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Posts Tagged ‘spike’

RV Sector Drives Patrick Industries’ Revenue Rise

April 25th, 2013 Comments off

RVBusiness says Elkhart, Ind.-based Patrick Industries, Inc., a component supplier to the RV and MH markets, reports first quarter 2013 revenue increased 38.4 percent over the same period in 2012, moving from $102.7 million to $142.1 million in Q1 2013. Sales in the RV sector accounted for approximately 75 percent of first quarter revenue, driven by a 51 percent increase in the company’s revenue from the RV market. Manufactured homes revenue was up six percent over the first quarter of 2012. First quarter net income was $6 million, a $1 million increase over Q1 2012, a rise to $0.55 per diluted share over $0.47 per diluted share for the same period in 2012. On Feb. 22, 2013 the board of directors authorized a re-purchase of outstanding shares of common stock up to $10 million, garnering 330,358 shares as of April 19 at a cost of $4.6 million. According to the MHProNews stock report, Patrick (PATK) notched a +14.26% spike in its stock Thurs., April 25 to close at 18.22.

(Image credit: Patrick Industries, Inc.)

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)

Survey Predicts Good News for 2013 Housing

January 4th, 2013 Comments off

According to BloombergBusinessWeek‘s survey of 15 economists and housing analysts, existing home sales will increase 7.2 percent in 2013 to 4.98 million, the most since 2007. Prices will move up 3.3 percent this year, a slight retreat from the 4.5 percent rise in 2012. The loss of inventory in 2012 will lead to a 24 percent spike in single and multifamily housing starts this year of 967,000 units, again the best number since 2007. These are median estimates of the respondents polled. MHProNews has been informed 17 analysts have predicted 448,000 new single-family houses will be sold in 2013, an increase of 23 percent. Mark Kiesel, of Pacific Investment Management Co. in Newport Beach, Calif., who predicted the 2006 bursting of the home price bubble, says, “Residential investments potentially could grow between 20 percent and 30 percent” in 2013, adding as much as 0.75 percent to U.S. gross domestic product growth.

(Photo credit: BloombergBusinessWeek)

Home Sales Spike in Indianapolis Metro Area

November 28th, 2012 Comments off

IndyStar reports sales of homes in the greater Indianapolis area hit 2,307 in October, a 33 percent increase over the 1,735 homes sold in Oct. 2011. While sales jumped 24 percent in Indianapolis’ Marion County, neighboring Boone County saw a 49 percent spike, while Hamilton County, the wealthy suburb to the north experienced a 46 percent growth. Sales were up 31 percent in Hendricks County and 9.5 percent in Johnson County. According to the Metropolitan Indianapolis Board of Realtors (MIBOR), the median price of homes sold in the metro area increased two percent over last Oct. to $126,211. MHProNews has learned realtors reported the number of homes listed for sale rose to 3,006 in Oct. 2012 from 2,852 in Sept.

(Image credit: HousingWire)

Mortgage Apps Fall

October 10th, 2012 Comments off

In the latest weekly report from the Mortgage Bankers Association (MBA), nationalmortgagenews says mortgage applications dropped 1.2 percent for the latest weekly reading Oct. 5 following a 16.6 percent spike for the previous week ending Sept. 28. Refi applications accounted for 83 percent of the apps, much the same as the previous week. Many mortgage analysts and lenders expect October to be a very strong month, perhaps stronger than Sept. As MHProNews as learned, MBA’s Mike Fratantoni said refi volumes are “still near three-year highs, and purchase applications increased to the highest level since June, with both conventional and government volumes increasing.” Average 30-year fixed-rate mortgages (FRMs) were going for 3.56 percent while 15-year FRMs fell to 2.88 percent, the lowest in the history of the survey.

(Image credit: moneycontrol)

Long Strides in Short Sales

September 14th, 2012 Comments off

nationalmortgagenews says, according to a new government report, servicers that work on delinquent FHA (Federal Housing Administration)-insured mortgages are shoring up the agency’s losses on insurance claims because they are becoming more adept at dealing with short sales. The FHA says its servicers completed 27,150 short sales for the first three quarters of fiscal year 2012 ending June 30, a 65 percent spike from the same period last year. The loss rate on the sale of foreclosed properties or REOs (real estate owned) is 71 percent versus 47 percent on short sales. FHA completed 75,550 REO sales in the first three fiscal quarters of 2012, an increase of 11 percent over the same period last year. MHProNews has learned the year-to-date net loss rate declined by 1.5 percent from last quarter due to the increase in short sales.

(Image credit: Washington Post/istock)

Mortgage Applications Spike

June 14th, 2012 Comments off

Mortgage Bankers Association (MBA) says the low interest rates led to mortgage applications climbing by 18 percent on a sequential basis for the week ending June 8, 2012, according to NationalMortgageNews, a rate not seen since April 2009. MHProNews.com has learned the increase is seasonally adjusted. Although refinancings accounted for 79 percent of the applications, up from 78 percent the previous week, business is good for mortgage bankers. The home purchase average size loan increased from April’s $238,135 to $243,733 in May; average refinancing loan size was $226,576 in May, up from $219,664 in April.

(Image credit: ForeclosureListings)

Builder Confidence at Highest Point since 2007

March 20th, 2012 Comments off

The National Association of Home Builders (NAHB) tells MHProNews.com builder confidence as measured by the NAHB/Wells Fargo Housing Market Index (HMI) fell one point to 29 in March after five months of increase. A score of 50 or better indicates more builders see the market as good rather than poor. Based on builders’ perceptions of current construction of new, single-family homes, and rating of prospective buyers, the HMI index has been used for 20 years to gauge builder expectations. NAHB Chief Economist David Crowe says, “Builder confidence is now twice as strong as it was six months ago, and the West was the only region to experience a decline this month following an unusual spike in February.” Crowe also notes tight credit and the inventory of distressed properties continues to haunt the new home market. Regionally for March, the Northeast rose five points to 25, two points to 32 in the Midwest, two points to 27 in the South, but dropped 10 points in the West after a gain of 22 points the previous month.

(Photo credit: Wikipedia)