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Governor Signs 18’ Wide Single-Section Bill

May 3rd, 2019 Comments off

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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.

 

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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

 

 

 

 

 

 

State Signs Key Homebuyer Provision Into Law

April 5th, 2017 Comments off
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The State Capitol Building in Jackson, Mississippi. Credit: Hotty Toddy.

There’s excitement in the state of Mississippi, with the signing of HB 1601 into law late last month by Governor Phil Bryant.

According to the Star Herald, the law is helping lead the way to home ownership, by establishing a First-Time Home Buyer Savings Account, allowing Mississippi residents to create monetary savings accounts for down payments or other home purchase related expenses.

With this law, more Mississippians will be able to invest in themselves and their communities,” said REALTORS President David Griffith.

One of our priorities as REALTORS is to provide every Mississippian the opportunity to own a home. Through the leadership of Gov. Bryant, Speaker Philip Gunn and Lt. Gov. Tate Reeves, Mississippi has created a smoother path to home ownership.

The new law allows individual state residents to deduct up to $2,500 from their state adjusted gross income annually, and couples filing jointly are able to deduct up to $5,000 annually from their state adjusted gross income.

Also exempt from state gross income is interest earned on the account. There is no cap on the aggregate amount that can be saved.

State representative Jeff Smith originally introduced the bill, which the state house passed unanimously, and the Senate passed it 51-1.

StateSignsKeyHomebuyerProvisionIntoLawcreditMississippiFarmBureauInsurance-postedtothedailybusinessnewsmhpronewsmhlivingnews

A manufactured home in the state. Credit: Mississippi Farm Bureau Insurance.

On behalf of all Mississippians, Mississippi REALTORS would like to thank Ways and Means Chairman Jeff Smith, Finance Committee Chairman Joey Fillingane, Rep. Jason White and Sen. Barbara Blackmon for helping to make the dream of home ownership a reality,” said Griffith.

The law results in state projections indicating about 379 new homes being constructed to meet demand. The law goes into effect immediately, and state residents can begin taking the tax deduction in tax year 2018.

Eligible homes include manufactured, modular, existing homes, condo units or cooperatives. Account holders will be responsible for maintaining their funds in a separate account and reporting that to the Department of Revenue. Use of funds for unrelated items will result in a 10 percent penalty and all back taxes associated with the account.

Mississippi now joins Montana, Virginia, and Colorado as one of only four states to have a First-Time Home Buyer Savings Account program. The other three states passed similar laws in recent years. ##

 

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Trump Signs Executive Order, Dodd-Frank Roll Back to Begin

February 3rd, 2017 Comments off
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Credit: Newsmax.

A busy day for President Donald Trump, as he signed orders to implement additional sanctions on Iran, met with his CEO executive council and signed an Executive Order that is significant to the manufactured housing industry.

According to the Daily Mail, the Executive Order to be signed by President Trump will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped financial regulation after the 2008-09 financial crisis.

During the campaign, President Trump pledged to repeal and replace the Dodd-Frank law, which also created the Consumer Financial Protection Bureau (CFPB), and administration officials argue that Dodd-Frank did not achieve what it set out to do, instead seeing it as an example of massive government over-reach.

Dodd-Frank is a disaster, said Trump, during a meeting this week with small business owners, including NFIB President and CEO Juanita Duggan.

We’re going to be doing a big number on Dodd-Frank.

While the Executive Order is not expected to have an immediate impact, it directs incoming Treasury Secretary Steven Mnuchin to consult with members of different regulatory agencies and the Financial Stability Oversight Council and report back on potential changes.

TrumpSignsExecutiveOrderDoddFrankRollBacktoBegincreditMHLivingNews-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: MHLivingNews.

MH Industry Impact

As industry professionals know, Dodd-Frank and the CFPB have had a significant impact on affordable housing, in essence creating a “Renter’s Nation”.

The sweeping 2,000-page Dodd-Frank regulations were never meant to apply to factory-built homes at all, according to a letter written by the law’s co-sponsor, Barney Frank. In a response to a constituent, Frank said, “I do not think it is necessary to include manufactured housing as part of our effort to prevent abusive mortgage practices, and I am now working with my staff to see if we can find a way to make a change that would deal with the problem you correctly point out…

Nevertheless, industry professionals say MH financing has been so profoundly impacted, it is hurting the people who can least afford it — low- to moderate-income buyers trying to make the transition from renting to owning their own homes.

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For “A Cup of Coffee With…” Don Glisson, Jr., click here or on the photo. Credit: Triad Financial.

Our compliance costs have quadrupled in the past three years alone,” says Don Glisson, CEO of Triad Financial Services, another leading MH lender in the “A” credit market for more than half a century.

Triad and CU Factory Built rank third and fourth in the MH finance market for buyers with FICO scores above 650.

In our “A Cup of Coffee With…” segment with Glisson, he discussed in detail the challenges with those in government understanding manufactured housing.

I would love to think that MH is considered mainstream housing, but the truth is we are still the red-headed stepchild in the eyes of many, especially the ‘elites’ who supposedly know what’s good for everyone, and of course many of these elites work in government,” said Glisson.

We are the answer to the country’s affordable housing issues, but we don’t get fair treatment at the federal level. There are no MH dwellers inside the Beltway, so we must not be a good housing choice in their eyes.

Government is taking sides and it’s harming the very middle-class they profess to want to help.

For more on Dodd-Frank’s impact on the manufactured housing industry, click here. ##

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Residents Protest Closing of Community

August 1st, 2013 Comments off

Following a story MHProNews covered yesterday (July 31) concerning the closing of Dallas West Mobile Home/RV community and subsequent protests led by Carlos Quintanilla, some 30 residents marched up and down the street at owner Cienda Partners offices with signs and slogans Wed. Cienda has offered each of the 42 homeowners up to $2,000 if they move by Oct. 31, and $1,000 if by Nov. 30, and nothing after that, offers Quintanilla calls insulting, and one the protesters have refused, because it would cost much more to move the factory-built homes, if indeed they can be moved. Speaking on behalf of the community owner, and noting the demonstration did not change the offer, Randall White says, “Our focus right now is helping those property and leaseholders who want to take advantage of this offer that’s being made right now. We had discussions about how we could do this in a way that demonstrates that we are going above and beyond what we are required to do.” The dallasmorningnews says Cienda had extended the closing of the community from Aug. 31 to Jan. 31, well beyond the 30 days required in the leases with the residents.

(Photo credit: dallasnews)

New Home Sales Up 15% over Year Ago

December 27th, 2012 Comments off

CNNMoney reports the Census Bureau says new home sales hit a seasonally-adjusted annual rate (SAAR) of 377,000 in Nov., an increase over Oct. of 4.4 percent and a rise of 15 percent over Nov. 2011. The highest rate of new home sales since April 2010 when the $8,000 tax credit pumped up sales, other signs indicate a burgeoning return of the housing market: Low interest rates, increased existing home sales, a drop in foreclosures, lower unemployment, and fewer available homes, which has increased home values. The median price of a new home sold in Nov. is up 14.9 percent, to $246,200, over Nov. 2011. As MHProNews noted Dec. 26, 2012, the stock prices of several leading home builders has increased substantially over the last 12 months.

(Photo credit: Fotosearch)

Housing Recovery Continues to Show Strength

November 21st, 2012 Comments off

CNNMoney reports U.S. Census Bureau figures indicate home building rose to its highest level in four years in Oct., with builders beginning construction at the annual adjusted rate of 894,000 last month, 3.6 percent better than the previous month. While single-family home starts changed little from Sept., multi-family building has spiked. Although building permits fell 2.7 percent from Sept., housing starts have skyrocketed 42 percent from year ago levels, and permits have risen 30 percent in that same period. As MHProNews has learned, with mortgage rates at record lows, demand for homes is up, indicating more signs of a housing recovery.

(Photo credit: Fotosearch)

Sept. Home Price Increase Largest in Six Years

November 7th, 2012 Comments off

HousingWire reports Core Logic’s Sept. 2012 home price index (HPI) indicates national home prices increased five percent on a year-over-year basis. This represents the largest year-over-year increase since July 2006, and the seventh consecutive month of annual home prices increase. Oct. 2012 home prices, including distressed sales, are expected to increase 5.7 percent over the same month 2011. Anand Nallathambi, CoreLogic CEO, says, “So far this year, we’re seeing clear signs of stabilization and improvement that show promise for a gradual recovery in the residential housing market.” MHProNews has leaned HPI data shows all but seven states had year-over-year home price gains: Alabama, Connecticut, Delaware, Illinois, Kentucky, New Jersey and Rhode Island.

(Image credit: HousingWire–

Housing Market not Strong, but Stable

October 3rd, 2012 Comments off

Encouraged by a variety of signs, fourteen economists surveyed by CNNMoney believe the housing market has finally turned the corner on its way back to health. Only three months ago half of those surveyed did not believe the turnaround would come until next year, or later. The economists cite three consecutive months of increases in the Case-Shiller home price index, gains in sales of existing homes and home construction, a rise in the price of new home sales and continuing record low mortgage rates. “We’re seeing the signs of a pulse in a sector that has been flat-lined for a number of years,” said Sean Snaith, economics professor at the University of Central Florida. Housing was a drain on the nation’s gross domestic product through early 2011, but beginning in Q4 2011, housing has been adding to growth. While lacking the robustness it exhibited pre-downturn, MHProNews has learned the housing market is at least providing some stability to the economy.

(Image credit: mortgageorb)

Housing Market Showing Slight Gain

April 6th, 2012 Comments off

The National Association of Home Builders (NAHB) Improving Markets Index (IMI), based on employment, housing permits, and house prices showed a slight improvement, adding a net gain of two, March to April. Thirteen markets were added and eleven fell from the ranking, while 88 markets remained, rising just above the century mark to 101 metro areas that continue to show gains. “While housing markets across the country continue to struggle under the weight of overly tight lending conditions and other challenges, the April IMI indicates that at least 101 individual metros are showing measurable and consistent signs that they are headed in the right direction,” said NAHB Chairman Barry Rutenberg. “A total of 35 states are now represented on the list, with 10 states having four or more entries.”

(Photo credit: Wikipedia)

Dump Truck Economic Index

January 5th, 2012 Comments off

Florida author Jim Boeglin tells MHProNews.com that while economists study manufacturing reports, employment numbers, building permits, consumer confidence surveys, etc., to tap into the state of the U.S. economy, he counts dump trucks. Writing in the NaplesNews, he says from 2003 to 2006 Southwest Florida was crawling with dump trucks. Some even called it the “dump truck capital of the world”. In the past five years the trucks stopped. Now, Boegln notes as he rides his bike near the Gulf Coast, the dump trucks are out in numbers once again, crowding his bike lane. He translates the heavy haulers to work being done, contracts having been let, and workers having money to spend, all signs of an improving economy. Some of these folks may even need housing!

(Photo credit: Wikipedia)