What Happened?

The two quotes from Belsky above have been pared by the Daily Business News on MHProNews. They should not be thought of as spoken by Belsky as one line after the other. Rather, those two pared thus reflect strong realities that researchers like Belsky recognized.  They are accurate sound-bites that drill down to essential points.

In the 1990s and into the early 2000, there were numerous lenders in the manufactured home space.  Even in the 1980s, there were financial services firms, such as Lenders Services Inc (LSI) or AGIC in cities like Tulsa, OK that acted as middle-men between those banks, S&Ls or other financial institutions and the authorized sellers of manufactured homes.

As the manufactured home repossession rout of the late 1990s and early 2000s occurred, numbers of those finance companies – for example, Ford Motor Credit or the Associates – exited the business. Unlike site-built housing, many of those manufactured home lenders never returned to serve the industry.

By 2003, when Warren Buffett led Berkshire Hathaway bought Clayton Homes, Oakwood Homes, and some associated lending units, the MH industry was down, but not out. As Kevin Clayton said in the video in the report linked here, their firm used to have a road show that met with investment capital sources to raise capital to finance manufactured homes via their own captive lender. At the time, Clayton wasn’t in first or second place among the top producers or sellers of manufactured housing, that was still Fleetwood and Champion.

With Buffett’s deep Berkshire pockets, Clayton Homes need to fret about raising capital to finance new home sales vanished for Kevin Clayton and his firm’s team. Clayton said in the video on the page linked above that it was like saving several weeks a year in time, just because capital and reporting demands had been dramatically reduced.

Wall Street’s taste for MH finance paper had soured by 2004, so Berkshire owned Clayton had more than one strategic edge in the marketplace.

After the 2008 mortgage/housing collapse, which somewhat followed the pattern that occurred in manufactured housing a decade earlier, new starts in conventional housing sank like a rock. So did the values of existing housing. As Belsky observed, credit is part of the lifeblood of all housing.

By the time that Tim Williams from Berkshire owned 21st Mortgage Corp issued the first of his 2 now infamous letters linked here, that cut off of lending effectively took out or ‘knee capped’ numerous independent retailers.  That must not be thought of as a once and done event, as insider tips have revealed that it has occurred on floorplan lending by 21st more recently too.

That loss of thousands of retailers, chronicled in part by the Atlantic, IBISWorld and others, disrupted manufactured housing in several ways.  What they never identified, that tips by insiders to MHProNews did, was what arguably was a key that sparked that collapse.

In no particular order of importance, the loss of independent retailers impacted the following:

  • harmed the interests of the independent producers of HUD Code manufactured homes that sold largely or exclusively through those independents. Several long-time producers were put out of business, why?  In part because of the cascade or domino effect of losing their retailers.
  • The loss of street retailers also harmed the interests of independently owned manufactured home communities (MHCs). Because most communities relied upon retailers to fill their spaces, when retailers vanished, so did many of those new arrivals into MHCs.
  • Needless to say, nearly all aspects of manufactured housing that supply the industry were harmed. From suppliers, vendors, service, utilities, financial services, installers, transporters, experts or consultants, etc.  Lose sellers, production is lost, and a downward spiral occurs. Who benefited?  Consolidators.
  • The loss of independent retailers also harmed the interests of consumers and residents in manufactured home communities. Consider this point, among many that could be listed.  So long as a community is at or near capacity, much like a conventional housing subdivision, the only way to ‘get in’ is to buy an existing home.  That protected the value of those home owners.  When new communities are no longer were being built at the historic pace, and existing communities’ lost residents for a variety of reasons, imbalances occurred.
  • Those imbalances harmed the interests of most independently owned MHCs, and it harmed the interests of the residents in those communities too.
  • Until more land lease communities began to sell their own homes, vacancies meant that their property values were reduced.  These factors harmed consumers and independents, but could be construed to have made property values lower, and thus aided in the consolidation of communities into the hands of consolidators.

 

While there is more to that historical outline, that is sufficient to set-the-table for the comments of Susan Brenton to other independents Thursday afternoon, 3.28.2019.

 

What Susan Said…

Susan_BrentonManufacturedHousingCommunitiesAZ-DailyBusinessNewsMHProNewsNAMHCO

Brenton wears more than one hat, including duties for the new NAMHCO trade group.

Susan Brenton from the National Association of Manufactured Housing Community Owners (NAMHCO) shared several examples of issues that from her perspective and that of her community owner/members that the Manufactured Housing Institute (MHI) had failed to resolve for years.

In some cases, per Brenton, there were issues that she raised with the Arlington, VA based MHI that they were uninterested in addressing.

Let’s look at an example she gave.

While MHI is posturing with their members to this day that they are working with the Government Sponsored Enterprises (GSEs) to get more lending, NAMHCO has taken that ‘bull by the horns’ and began making a direct effort.

In doing so, they learned that locally based team members of Fannie Mae didn’t even know what manufactured housing was.

That’s stunning, given that the Duty to Serve (DTS) manufactured housing became federal law, in good measure though the efforts of the Manufactured Housing Association for Regulatory Reform (MHARR) to get that into the Housing and Economic Recovery Act (HERA) of 2008.  Rephrased, more than a decade after HERA and DTS became law, and Fannie Mae officials that Brenton and her colleagues met with had no clue what a manufactured home was?

That speaks volumes.

That also begs these questions. How can the GSEs claim to be fulfilling their Duty to Serve Manufactured Housing when their own team has examples of employees unaware of what our industry does?  How sincere can the GSEs be at fulfilling the law, when their staffers have so little understanding of the industry that they are supposedly going to serve as mandated by federal law?

 

MHARRMarkWeissIfCongressHadMeanttheDutytoServeToBeOptionItWouldNotHaveCalledItADutyDefintionofDutyIsMandatoryResponsibilityDailyBusinessNewsMHProNews

 

Another discovery Brenton shared with independent retailers, producers, and other attendees on Thursday was the following. There were potential avenues for ‘carve outs’ from the Consumer Financial Protection Bureau’s MLO rules that MHI was reportedly disinterested in addressing. Brenton was reportedly told by their staff that MHI’s plate was too full to consider working with another group Brenton and her colleagues encountered that was doing seller financing.

MHI was too busy to consider working with them, even though Brenton and their communities were dues paying members.

Out of frustrations like those that clearly harmed the interests of independently owned communities, community associations broke ranks from MHI.  Here is how Neal Haney put it.

NealTHaneyNAMHCOWhyBreakawayfromManfuacturedHousingInstituteMHI

Once the rules of engagement and methods used by an opponent are better understood, then one can often predict what will follow. 

 

It remains to be seen what NAMHCO’s direct lobbying efforts with the GSEs will produce. But at least an effort is being made.

What in hindsight is increasingly clear is that the ‘smoking gun’ of the letter by Williams at 21st not only harmed the interests of independent retailers and producers of HUD Code homes.  It arguably likewise harmed the interests of independently owned communities, residents, lenders, and others in the industry supply and services chain.  Never forget that even U.S. Bank, who was doing profitable and successful lending in MHVille post 2003, finally exited the business after MHI failed to head of the implementation of the rules of Dodd-Frank.  U.S. Bank cited low sales volumes and the regulatory risks from making those loans.  Other examples could be named, but that makes the point.

 

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Some Takeaways from Fix the MH Industry Tricks Meeting

We will return to some of the other lessons and insights from Thursdays “Fix the MH Industry Tricks” meeting in the near future.  But for now, let’s note the following ones.

The school of hard-knocks from the domino effect of what Berkshire brands arguably caused as outlined in the account here is one that continues to be unpacked. Millions of residents, and thousands of independent owned businesses have been harmed.

Meanwhile, Arlington, VA based MHI did…what?  They certainly appear to have taken the Omaha-Knoxville party line. Whatever seemed to be contrary to that Omaha-Knoxville-Arlington axis’ goals went unaddressed.  That’s not just true for communities, it is true for retailers too.

 

EnhancedPreemptionMHIWebsiteSearch

ManufacturedHousingAssociationRegulatoryReformMHARREnhancedPreemptionDailyBusinessNewsMHProNews

Some pundits, such as blogger George F. (F?) Allen have attempted to mischaracterize the work of MHI and MHARR. MHI clearly says of themselves that they represent “all segments of factory built housing,” that means retail, communities, lenders, suppliers and the like, not just producers. By contrast, MHARR clearly says that their focus is on the interests of the producers of HUD Code manufactured homes. So while MHARR has an indirect interest in lending, communities, or retail, that is not their mission. That said, MHARR members and leaders have voted to support the establishment of new post-production groups that would faithfully represent the interests of retailers, communities, and other segments of the industry. Allen’s characterization is arguably false, erroneous, or deliberately misleading. What is sadder, perhaps, is that Allen and Spencer Roane claim to represent the interests of communities. If so, why don’t they loudly and proudly call out MHI and Omaha-Knoxville for the ways that they’ve harmed other communities, and independents at large?

 

Brenton told the retailers, independent producers of manufactured homes, and the other interests represented Thursday at the “Fix the MH Industry Tricks discussions that she absolutely saw the value to creating a new non-production trade group that retailers and others could participate in.

What she implied was clear, as Haney or MHI award-winner Marty Lavin has previously said. If the interests of the big boys don’t align with those of the independents, it is only the big boys that benefit from MHI.

 

SoTheAssociationMHIIsNotThereFortheIndustryUnlesstheinterestsoftheBigBoysJointheIndustry'sMartyLavinMHIAwardWinnerQuoteMHProNews

MHProNews looks at the facts, considers the sources, and follows the evidence. MHI earlier last year, and for years before, MHI routinely replied promptly to all inquiries. But since we’ve spotlighted the problems and concerns, they’ve gone silent. Why? If the facts are on their side, why not make offer a cogent explanation?

 

Closing Notes of Keen Importance – Who Didn’t Come

Despite being personally invited to attend, neither Kevin Clayton, Joe Stegmayer, Tim Williams, Tom Hodges, or any MHI staff leaders opted to attend.  Why not?

 

EmailKevinClaytonHUDTimWilliamsMarch222019

These are some of those who have been invited to attend. We blocked out the specific email address, to respect their professional privacy. But the company or organizational names are shown on the above.

 

They were given the specific opportunity to explain or debunk to the industry attendees their respective views regarding the various allegations made by MHProNews, MHLivingNews, MHARR, NAMHCO, and a variety of others.  Their silence is their constitutionally protected right. But their silence also leaves the record of our publishing unchallenged. Our allegations stand on the merits of their own words, documents, follow-the-money trail and trend lines, plus that Kevin Clayton video evidence.

Two ‘publishers’ of MH industry news were also specifically invited by our publisher to attend the “Fix the MH Industry Tricks” meeting. One of those two was Darren Krolewski of MHInsider.  Apparently coming and perhaps having to write about the meeting wouldn’t fit their pro-Clayton, pro-MHI, pro-big boy narrative?

Maybe that is why their magazines go largely un-picked up at Tunica and elsewhere?

MHInsiderDailyBusinessNewsMHProNewsTunicaShow2019Day2

A photo of another rack at Tunica appears almost untouched. The industry’s pros, given a choice between fluff and reality often chose the real deal.

 

The other publisher specifically invited was one that privately called Clayton “evil,” but he nevertheless said he didn’t want to buy into the concerns over antitrust and other legal or MHI related issues.  That same publisher that thinks that Clayton is evil” said he wants to get along Clayton and MHI, and gladly publishes only “fluff” that makes the industry “look good.”

But how does one cure a problem who’s root causes are largely going unaddressed? Once more, one is left with the medical or good business practices analogy mentioned at the top of this article.  If the only thing that is dealt with are symptoms, then the core issues will continue to fester.

 

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Finally, while not specifically invited, other industry bloggers and writers failed to make the “Fix the MH Industry Tricks” scene. Where was George F. (F?) Allen?  Where was Spencer Roane, Kurt Kelley, Suzanne Felber, or others?  Did they not want to hear accounts like those of Brenton, that might shake up their “inclusive,” self-serving, and ‘happy talk’ industry views? These are not meant as personal slams against any of those mentioned, who can be very pleasant people. Rather, these are valid questions as to what drives those that publish content that industry readers are supposed to ‘learn’ from.

One of those that wasn’t able to attend that was among those that said they wanted to said this. ‘You guys are the only publication [MHProNews] that deals with the realities of manufactured housing.  Thanks for telling it like it is and standing up for the [interests of] independents in the industry.’

As the above should also reflect, standing up for independents is also standing up for the legitimate rights of consumers. When the system is rigged, there are a variety of consequences that arguably harms taxpayers, potential and current manufactured home owners, plus the businesses that seek to serve them.

That’s this Saturday’s manufactured home “Industry News, Tips, and Views, Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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HUD Proposes Ending Manufactured Home Formaldehyde “Health Notice”

March 22nd, 2019 Comments off


HUDProposesEndingManufacturedHomeFormaldehydeHealthNoticeDailyBusinessNewsMHProNews600 

Let’s be clear. For years, not only manufactured housing, but other forms of housing had formaldehyde.  The health notices that were required in manufactured homes were arguably discriminatory.  Science says there can be more formaldehyde in parts per million (PPM) in the normal person’s breath than there used to be in the components going into manufactured homes, or other forms of site-built conventional housing.

 

 

That doesn’t mean that for a tiny minority that it wasn’t a potential issue. It just means that it was arguably unfair to place a notice in manufactured homes that were not also placed in other forms of construction too.  After all, the emissions came from components that went into conventional housing, as well as manufactured homes.

 

2019-03-22_2021FormaldehydeEmissionsstandardsDailyBusinessNewsMHProNews

Provided under fair use guidelines for media.

 

That said, that small level of formaldehyde has been dropping due to changes made possible by free enterprise and advances by firms in the production supply chain.

 

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With those quick backdrops, tonight’s report from the Manufactured Housing Association for Regulatory Reform is another piece of potentially good news from HUD.  Here’s what the Washington, D.C. based MHARR told the Daily Business News on MHProNews earlier today. Note, the illustrations are by MHProNews, not MHARR.

 

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MARCH 22, 2019

 

 

TO:                  MHARR MANUFACTURERS

                        MHARR STATE AFFILIATES

                        MHARR TECHNICAL REVIEW GROUP

 

FROM: MHARR

 

RE:                  HUD PROPOSES RULE TO ADOPT EPA FORMALDEHYDE STANDARDS — ELIMINATE FORMALDEHYDE “HEALTH NOTICE”

 

The U.S. Department of Housing and Urban Development (HUD), in the March 22, 2019 edition of the Federal Register, has issued a proposed rule that would amend the Federal Manufactured Housing Construction and Safety Standards (24 C.F.R. 3280) and Procedural and Enforcement Regulations (24 C.F.R. 3282) to incorporate formaldehyde emission controls and related certification requirements previously adopted by the U.S. Environmental Protection Agency (EPA) pursuant to the Formaldehyde Standards for Wood Products Act of 2010. HUD’s action implements a directive in that law, requiring HUD to update its manufactured housing formaldehyde standards to ensure consistency with the EPA standards, within 180 days of the enactment of the EPA standards.

 

Given the statutory nature of this mandate, MHARR, in comments before the Manufactured Housing Consensus Committee (MHCC), at its October 25-27, 2016 in-person meeting, and in separate regulatory reform comments pursuant to Trump Administration Executive Orders 13771 and 13777, submitted to HUD in June 2017 and February 2018, specifically called on the Department to repeal the red formaldehyde “health notice” currently required by section 3280.309 of the federal manufactured housing standards. Emphasizing that the new EPA requirements apply to composite wood building materials across-the-board, and that “manufactured homes utilize the same construction materials as site-built and other types of homes,” MHARR stated that the “discriminatory requirement [for] each manufactured home [to] prominently display” the red formaldehyde “health notice,” must be repealed.

 

And now, based on MHARR’s position on this matter, HUD is planning, as part of its March 22, 2019 proposed rule, to eliminate this red formaldehyde “health notice” which has been a subject of significant controversy – and a discriminatory impediment to the industry and its growth – for over three decades.

 

Comments on HUD’s proposed rule must be submitted by April 22, 2019.  MHARR, as usual, will submit comments in advance of the deadline, which may be cited by other interested parties.  This matter, in addition, will be addressed at MHARR’s upcoming Board of Directors meeting.

 

 

cc: Other Interested HUD Code Industry Manufacturers

 

— 30 —

ChampionHomesOpeningNewManufacturedHomeFactoryLeesvilleLAMHProNews

This is consistent leadership on the production side of association engagement.  Where is there a similar level of engagement by the Manufactured Housing Institute (MHI) on post-production issues? Why do even pro-MHI sources tell MHProNews, for example, that Arlington, VA based MHI at last report had not contacted or engaged the latest city to announce that it wanted to ban manufactured housing?

Watch for a special report planned for the next few days.  If you haven’t already made plans to attend the 2019 Tunica Manufactured Housing Show, come but make sure you are there Thursday afternoon, March 28th, for a special event. That’s manufactured home “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

 

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Investors, Professionals, Planners, Advocates – Examining Affordable Manufactured Home Industry Market Potential

March 13th, 2019 Comments off

 

InvestorsProfessionalsPlannersAdvocatesExaminingAffordableManufacturedHomeIndsutryMarketPotentialDailyBusinessNewsMHProNews

There are already some 22 million in the U.S. living in
pre-or-post HUD Code homes, but what is the potential for the market?

 

Several reports independent of the manufactured housing industry in 2018 established the value of modern manufactured homes.  Several stated that manufactured homes were an important part of the solution for the affordable housing crisis.

A summary on several of those third-party studies that reflected positively on manufactured homes is linked here and further below, following the byline and notices.

So, there are already groups that see the value of manufactured homes, but there are also those outside of MHVille that think of our form of factory-built housing as homes for the poor, working, or lower middle class.  Some in our industry believe something similar. But is that a fair assessment?

The short answer to that subtopic is ‘yes and no.’ How so?

On the one hand, researchers reveal that the average income of HUD Code manufactured home residents is significantly lower than that of conventional housing. That’s a large market that is worth serving.

But it would ignore the reality that thousands who make far more than the average – and chose manufactured home living. Manufactured homes are desirable regardless of income.

  • MHLivingNews has interviewed millionaires who live in manufactured homes. There are also reports there of billionaires who own manufactured homes – even a single sectional.
  • MHLivingNews has also interviewed upper middle class owners of manufactured homes. There are likewise numbers of prior owners of conventional housing that own and praise their manufactured homes.
  • There is also Kid Rock video with the performer, his Rolls Royce, private jet and his manufactured home.

 

KidRockRollsRoyceManufacturedHomePoDunkOffiicalVideoDailyBusinessNewsMHProNews

Kid Rock – Po-Dunk [Official Video] Published on Jul 13, 2017 – 23,196,137 views, as of 3.13.2019 at 1:35 PM ET.

Which bring us to the broader question. Given the fact that numbers of upper-middle-class, plus some millionaires and billionaires have a manufactured home, what is the manufactured housing market potential? Let’s look.

First, to understand the answer to the question, first time readers and those new to manufactured housing must realize that for decades, there have been upscale manufactured homes and entry level HUD Code homes. It is somewhat similar to entry level cars, boats, RVs, other big ticket item industries.

With those thoughts in mind, here’s a snapshot of who could be a potential manufactured home customer.

  • Renters,
  • First Time Home Buyers.
  • Upsizers – including those who may own a conventionally built or other house, but want a larger floorplan home,
  • Downsizers – including those who own a conventional housing unit,
  • Retirees, and
  • Second or vacation home seekers.

 

Rephrased, almost anyone who is properly exposed to the realities vs the myths might want a manufactured home. Renters alone represent some 100,000,000 in the U.S., per CityLabs. iPropertyManagement says that about 33 percent of all households are in rental housing.  That one demographic group – renters – is enough to keep manufactured home producers busy growing in a sustainable way for years to come.  And the 2018 research by the National Association of Realtors (NAR) reflects the fact that millions of those make enough money to qualify for a manufactured home.

 

 

One more Factoid – What’s the Potential in Your Market?

Pointing to Census Bureau information, Melisa Data says that every year in the U.S. “an overall percentage of 14.19 percent annually” are moving from one housing unit to another. That means about 1 in 7 on average in your market are going to be moving every year.  Imagine that every 7th driver, every 7th person at a store, house of worship or wherever you encounter Americans are going to be moving this year.

Viewed as a marketer or sales professional should see this, that’s a huge and ongoing pool of potential prospects. Which begs the following questions.

  • So why are so relatively few prospects coming into your manufactured home community or street retail sales center?
  • Why are significant numbers of those coming into a sales center or community credit challenged than the pool seeking conventional housing?

Each of those 2 bullets are marketing, public relations, and educational issues.  But the fact that some prospects are well qualified, means that others like them can be attracted too. The fact that some millionaires and billionaires own a manufactured home, mean that more could be attracted too.  A look at the data with clear eyes tells the savvy that properly understood, the potential for manufactured housing is astronomical.

Which also means that the industry is underperforming, and it also means that those willing to apply the Sam Zell dictum could soar.  “When others are going left, look right.”  That ‘right’ is manufactured homes, communities, and other segments of the business.  Many underperforming means others could and should be outperforming and wildly prospering.

 

2018DataShareofHousingMarketManufacturedHousingInfographicDailyBusinessNewsMHProNews612

 

 

Bottom Line Takeaways for Industry Professionals? 

Whatever the agenda or reasoning process of others who seek to explain manufactured housing’s relatively low performance, the outline above reveals something brighter and more opportunity laden.

It’s an obvious advantage to be able to sell a product or service that costs less than competing alternatives. At present, manufactured homes are the lowest cost permanent housing choice made in the U.S. or Canada.  Here in the U.S., manufactured homes have the advantage of enhanced preemption. There are also multiple story options for manufactured homes that are rarely consider outside of this publication.

 

InfographicMobileManufacturedHomeManufacturedHousingIndustryFactsDataResearchMobileManufacturedHomeLivingNews

 

Those looking to explore this potential for their own business or location should check out the article linked from the text-image box below.

 

Rocking Manufactured Housing Shows, Events, and Marketing Promotions

 

The trump card the industry must use are the power of enforcing existing federal laws. Enhanced preemption is just one of the existing laws that could catapult the industry ahead, at the local level.

 

 

There are numerous reasons for a motivated operation with sufficient access to capital and other resources to be able to grow significantly.

 

 

The facts outlined herein provide reasons for the industry’s investors and professionals to grow at a far more robust clip.  Some of the reasons that the industry isn’t growing faster are found in the linked reports, below. “We Provide, You Decide” © ## (News, analysis, commentary.)

 

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NOTICE: You can get our ‘read-hot’ industry-leading emailed headline news updates, at this link here. You can join the scores who follow us on Twitter at this link. Connect on LinkedIn here.

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3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

 

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Cavco Industries Woes Mount, Official, Unofficial Insights, Broader Manufactured Home Industry Impacts?

February 14th, 2019 Comments off

 

CavcoIndustriesWoesMountBroaderManufacturedHousingImpactBeyondTheirBrandsDailyBusinessNewsMHProNews600

Thank you. And before we begin, please be advised that comments made during this conference call by management will contain forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements of expectations or assumptions about Cavco’s financial and operational performance, revenues, earnings per share, cash flow or use, cost savings and operational efficiencies,” said Mark Fusler, Director of Financial Reporting for Cavco Industries (CVCO), per the Motley Fool’s official earnings call transcript.

 

Some factors that may affect the company’s results include, but are not limited to the risk of litigation or regulatory action arising from the subpoenas we received from the SEC, the risk of potential litigation or regulatory action arising from the SEC related internal investigation and its findings, potential reputational damage that Cavco may suffer as a result of matters under investigation, adverse industry condition, our involvement in vertically integrated lines of business, including manufactured housing, consumer finance, commercial finance and insurance, market forces and housing demand fluctuations, our business and operations being concentrated in certain geographical region, the loss of any of our executive officers, federal government shutdown, and extensive regulation affecting manufactured housing,” said Fusler for Cavco.

This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast Tuesday, February 5, 2019. Cavco undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the date of this conference call, except as required by law,” Fusler stated before turning the call over to Daniel L. Urness, President and Acting Chief Executive Officer of Cavco.

One could unpack those disclosures at great length and depth.

But what was not directly stated was that the number of shareholders plaintiffs’ attorneys doing “investigations” of Cavco and CVCO stock has mounted. It’s about a dozen known firms, to date – and while it is implied by Fusler – it is not bluntly stated.

Nor was it directly said that Cavco continues to take several preparatory moves, per legal sources, that make it clear that they expect a potentially protracted legal battle over the Stegmayer-SEC subpoena reported issue. That too may be construed as implied, but was not stated.

 

 

The Curious Case of Cavco and Joe Stegmayer?

There are communications that have been sent to MHProNews as news tips that have occurred since he stepped down as chairman and CEO of Cavco that some might interpret as Stegmayer exercising more leadership at Cavco than his current job title may imply.

The fact that Stegmayer is still Chairman of the Manufactured Housing Institute (MHI) Executive Committee ought to be of interest too.

 

CavcoIndustriesWikiPage2142019ManufacturedHousingIndustryDailyBusinessNewsMHProNews

Why? Several possible reasons, per sources that include, but may not by limited to the notion of “derivative liabilities.” We will explore that topic in an upcoming report.

But look again at this part of Fusler’s disclaimer statements: “...market forces and housing demand fluctuations, our business and operations being concentrated in certain geographical region, the loss of any of our executive officers, federal government shutdown, and extensive regulation affecting manufactured housing…”

Which of those plaintiffs attorneys investigating Cavco have begun to uncover the various concerns about alleged market rigging or related that has been raised by MHProNews, MHLivingNews, MHARR and others? Which shareholders investigators have connected the relevant dots between Cavco, Clayton, and MHI?

Or who at the SEC is doing so?

How many of those shareholders attorneys or the SEC have had staff pouring over reports published here or elsewhere about Stegmayer, Cavco, Clayton, and MHI?

Without revealing sources and methods, it is common-sense to think that such research is the underway. If so, doesn’t that mean that Cavco’s legal bills and exposure will mount?

 

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To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

 

But the market’s investors are apparently beginning to regain a measure of confidence in Cavco. They may – correctly or incorrectly – think the worst is over for CVCO, and that the stock is now “a value” in the Warren Buffett sense of the term.

 

 

CavcoIndustries2142019ManufacturedHomeIndustryNewsDailyBusinessNewsMHProNEws

 

The storm brewing over Cavco could disrupt more than what some in MHVille, the investment community – or even in Phoenix, Knoxville, and Arlington –  may currently believe. MHProNews will do follow up reports that will continue to unpack what is occurring in the developing case.

 

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To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.  

 

Until the next report, note as a disclosure that MHProNews’ management holds no position in any tracked stock in our evening markets report, nor plans to open a position in the next few days.  Some prior reports can be accessed from the text/image box below.

 

What’s Coming at Cavco Industries (CVCO), Plus Manufactured Housing Industry Stock Updates

 

But we are keenly interested. As the #1 read, and pro-sustainable growth manufactured housing trade media, plus consulting, and professional services provider, we wonder aloud why certain steps have not yet occurred at MHI, their member companies, including Cavco, Clayton, 21st Mortgage and others haven’t already occurred?

Stay tuned, because more is almost guaranteed to be revealed. And if so, will it once more send shock waves though Cavco, or others?  “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

NOTICE: You can get our ‘read-hot’ industry-leading emailed headline news updates, at this link here. You can join the scores who follow us on Twitter at this link. Connect on LinkedIn here.

NOTICE 2: Readers have periodically reported that they are getting a better experience when reading MHProNews on the Microsoft Edge, or Apple Safari browser than with Google’s Chrome browser. Chrome reportedly manipulates the content of a page more than the other two.

(Related Reports are further below. Third-party images and content are provided under fair use guidelines.)

1) To sign up in seconds for our MH Industry leading emailed news updates, click here.

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To see a sample of our emailed news update, click here. To sign up for the factory-built home industry’s #1 headline news, click here or the graphic above.

2) To pro-vide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Re-sources

SoheylaKovachDailyBusinessNewsMHProNewsMHLivingNewsSubmitted by Soheyla Kovach to the Daily Business News for MHProNews.com. Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.

 

Related Reports:

You can click on the image/text boxes to learn more about that topic.

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