Archive

Posts Tagged ‘municipalities’

Abandoned Homes Continuing to Hold Back the Market?

April 24th, 2013 Comments off

According to nationalmortgagenews, banks are the ones walking away from vacant homes these days, starting but not completing the foreclosure process because they do not want the responsibility for maintaining the property, resulting in hundreds of thousands of homes being withheld from the market. In some cases, homeowners who have already left the property are being hit with back taxes, repairs, insurance and unpaid debt. Thomas Fitzpatrick, an economist in the community development department at the Federal Reserve Bank of Cleveland, states “We’re seeing more and more, banks getting a judgment to sell a home but not taking it to a foreclosure sale. It may cost more to cure the back taxes and bring the property up to code than they could ever get from selling the property itself.” Data from RealtyTrac indicates 35 percent of the roughly one million homes in the foreclosure pipeline are abandoned and the servicer has not taken title to the property. Last year the Federal Reserve issued directives requiring servicers to notify borrowers and municipalities when they decide not to pursue foreclosure, but no time line was given and enforcement can be difficult. MHProNews has learned this may be contributing to the increase in prices on existing homes. Says Ruhi Maker, a senior staff attorney at the nonprofit Empire Justice Center in Rochester, N.Y. “I have long been convinced that the current run up in home prices is a false high. Once all these foreclosures are through the system we could see another decline in prices.”

(Image credit: condometropolis)

British Columbia needs more Manufactured Housing Communities

April 10th, 2013 Comments off

Canada.com informs MHProNews MHC owner Larry Gaudreau, noting that communities built in the 1940’s and 1950’s have deteriorating infrastructures that cannot be replaced without moving residents out, says the government needs more affordable housing for these people, as well as to meet future needs. “More than 50 per cent of the people that are going to retire are going to have to use the assets from their house and they are going to be looking for low-cost housing,” he says. Justin Filuk, senior project officer for British Columbia Housing, says, “It is important that all levels of government including municipalities recognize their role in helping to both preserve the existing stock of mobile home pads and to also facilitate the creation of new supply.” Gaudreau says Toronto Dominion Bank has expressed willingness to help finance construction of MHCs on Vancouver Island.

(Photo credit: Wikipedia)

FHA may be Teetering on the Edge

December 26th, 2012 Comments off

Townhall tells MHProNews the Federal Housing Administration (FHA) continues to make risky loans to borrowers with low credit scores and/or high debt ratios. Based on zip codes, these borrowers have an expected foreclosure rate of 15 percent, accounting for 44 percent of FHA loans to people of low to moderate means. Not only are taxpayers exposed to the possibility of a bailout, but foreclosures and the ensuing blight reduce the tax rate, making it tougher for municipalities to provide services to those neighborhoods. Backing over $1 trillion in U.S. home loans, the FHA may be facing a $16.3 billion shortfall by the end of Sept. 2013, according to an article in The Wall Street Journal. FHA is attempting reforms that may or may not be successful, but time may be running out for an effective correction to be made.

(Image credit: FHA)

Small Town Considering MH Standards

August 16th, 2012 Comments off

northescambia tells MHProNews approximately 25 percent of the dwellings in Century, Florida are manufactured homes and the town is considering methods to regulate their placement and condition. Of the 203 units in this town, located in the panhandle very near the Alabama line, sixty percent are pre-1995 and only 25 of the manufactured homes were built after 2003 to high wind standards. A consultant for the town says manufactured housing is allowed in permitted communities but municipalities have the option to restrict siting in other parts of the town. The article implies that the town does not have ordinances to deal with substandard or dangerous homes, but in the future the Century Land Development Code may consider placement, building standards, and code enforcement procedures as well as the possibility of assisting MH owners with repairs and replacement of substandard homes.

(Photo credit: northescambia/town of Century)

Modular Builder Receives Certification

July 13th, 2012 Comments off

Lotwenterprise reports that modular builder Wincrief Homes of Kenora, Ontario, Canada received its certification from the Canadian Standards Association to supply municipalities and First Nation peoples with modular homes. Unlike the company’s ready-to-move (RTM) homes, modular homes are eligible for financing through banks. A subsidiary of Wincrief Forestry Products, the certification ensures the lumber, electrical and plumbing materials, mechanical work and moisture barriers all meet national standards. MHProNews.com has learned Wincrief Forestry is a partnership between Wabaseemoong First Nation (White Dog) and Moncrief Construction, owned 51 percent by First Nation.

(Photo credit: WinnipegFreePress—Lake St. Martin modular)

Residents of ELS’ MHCs Come for Annual Meeting

May 16th, 2012 Comments off

heNation says Retirees and members of the Manufactured Home Owners Association of America (MHOAA) came from around the nation to tell Sam Zell at the Equity Lifestyle Properties’ (ELS) annual shareholders meeting that raising rents and cutting services at his MHCs is threatening his own clients ability to remain as residents. A woman from Florida bought a share of stock so she could attend the meeting, but most of those who came to protest were not allowed in. MHProNews.com has learned Zell did not attend either. Article author Laura Flanders says ELS sued to rescind rent control so many times in Santa Cruz, California, the city finally caved in to avoid future litigation costs, although it won the last lawsuit. Besides having to pay increased rents, residents say they will also have a tougher time selling their homes. Members of MHOAA who live in rent control communities live in fear ELS will sue their municipalities to overturn the ruling. ELS owns hundreds of MHCs that cater to seniors, says Flanders, and last year earned $300 million. Sam Zell calls himself the “grave dancer” because he dances “on the skeletons of other people’s mistakes.”

(Photo credit: Wall Street Journal—Sam Zell)

Canadian Program Offers Entry Level Modular Home

January 31st, 2012 Comments off

Newswire from Canada tells MHProNews.com eight leading Saskatchewan credit unions are teaming with the HeadStart on a Home program to provide down payment loans for entry -level buyers to purchase a home. The loans are repayable within five years at Credit Union prime. This $200 million program will provide 1,000 new, affordable homes over the next five years. The homes may be modular, site-built, condos, or multi-units. Builders working through municipalities are eligible for loans of up to 90 percent of the cost of construction, with low finance rates and no pre-construction sale required. Social Services Minister and Minister responsible for Saskatchewan Housing Corporation June Draude said. “Our government is ready to work with public and private partners to move the housing strategy forward and, most importantly, provide Saskatchewan people with more opportunities to own homes.”

(Photo credit: BingImages)