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Posts Tagged ‘modular home news’

Lexington man Sentenced in Federal Fraud case

November 29th, 2011 Comments off

Department of Justice  logoMHProNews has learned that 32 year old Robert C. Sasser of Lexington, South Carolina was sentenced in federal court on November 28th for wire fraud. In a case handled by U.S. Attorney Winston D. Holliday, Jr., United States District Judge Margaret B. Seymour sentenced Sasser to three years’ imprisonment and ordered payment of approximately $1.6 million in restitution to Wells Fargo Bank.  A Federal Bureau of Investigation (FBI) press release stated that a change of plea hearing established Sasser was a realtor and mortgage broker doing business in West Columbia.  Sasser was involved in eight real estate transactions involving “modular homes” from the Aiken Housing Center (AHC) and a private residence. Wachovia Mortgage Corporation (WMC) financed the eight mortgage loans for approximately $2.5 million. All the loans were collateralized by what was cited as modular homes that were deemed significantly overvalued. Loan documents demonstrated multiple misrepresentations that made the loans fraudulent, including grossly misstated income and asset information, forged signatures, and improper down payments. Due to subsequent foreclosures, the amount of loss suffered was approximately $1.6 million, owed to Wachovia’s successor, Wells Fargo.

(Image credit: Department of Justice logo)

 

Inspector General’s report tags the FHFA’s handling of GSEs.

September 27th, 2011 Comments off

fhfa logo posted on MHMSM.com MHProNews.com 9-11Housingwire reports on a study by The Office of the Inspector General that reveals that the  Federal Housing Finance Agency  (FHFA) lacks the staff to properly monitor the mortgage giants in conservatorship.  The study also indicates the FHFA failed to provide adequate oversight over default services legal issues. The Inspector General’s office wrote that it “identified shortfalls in the  agency’s (FHFA) examination coverage, particularly in the areas of real estate owned and default-related legal services,” which they blame on the staffing shortages. “Fannie Mae’s lack of an acceptable and effective operational risk management program may have resulted in missed opportunities to strengthen the oversight of law firms it contracts with to process foreclosures,” according to the auditor’s report. “Given Fannie Mae’s history of noncompliance, (the Office of the Inspector General) believes that the agency must exercise maximum diligence and take forceful action to ensure that Fannie Mae meets the agency’s expectations in this regard. Otherwise, FHFA’s safety and soundness examination program, as well as its delegated approach to conservatorship management, may be adversely affected.” Edward DeMarco, acting director of the FHFA, said the agency is having trouble hiring experienced examiners.  Potential applicants don’t want to move to Washington when there is the perception that the government-sponsored enterprises (GSEs) will eventually go away. The FHFA has 120 examiners and plans to hire another 26 more, but “has expressed concern that its current hiring initiative will neither enable it to overcome its examination capacity shortfalls nor ensure the effectiveness of its 2011 reorganization,” according to the inspector general’s report.

(Graphic credit: FHFA logo)

Bender MH community sells to developer

September 27th, 2011 Comments off

Bender_MH_community_location,_Ft_Collins_CO_google_mapsColorodoan reports that Bender Mobile Home Park has sold to a developer who plans to redevelop the location as single family housing. Located at 912 Wood Street in Fort Collins, CO, the property has 16.7 acres, some two dozen factory built homes and some site built housing structures on it already. Developer Gino Campana traded other property he owns to the Howard E. Bender Revocable Trust, owner of the Bender MHP. Campana said he is working with the city and their resources to help relocate the residents, many of whom have lived their for decades. Residents have been notified they have roughly six months to move.

(Graphic credit: Google Maps)

Baywatch’s Pam Anderson as your “upwardly mobile” neighbor, 2+2MH Sells for 2 Million Cash

September 27th, 2011 Comments off

2Mil MH in Malibu next door to Pam Anderson3in1 Wikimedia and AOL RE, photo collage by MHProNews.comCurbed, AOLRE and MyWestTexas are among the many to report that the most expensive manufactured home sale of the year has closed in Paradise Cove manufactured home community in Malibu, CA.  The home listed for some 2.5 million and was sold for 2 million dollars –  ‘all cash.’  It is a two bedroom, two bath multi-sectional with garage.  It boasts Baywatch star Pam Anderson as a neighbor, along with stunning views of the Pacific Ocean from the bluff it is perched upon.   The story is related to one MHProNews.com reported on previously – Malibu and Maxey remind us that some mobiles are worth millions – here in the Daily Business News.  Sources report that this is not the price record here, as some manufactured homes have sold in the 2.5 million dollar price range prior to the real estate downturn.

(Photo Credits: AOL RE and Wikimedia Commons)

Canadian Solar Decathlon Entry Blends design with cultural sensitivity

September 27th, 2011 Comments off

Team Canada solar decathlon photo CleanEnergyAuthorityClearnEnergyAuthority reports that Team Canada’s entry in the 2011 Solar Decathlon in Washington D.C this week uses native cultural design for their solar home. “In Canada, and I’m sure in North America, cultural considerations have been largely left out of the process of building homes, and that omission doesn’t represent the different needs of First Nation cultures,” said Johann Kyser, aboriginal relations team manager. Kyser says that First Nation citizens in Canada are restricted in regards to housing rights. One law states that a house built on First Nation reserve land becomes part of Canada, instead of remaining sovereign.  “That’s why we are creating a modular structure,” said Kyser. “We are hoping this becomes a means to allow first nations to develop and build equity and leverage.” “Mold and burn are critical problems in First Nation housing right now,” Kyser said. “Rates of fire are twice that in non native communities. So, we are using magnesium oxide as a building material, which is impervious to mold and fire—beyond the culture and beyond the technology, we are creating safety.” “Aboriginal cultures are very connected to the land and spirituality,” said Kyser. “One of the things we look to is the medicine wheel—each of the four colors on the wheel symbolizes a connection to the elements. One of the places you will really see this connection to color in the home is painted on the winter count, on the canvas under the roof. We worked with the community to explore what their values are—it’s an active system and an integrated system, as well.”

(Photo credit: CleanEnergyAuthority)

 

High-End Texas modular builder debut

September 27th, 2011 Comments off

Lake|Flato Porch home, extending the living space using porches and decks, photo MySAMySA reports that American Institute of Architects award winning Lake|Flato Architects has entered the modular/prefabricated home field with a new subsidiary. Lake|Flato Porch House is building Leadership in Energy and Environmental Design (LEED) certified modulars in Navasota TX, near Houston. “What Lake|Flato does particularly well comes into play,” said Lake|Flato architect Bill Aylor. “Yes, this is modular construction, but we’re still applying our design expertise on how we can respond specifically to different sites.” “You still have to be able to personalize the design and adapt it to the site,” said Ted Flato, principal at Lake|Flato. “Each project is an attempt to come up with something new.” The 17 foot wide modules can be built to net zero energy standards, using solar panels. Designing and building a home with an architect is often a two-year process. But going with the modular design can compress that time period to between six and nine months, Flato said. Costs for a completed and delivered Porch House will run between $150 and $225 per square foot, plus design services vs. about double that for a traditionally built Lake|Flato house. “It’s a very affordable way to use an architect, but it’s not going to work for everyone,” Flato said. “This is not for someone who doesn’t care what their spaces are like.” The firm is looking for other locations in various parts of the U.S., as they believe a 500 mile radius from Navasota is about what the current production facility can cost effectively service.

(Photo credit: MySA)

Adventure and Granger love Louisville

September 16th, 2011 Comments off

Kentucky Exhibition Center - credit Wikimedia Commons - posted MHMSM.com, MHProNews.com Ron Thomas, Sr., Chairman of the  Midwest Manufactured Housing Federation (MMHF), said: “I’m happy to tell you the Louisville Show is scheduled for January 11, 12, and 13.  Everyone I talk to is very pleased the show is moving forward in 2012.”  As if to underscore Thomas’ point, Wally Comer, President of Adventure Homes, told MHProNews.com that: “I went to the (January 2011) show very skeptical; prepared for the worst and hoping for the best.  Was I surprised!  We had lousy weather on day one and still entertained a good crowd.  On day two, the crowd got larger and business got better.  Adventure is having a very good 2011 and I attribute our strong start to our participation at Louisville 2011.” Granger’s Shawn Cravens stated: “Granger Plastics is extremely pleased that the Louisville Manufactured Housing Show is returning to Louisville in 2012, after a great return show in 2011….(The)…2011 show in Louisville showcased an overwhelming number of sales opportunities for us to capture after missing out on the 2010 show. “  Comer added: “Adventure took 5 homes last year; however, this year we will have 6 homes in the show!  We are expecting a larger more enthusiastic crowd …(in 2012).”   Ron Thomas wrapped up his comments  to MHProNews.com by saying: “This year’s show is in a growth mode and we expect the show to be bigger and better than last year.  I would like to invite everyone to come to Louisville 2012, a true “cornerstone event” in our industry.”

(Editor’s note: for more information on the 2012 Louisville Show, please see this link.)

Register FREE online at this link below.

(Photo credit: Wikimedia Commons)

Builder sees bright outlook for future of modular homes

September 15th, 2011 Comments off

modular home ready to ship, wikimedia commonsDCcitybizlist reports that modular home builder Nationwide Homes expects a net increase in the strength of the modular housing as the nation slowly climbs out of recession. Nationwide recently celebrated construction of its 35,000th home.  The firm’s sales activity is picking up since last year, when Nationwide became the country’s first modular homebuilder to be featured on ABC’s “Extreme Makeover.”  “As we look to the future, we believe demographics are on our side,” said Dan Goodin, Nationwide’s vice president of sales and marketing. “Demographic trends already show that most new buyers in the next decade will prefer smaller structures to the large ‘McMansions’ typically built in the last housing boom.” “Land use challenges that didn’t plague the last housing boom will put a cap on the pace at which new development will be started,” Goodin said, adding, “There are considerable obstacles to planned housing developments. Towns faced with fiscal issues also won’t be as eager to build roads, services and schools in outlying areas where all of the development occurred before. Lending institutions are also restricting financing for large projects. As a result, we have a unique opportunity to market the high quality and speed of construction of modular housing to growing numbers of families who will be looking to build their own homes on infill sites or other scattered lot and rural properties. Modular construction is not only faster, but is considerably less disruptive to the build site and surrounding areas.”  Nationwide was acquired by Phoenix, Ariz.-based Cavco Industries, a firm tracked on MHProNews.com factory built housing business daily stock market report.

(Stock photo credit: Wikimedia Commons

Canadian factory builder comes to the U.S.

September 8th, 2011 Comments off

ICI_logoFitsnews reports that Toronto Canada based Innovative Composites International, Inc. (ICI) has announced it will build a new production facility in Orangeburg County, SC.  The $9.3 million investment is expected to generate 300 new jobs over five years. “South Carolina has provided us with an excellent location for our new operations. We are pleased to move forward with plans to locate our new operations in Orangeburg County. We appreciate all the support we’ve received from state and local officials,” said Bryce Clark, Vice President of Manufacturing for ICI. “South Carolina is a pro-business state, and we celebrate ICI’s decision to invest here and create 300 new jobs. This is also another win for one of our rural areas,” said Gov. Nikki Haley. The state and local governments provided various incentives to make ICI’s decision enticing. The turn-key, 880-square-foot houses can be assembled in about two days.  ICI’s homes are earthquake and hurricane resistant. Being in SC provides ICI a close proximity to hurricane and disaster relief situations. The company’s houses provide portable as well as permanent fast deployment solutions for disaster relief situations, mining camps, troop/command shelters and other housing needs. “South Carolina’s business-friendly environment continues to create jobs. We are not only adding a solid manufacturing firm to our state with this announcement, we are also strengthening our ties with our foreign trading partners,” said Bobby Hitt, Secretary of Commerce.

(Graphic credit: ICI corporate logo)

Modulars media darlings? But panelizers have hotter stats

September 6th, 2011 Comments off

LivingHome 2009 BuilderOnlineBuilderonline reports on the phenomenon of modular building being “a media darling.”  Builder’s internal statistics are said to show that modular building articles are among their best read.  Nevertheless, only 3.6% of new construction today is modular, according to the National Association of Home Builders (NAHB) Research Center.   Stick framers successfully protect their market share by doing what it takes to win a bid.  The NAHB’s Research Center’s 7 year statistics reveal that 80% of all single family housing starts are ‘site built.’ The Research Center’s data suggests a more important trend may be the large increase in panelized construction. Panelizers nearly doubled its market share from 5.1% of single-family construction in 2009 to 9.3% in 2010.

(Photo credit: BuilderOnline and 2009 IBS)