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Posts Tagged ‘previous year’

Manufactured Home Sales Rise in New Mexico

June 12th, 2013 Comments off

The demingheadlight informs MHProNews sales of single-family homes surpassed those of manufactured homes (MH) in Deming, NM in the southwest corner of the state in the last year. From May 2012 to June 2013 87 single-family homes were sold, as compared to 35 MH that changed hands in the same period. For the previous year, 77 site-built homes were recorded as selling as opposed to 22 MH. For the year ending May 31, 2013, median selling price for a traditional home listed at $125,000 compared to $49,000 median selling price for a manufactured home.

(Image credit: manufacturedhomesource–Santa Fe Manufactured Homes)

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Cavco Releases Quarterly and Annual Financials

May 24th, 2013 Comments off

According to globenewswire, Cavco Industries, Inc. reports net income before taxes for the fiscal fourth quarter 2013 was $3 million, up from $2.9 million from the same period last year including a $1.2 million tax benefit from the acquisition of Palm Harbor. Net revenue rose 9.4 percent for fiscal Q4 2013 over Q4 2012, $108.8 million over $99.5 million. For the fiscal year ending March 30, 2013, net revenue rose 2.1 percent to $452.3 million from $443.1 million for the same period ending 2012. Net income attributable to Cavco stockholders for fiscal year 2013 was $5.0 million compared to $15.2 million the previous year, although this included approximately $11 million of the gain recognized from the acquisition of Palm Harbor. Joseph Stegmayer, Chairman, President and Chief Executive Officer said, “We are pleased to report improved results for the fourth quarter compared to the same period last year. We realized a 15.1% increase in home sales to 2,176, up from 1,890 homes sold in the fourth quarter of fiscal 2012. On an annual basis, the average sales price per home decreased to approximately $48,594 compared to $51,760 in fiscal year 2012, as demand rose for small size and lower price point homes. However, we sold 6.8% more homes overall in fiscal 2013 versus last year, totaling 8,398 homes compared to 7,860 in fiscal year 2012.” As MHProNews knows, Cavco is the second largest producer of manufactured homes in the U. S., marketed under Cavco, Fleetwood, and Palm Harbor.

(Photo credit: Stacy Hairston/franklinnews-post–Cavco Homes, Rocky Mt., VA facility)

Rise in Short Sales Increases Price of Distressed Homes

February 28th, 2013 Comments off

2012 saw underwater borrowers turn to short sales by a three to one margin over foreclosures, CNNMoney tells MHProNews. Foreclosures accounted for 11 percent of all sales, a drop from 13 percent the previous year, while short sales rose five percent year-over-year to 32 percent. Noting foreclosures on average in Q4 2012 sold for 39 percent below market value, while short sales came in at just 23 percent below market, the spokesman for RealtyTrac, Daren Blomquist, says more potential foreclosures are shifting to short sales. In a short sale, homeowners sell for less than what is owed the bank, providing they can prove financial hardship, and the bank absorbs the loss. Usually, the bank can get more out of the house from a short sale than a foreclosure. The increased number of short sales helped push bank-owned properties up four percent over the price of distressed sale homes from last year.

(Image credit: news365today)

UFPI Income Quintuples over Prior Year

February 14th, 2013 Comments off

MHProNews has learned from BusinessWire, Universal Forest Products, Inc. (UFPI), component supplier to the manufactured housing industry, posted net sales for 2012 of $2.1 billion, 12.8 percent better than 2011. Net income for 2012 of $23.9 million more than quintupled the $4.5 million net in 2011. While net sales for Q4 2012 of $470.8 were up 11.5 percent over the previous year, the $1.9 million net loss was higher than the $1.7 million net loss for the fourth quarter of 2011. In its manufactured housing division, gross sales for the 2012 totaled $314.1 million, a 28.4 percent spike over the prior year. For the fourth quarter 2012, gross sales of $74.6 million showed an increase of 26.3 percent over the same period in 2011.

(Photo credit: UFPI)

When is an MH not an MH?

January 31st, 2013 Comments off

The fortmorgantimes in northeast Colorado tells MHProNews building permits for single-family homes rose 50 percent to 18 from 2011 to 2012 in Morgan County, with an average price of $244,890 each. The county also issued eight permits for manufactured homes and eight for mobile homes in 2012, up from five manufactured homes and two mobile homes the previous year. Ed. note:  Although it is possible a permit might be issued to re-site a pre-HUD Code home, nevertheless a request for a distinction between the two from the reporter did not elicit an immediate response.

(Photo credit: Jill Schramm/MinotDailyNews)

ELS Reports Q4 Financials

January 30th, 2013 Comments off

RTTNews says Equity LifeStyle Properties (ELS) reports revenues for Q4 2012 increased to $171.93 million from $162.32 million for the same period in 2011. Funds from operations (FFO) for the fourth quarter hit $50.3 million, or $1.11 per share, as compared to $44.8 million, or $0.99 per share for the same period the previous year. For fiscal year 2013, the company anticipates FFO per share to range from $4.94 to $5.14. MHProNews understands ELS, the largest MHC owner in North America, owns and operates 380 communities comprised of over 141,000 homesites.

(Photo credit: Equity LifeStyle Properties, Inc.–Lake Haven, Clearwater, Fla.)

MH Business a Good Investment

January 23rd, 2013 Comments off

Insidermonkey reports while the stock of some of the nation’s largest traditional home builders rose tremendously in 2012, investors should pay attention to manufactured home companies. Specifically, while noting the MH industry is at a distinct disadvantage because of the government’s support of the mortgage purchase programs, nevertheless Clayton Homes’ revenue rose 2.7% in FY 2012 to $2.2 billion, while profit was up 40.7% to $159 million. Sun Communities, Inc., which operates 173 communities, reported revenues increased in 2012 8.7% over the previous year, while adjusted operating income rose 18.3%. As MHProNews has learned, the company laid out $180 million for acquisitions in 2012, and saw manufactured home sales increase five percent.

(Photo credit: ParkGuy)

Trulia: Home Prices Continue to Rebound

January 3rd, 2013 Comments off

HousingWire reports real estate data firm Trulia says home prices increased Dec. 2011 to Dec. 2012 5.1 percent, a distinct rebound from the 4.3 percent drop the previous year. In the largest annual increase to date, asking home prices rose 3.8 percent Dec. to Dec 2012. While Phoenix saw the largest increase in prices, at 26 percent year-over-year Dec., Las Vegas and Seattle had the most dramatic gains, each city having a ten percent-plus in asking prices. Likewise, rents have also risen, up 5.2 percent from 2011, with Houston, Oakland and Miami seeing the largest increases in that market. As MHProNews has learned, prices rose faster than rents in 17 of the largest 25 markets nationally. Jed Kolko, chief economist of Trulia, says “In 2013, rising prices will encourage more new construction and will encourage some homeowners to sell, which will help alleviate the current inventory shortage.”

(Image credit: HousingWire)

West Coast Housing Gaining Momentum

December 28th, 2012 Comments off

Santa Cruz Sentinel says the median home price in Santa Cruz, Calif. as of Nov. was $510,000 for a two bedroom on the west side of this Pacific Ocean border town. The same 510k would get you a three or four bedroom home in other parts of the city. Listings have been shrinking—down a full third from two years ago to 598 and some buyers in this area south of San Francisco are unable to find what they want. Gary Gangnes of Real Options Realty says the median price has been above $500,000 for five consecutive months; and 14 of the last 15 months sales have been above the previous year’s. Default notices dropped 25 percent from 2011, and the unsold inventory index fell to 3.5 months, half of what it was in 2010, and the lowest since 2005. As MHProNews has learned, ordinarily any number below six months will lead to increased prices.

(Photo credit: Rick Puckett/santacruzpictures)

MH Shipments Rise Again

July 3rd, 2012 Comments off

According to the Manufactured Housing Institute’s (MHI) monthly report, shipments of manufactured homes rose to 5,211 for May, an increase of 16.7 percent over May 2011, as well as an increase over the 4,630 manufactured homes shipped in April 2012. MHProNews.com has learned this marks the tenth consecutive month of MH increase. Single-section and multi-section homes both rose compared to the previous year. For the first five months of this year, shipments are up 25 percent over 2011— 18,114 homes last year compared to 22,641 so far this year.

(Photo credit: Inhabitat)