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Posts Tagged ‘salt lake city’

Residents Fear Manufactured Housing Community Will close

February 18th, 2014 Comments off

The mayor and city council of Midvale, Utah, just south of Salt Lake City, sent a letter to ICO Multifamily Holdings LLC, owner of Applewood Park manufactured housing community (MHC), asking that Applewood not be closed to make way for an apartment complex. Most of the residents of the 56 homes at Applewood are seniors on fixed incomes who cannot afford to move their homes. Recent increases in rent may force some residents to just walk away from their homes, says the Utah Coalition of Manufactured Homeowners, but Bolton Property Management owner Cory Tanner, who oversees the community, says rents are still 13 percent below market rates.

In response to the letter, he says ICO is not pushing anyone out, according to sltrib.com. “Whether this property remains a manufactured-home park or at some point becomes quality affordable housing of another form, we want it to be a great place to live,” the letter said. “We can assure you that if a change is contemplated, we will provide you at least a two-year advance notice.” At the time ICO bought the property in Dec. 2011 it alluded to a plan for a 186-unit apartment building on the 7.7 acre site, as MHProNews.com has learned. Mayor JoAnn Seghini says the property is zoned for high-density residential, suitable for ICO’s concept, although nor formal application has been submitted.

Residents recently formed a homeowners association and inquired about buying the property as a co-operative but were told the property is not for sale.##

(Photo credit: TriStar Estates)

Five U. S. Cities with Expected Top Housing Market Growth

December 30th, 2013 Comments off

CNNMoney has selected several cities where the housing market looks brighter than in other cities for the coming year. Oklahoma City has an unemployment rate of just 5.3 percent as of Nov., 2013, and home values have declined a mere one percent since 2009. Trulia reports 75 percent of homes that are for sale are accessible to homebuyers of middle-income means.
With a limited amount of available land, Seattle is expected to become a hot market next year. Although it was hit hard by the recession, home prices have rebounded and the area has recovered more quickly from record foreclosures than other metro areas. Additionally, job growth has been stronger than in most U. S. cities.
Home to high-tech firms and several top-notch universities, the population of Raleigh, North Carolina grew from 2009 to 2012 at an annualized rate of 2.3 percent, ranking second among the top ten metropolitan areas with the largest population growth. Trulia reports 69 percent of the homes for sale are affordable to middle-income Americans, as MHProNews has been informed.
Having spent $623 million on a downtown convention center complex, Nashville, Tennessee has been chosen by both The New York Times and Trulia as having a burgeoning housing market. According to the Greater Nashville Association of Realtors, closings rose 18.9 percent in the past year, and the median price for a single family home increased to $195,000 from $179,900 during the year.
Finally, both Zillow and Trulia have chosen Salt Lake City as a burgeoning housing market because Utah’s unemployment rate in October was 4.6 percent, one of the lowest in the country, and well below the seven percent national rate.

(Image credit: etftrends.com)

Castle and Cooke Deny Wrongdoing

July 25th, 2013 Comments off

Updating a story MHProNews posted earlier today about allegations by the Consumer Financial Protection Bureau (CFPB) that Castle & Cooke Mortgage of Salt Lake City made illegal incentive payments to loan officers, the president of C & C denied the charges and is seeking to resolve the issue. “We don’t compensate loan officers based on the terms of a loan and we are not motivated to upsell,” Matthew Pineda said to American Banker. “The company has been cooperating with the CFPB in its investigation for more than a year, and anticipates an amicable resolution in this complex regulatory matter,” according to a statement the lender issued. As nationalmortgagenews informs MHProNews, the CFPB filed suit in U.S. District Court in Salt Lake July 23.

(Image credit: texaslendingtoday)

CFPB Sues Lender for Violating Compensation Rule

July 25th, 2013 Comments off

A mortgage lender is being sued by the Consumer Financial Protection Bureau (CFPB) for allegedly paying bonuses to loan originators that charged consumers higher interest rates in violation of the loan officer compensation rule. The 85th largest lender in the country, Castle and Cooke Mortgage LLC of Salt Lake City is said to have paid 150 loan officers quarterly bonuses ranging from $6,100 to $8,700 for leading borrowers into higher-priced loans. The Bureau

 

says loan officers who did not charge higher rates did not receive bonuses, and that 1,100 of the loans were illegal. According to what MHProNews has learned from nationalmortgagenews, C&C originated $332 million in loans in the first quarter. The lawsuit seeks restitution and civil penalties, and specifically cites company president Matthew Pineda and senior vice president Buck Hawkins. “We are taking action against the type of practices that precipitated the financial crisis,” said CFPB director Richard Cordray.

(Photo credit: top, ABCNews; bottom, HousingWire)

NorthStar Purchases Sizeable Portfolio

April 8th, 2013 Comments off

According to nreionline (National Real Estate Investor), NorthStar Realty Finance Corp. has acquired a portfolio of 71 manufactured home communities comprised of approximately 17,000 home sites for $865 million. Financed with a $640 million mortgage for ten years at 4.02% fixed, the company expects an initial annual yield of 14%. The identity of the seller was not disclosed, but the properties are in five states, mostly in Florida and Salt Lake City, Utah. NorthStar CEO David Hamamoto says, “We are extremely pleased with the acquisition of a second large portfolio in a sector of commercial real estate which has consistently demonstrated stable cash flows, steady rental growth, very low turn-over rates and minimal capital expenditures .” Additionally, MHProNews has learned the company has issued a public offering of $175 million of its 8.50 percent Series D Preferred Stock.

(Photo credit: Forest Green Mobile Home Park–Hudson, Fla.)

Couple Sue MHC Owner

January 11th, 2013 Comments off

The sltrib tells MHProNews Steve Anderson and his wife, residents of Cottonwood Coves MHC in Murray, Utah just outside Salt Lake City allege the owner, Terry Robison, unilaterally changed the terms of the contract they signed in 2004 without their signature. Initially, sewer and water fees were included in the rent but a May, 2012 notice from management said those utilities would now be metered separately for each home in the community. Management offset the increased cost by dropping site rents $18/month in the 168-site community. Robison also dropped the grace period for paying rent from ten days to five, and increased the late payment charge from ten percent of the rent and $2 a day to $100 and $5 a day. In addition, rents are set to increase to $537/month on Feb. 1, a $39 a month rise for the couple. A breach of contract lawsuit they filed was dismissed by the judge, so they have re-written the complaint. Robison, who has owned the community since 1999, when asked about the increases said, “It’s just business, it’s what we have to do — it’s what landlords have to deal with all the time.” He feels certain he will prevail in the upcoming lawsuit as well. Steve Anderson is past president of the Utah Manufactured Homeowners Action Group and serves on the executive board of the National Manufactured Home Owners Association.

(Photo credit: Francisco Kjolseth/Salt Lake Tribune–Nancy and Steve Anderson)

Housing Summit Meets in ND

May 18th, 2012 Comments off

InForum says organizers of the Bakken Housing Summit in Williston, North Dakota are calling for 5,000 homes in western ND in the next 24 months to meet the demand for housing in this oil rich region. Real estate developer Michael Milner of Salt Lake City says, “Without federal interference, this will be one of the most significant economic opportunities this country has had in the last 50 to 100 years.” He says his company is building family homes in ND, but they are using private equity because credit through banks is tight. Over 350 attendees from 33 states heard discussion concerning lenders who see only a temporary boom, shortages of tradespeople, and difficulty of obtaining supplies. Clint Wilson of HybridCore Homes in CA compared the construction scene to building on the moon. Says Wilson, “If you haven’t brought it with you, you’re going to have a delay for trying to complete your project.” MHProNews.com has written several stories about housing in ND.

((Image credit: GlobalRegina)

Utah Programs Help With Down Payments

April 3rd, 2012 Comments off

Utah State Capital Eric Miller PhotoFrom Salt Lake City, the Associated Press and the Examiner, MHProNews.com learns that Utah Governor Gary Herbert recently announced a plan to help would-be homeowners with downpayments. Two new mortgage loan programs at the Utah Housing Corporation are available to first-time home buyers and repeat buyers with credit issues or a lack of savings. The HomeAgain Loan will allow people to qualify for a second mortgage of up to six percent of the home’s purchase price. In addition a Score Loan is available for buyers with a credit score of 620 or higher to qualify for a second mortgage of up to four percent of the purchase price. Manufactured homes on a permanent foundation qualify.

(Image Credit: Eric Miller)

NAHB’s Improving Market Index Grows by 29 Metro Areas

February 7th, 2012 Comments off

The National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) identifies metro areas that have shown improvement in housing permits, employment, and house prices for six consecutive months. MHProNews.com has learned the Housing markets that meet this criteria expanded by 29 for Feb. to 98, and include some hard hit cities—Miami, Memphis, Boston, Detroit, Kansas City, MO, Portland, OR, and Salt Lake City. “The fact that there are nearly 100 markets now on the improving list shows that the momentum is building for a housing recovery and that more buyers and sellers are starting to feel confident enough to return to the market,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company. Meanwhile, seven metro markets fell from the IMI list. San Jose, Ca, Kankakee, IL, Washington, D.C., New Orleans, Jackson, MS, Worcester, MA, and Sherman, TX all experienced falling home prices.

(Photo credit: Wikipedia)