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Posts Tagged ‘the new york times’

Tunica Forecast—Terrific for Growth

March 27th, 2017 Comments off

The doors Spring open at the Tunica Manufactured Home Show Tuesday, March 28 at 12:45 PM as attendees are greeted by SCMHI executives.

Frank Rolfe, credit:MHProNews

Seminars kick off promptly at 1:00 PM as Frank Rolfe, one of today’s most publicized personalities in the world of manufactured housing, sparks the Getting Positive Media Coverage, Engaging the Media panel discussion. A successful partner in Mobile Home University and RV Horizons, Rolfe has been featured in The New York Times and Bloomberg.

Joining him on the panel will be Tom Fath, a partner in New Durham Estates, and while a bit more low key than Rolfe, he and his family have nevertheless realized a 400 percent growth in new home sales.

 

Tom Fath, credit: MHProNews

From 2:30 to 3:30 PM, 30-year + industry veteran, L. A. “Tony” Kovach, publisher of MHLivingNews and MHProNews, will lead a seminar on Attract and Sell more Qualified Customers by Engaging the Public through the Media. With articles and interviews published in numerous mainstream media, including the Chicago Sun Times NewsGroup and The Hill, Kovach will share facts, figures, tips and other strategies to increase your bottom line via positive media.

L. A. “Tony” Kovach, credit:MHProNews

Q and A will follow both presentations.             

From 3:40 to 5:00 PM Leading Manufactured Home Industry Lenders will present their strategies on attracting and selling more well qualified customers—both chattel and home/land– in a wide-ranging panel discussion, with updates on programs that you may not know about.

All seminars will be held in the Magnolia Room at the Resorts Casino.

http://tunicashow.com/

(Image credits are as shown above.)

 

Submitted by Matthew J. Silver to the Daily Business News for MHProNews.

 

 

 

Trump Support Strong among Manufactured Home Residents

March 21st, 2016 Comments off

trump_rally_valdosta_georgia_speech__marie_miller__mark_wellheiser__getty_images__creditAs newsmax informs MHProNews, The New York Times reports Donald Trump supporters defy typical, political norms. A demographic study released by The Times said, The places where Trump has done well cut across many of the usual fault lines of American politics — North and South, liberal and conservative, rural and suburban.”

What does characterize the Trump backers? William Frey of the Brookings Institution said, “It’s a nonurban, blue-collar and now apparently quite angry population. They’re not people who have moved around a lot, and things have been changing away from them, but they live in areas that feel stagnant in a lot of ways.”

When asked if they would support Donald Trump for the GOP nomination, responses revealed while Trump won a large share of college-educated votes in New Hampshire and Nevada, data reveals strong support for him from areas of voters who did not complete high school. Secondly, when asked of their heritage, Trump supporters say “American”–which correlates with 61 percent of Trumpeteers who do not believe President Obama was born in the United States.

The third correlation lists people who live in manufactured homes, which the NYT/newsmax, not knowing the difference between MH and mh, erroneously calls “mobile homes,” as supporters of the Republican billionaire.

Fourth, the overwhelming majority of Trump supporters earn under $50,000. The Republican frontrunner blames bad trade, immigration and health care policies that have taken away jobs.

Next, “Trump territory showed stronger support for the segregationist George Wallace in the 1968 election than the rest of the country, and substantially weaker support for the liberal-leaning former Republican John B. Anderson in 1980,” says NYT in the study.

While union leaders have expressed concerns about Trump, a Boston Globe survey indicated 54 percent of union Republican households support him. Immigrants are the fewest where he has the strongest support, and evangelicals do not seem dismayed by his stance on gay issues and abortion, or that he is twice-divorced.

Nor are Trump’s supporters swayed by attempts by opponents to paint him as liberal-leaning; and WASPS, a traditional Republican base, are more likely to support Sen. Ted Cruz. Religion News reports a survey of Republican ministers revealed only five percent supported Trump. ##

(Photo credit: Getty Images/Mark Wellheiser–Marie Miller reacting to a speech by Donald Trump at Valdosta State College in February, 2016.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

New York Times on CFPB – Manufactured Homes Crucial to Affordable Housing

October 22nd, 2014 Comments off

cfpb_credit_cfpb The New York Times ‘ recent article on the MH/CFPB issue states that manufactured homes have become a crucial source of affordable housing in the South, West and northern New England, according to the Consumer Financial Protection Bureau’s (CFPB) report last month, with prices of less than half the $94 per square foot national average for a site-built home.   A single-section manufactured home can sell brand new for $43,000.

However, in all states except New Hampshire, manufactured home buyers cannot qualify for mortgage financing if they do not own the land beneath their homes, pushing them into personal property loans. These are also called “chattel loans,” which according to the CFPB, averaged an interest rate of 6.79 percent in 2012 as opposed to 3.6 to 4.2 percent for a 30-year fixed rate conventional mortgage. Doug Ryan of the Corporation for Enterprise Development (CFED) says MH buyers with poor credit often end up paying ten percent interest.

Most lenders stay clear of MH loans because they are often smaller than site-built home loans, but the costs are relatively more, making them not as attractive a lending investment.

As a result, concentration of MH lending rests primarily with a handful of large companies including two that are part of Berkshire Hathaway: 21st Mortgage Corporation, and Vanderbilt Mortgage and Finance. Tim Williams, CEO of 21st Mortgage says the higher interest rates cover a higher proportionate servicing rate and higher cost of funds, according to The New York Times.

Ryan says his organization is calling for more involvement of Fannie Mae and Freddie Mac in the secondary market for manufactured housing which would attract more lenders.  On this point, as MHProNews  knows, the industry would largely agree.

For years, as  long time MHProNews  readers know, the industry has attempted to explain that the issues relating to lending rates are due in part to simple business math plus a lack of a secondary market, which the so-called Duty to Serve (DTS) in the Housing and Economic Recovery Act (HERA 2008) was supposed to address through mandates for the Government Sponsored Enterprises (GSEs).

In spite of the DTS in HERA 2008 requirements, when the GSEs went into receivership under the FHFA, access to the secondary market remainded ellusive, even though the economic meltdown was driven by problems in the conventional housing market, not manufactured housing.

What the CFPB report has failed to address are differences between how its facts where presented, versus those published by the Government Accounting Office (GAO) report last summer.

How this impacts consumers has been covered by Manufactured Home Living News, which pointed out recently that even with higher rates, lower MH prices still yields lower payments on manufactured homes, per the GAO study and an earlier report by Fannie Mae, see this link here.

The Manufactured Housing Institute (MHI) weighed in on these topics, for example, see this link here.##

(Image credit: Consumer Financial Protection Bureau logo)

matthew-silver-daily-business-news-mhpronews-com(Submitted by Matthew J. Silver to the Daily Business News-MHProNews)