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Posts Tagged ‘TheHill’

Desire for Home Ownership Remains Strong

July 28th, 2016 Comments off

homeownership   fotosearch stock photo postedDailyBusinessNewsMHProNewsAccording to the Morning Consult Poll, buying a home remains a top priority for an overwhelming majority of Americans, according to what thehill tells MHProNews. Further, the National Association of Home Builders (NAHB) reports 82 percent of respondents feel owning a home is still a good investment.

The survey shows that most Americans believe that owning a home remains an integral part of the American Dream and that policymakers need to take active steps to encourage and protect homeownership,” said NAHB Chairman Ed Brady.

When asked which presidential candidate would be best for housing, 38 percent said Clinton would be the better choice, 37 percent said Trump and 25 percent did not know.

While the survey found 81 percent of those 18-to-29-year-olds polled want to purchase a home, 72 percent say the government should provide tax incentives to support homeownership.

Of the 2,800 registered voters who were polled in the survey July 22-24, 46 percent said now is a good time to buy a house while 23 said it is not; 55 percent said the biggest hurdle to buying a home was finding one at a price they could afford. Fifty percent do not have sufficient savings for a down payment, and 41 percent said they would have difficulty getting approved for a home loan.

Additionally, 36 percent would like to acquire a home in the next three years. ##

(Image credit: fotosearch–images of homeownership)

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

New Home Sales Surge in April, especially in the Northeast

May 25th, 2016 Comments off

new_house_sold___reutersGood news for the spring buying season came in the form of new home sales trumpeting 16.6% in April, the best monthly rate since 2008, as sales rose to a seasonally-adjusted annual rate (SAAR) of 619,000 units, up from 531,000 in March. According to the Commerce Department, as reported to MHProNews by thehill, the surge represents a 23.8 percent rise above the April 2015 estimate of 500,000.

Jonathan Smoke, chief economist at realtor.com, said that “at last we have a clear, statistically significant view that the new home market is having its best spring buying season in a decade.”

At the end of April, 2016 there were approximately only 243,000 new homes for sale, which amounts to a 4.7 month supply, down from 5.5 months in March.

The median sales prices of new homes sold in April was $321,100, while the average was $379,800.

Regionally, the biggest jump was in the Northeast where sales rose 52.8 percent. The West improved 18.8 percent and the South 15.8 percent. The Midwest saw a decline of 4.8 percent.

Robert Dietz of the National Association of Home Builders (NAHB) sees the increase as a sign of increased production to come, while Ralph McLaughlin of Trulia said “This should put to rest fears of an oncoming recession.” Ed Brady, also of the NAHB, says the surge is an indication “that growing demand will keep the housing sector on an upward trajectory through the spring buying season.”

MHProNews understands the volatility of the new home market, often highly changeable month to month, while the production of manufactured homes has been on a steady rise since the rebound of Aug. 2011. ##

(Photo credit: reuters)

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

HUD Closes Loophole on RV Exemption

February 8th, 2016 Comments off

HUD logoAccording to what thehill tells MHProNews, recreational vehicles (RV) are currently exempt from the Department of Housing and Urban Development (HUD)’s rules for manufactured homes (MH). New proposed rules say those RVs that are used as a “primary residence or permanent dwelling” should not be exempt.

HUD wants to redefine RVs as built on a structure, not certified as an MH, “designed only for recreational use and not as a primary residence or for permanent occupancy.” The public has 60 days to comment. ##

(Image credit: U. S. Department of Housing and Urban Development)

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

Existing-home Sales Continue Climbing

October 23rd, 2015 Comments off

sold home  mattheafeyThe National Association of Realtors (NAR) tells MHProNews that sales of existing homes in September rose 4.7 percent to a seasonally adjusted annual rate (SAAR) of 5.55 million, up from 5.3 million in August, according to thehill, hitting their second highest pace in eight years. Compared to a year ago sales have increased 8.8 percent. NAR Chief Economist Lawrence Yun said, “While current price growth around 6 percent is still roughly double the pace of wages, affordability has slightly improved since the spring and is helping to keep demand at a strong and sustained pace.

In September, the median existing-home price for all housing types was $221,900, 6.1 percent above the September 2014 price of $209,100. The Federal Housing Finance Agency (FHFA) reported that home prices in August rose 0.3 percent from July.

Despite persistent inventory shortages, the housing market has made great strides this year, backed by an increasing share of pent-up sellers realizing the increased equity they’ve gained from rising home prices and using it towards trading up or moving into a smaller home,” Yun said.

One drawback: First-time home buyers who historically make up 40 percent of sales continue to be in short supply. They comprised only 29 percent of September sales, down from 32 percent in August.

All four regions of the country saw home sales rise. They increased 8.6 percent in the Northeast, 6.7 percent in the West, 3.8 percent in the South and 2.3 percent in the Midwest. ##

(Photo credit: mattheafey)

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

Sunday Morning Recap-Manufactured Housing Industry News July 19-July 26, 2015

July 26th, 2015 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

A Hunter and Native American Decorator’s Dream! John Howard’s Home, Inside MH Road Show Video

How A Manufactured Modular Home Production Center Achieves Savings and Quality – Inside MH Video with Mike Stone

4 Easy Ways to Keep Your Home Clean

What’s New in Manufactured Housing Industry Professional News

As the Dodd-Frank Act hits the five year mark, stories abound how its offspring, the Consumer Financial Protection Bureau, continues to confound the manufactured home industry as well as the banking and mortgage industries, and the accompanying importance of MH fiancing reform. Meanwhile, MHLivingNews and MHProNews publisher L. A. “Tony” Kovach lands on The Hill in D. C., and as a family man on 83degreesmedia. In other news, industry pressure changes minds in a Texas city, several MHCs change hands, MH lands in Native American hands, MH Firms Plan Q2 Financials Release, much, much more.

Saturday, July 25

Temporary Modular Housing being Restricted in Bakken Oilfield

Friday, July 24

The Avoidance of the Rule of Law by Dodd-Frank

Dow Falls -163 Points, Most Tracked Manufactured Housing Stocks also Drop

Modular Workforce Housing Planned for Southwest Louisiana

Help Ensure Passage of The Preserving Access to Manufactured Housing Act

UMH Properties Set to Release Q2 Financials Aug. 7

Capital One Arranges $14 Million Fannie Mae Loan

Thursday, July 23

Drew Industries to Release Second Quarter Financials

Deer Valley Corp. Jumped +10.25 percent while Most All Tracked Stocks Fell

Home Sales Rise to Best Rate in Eight Years

Capital One Arranges Purchase of CA Manufactured Home Community

Orders for Keiser’s Modular Homes will be Built at a Sister Plant

Gendell Unloads More Patrick Stock for $1.48 Million

Wednesday, July 22

Manufactured Home Community in Florida Sells for $6.4 Million

PSP Seeks Manufactured Home Communities to Provide Affordable Housing

MHCV Edges Up, NASDAQ Slips, Existing Home Sales Rose 3.2 % in June

Elko Band Native Americans Break Ground for New Manufactured Homes

Texas City Reverses Decision, Votes to Allow Manufactured Housing

War of Words? DC’s The Hill Congressional Blog on Manufactured Housing Finance Reform

Tuesday, July 21

Deer Valley Falls -11.11%, as Most Tracked Manufactured Housing Stocks Slip

Equity LifeStyle Properties Beats Analysts Expectations in Q2

Factory-Built Homes—the New Cool

Tired of renting? Get the scoop on manufactured homes

Lawsuit Challenges Removal of Manufactured Home Carports

Monday, July 20

Keiser Homes Fire did not Damage Main Structure, Electrical or New Homes

Deer Valley Gains 10.25%; Dodd-Frank Turns Five Tomorrow

Housing Starts, Permits Hit Eight-year High

Marcus & Millichap Arrange Sale of Florida Manufactured Home Community

Mark Engel to Join Green Courte Partners as CFO

Honda Agrees to Cease Discriminatory Automobile Lending

Sunday Morning Recap-Manufactured Housing Industry News-July 12-July 19, 2015 ##

(Photo credit: MHProNews.

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

Expanding Portfolio Loans could help Consumers Purchase Homes

June 12th, 2015 Comments off

home buying   firstbanktrust  creditIn a blog from thehill, former Oklahoma Governor Frank Keating, now president and CEO of the American Bankers Association, noting June is American Housing Month, says he hears from bankers across the country who tell him regulations are standing in the way of homeownership.

He says nearly two-thirds of Americans own their homes, and according to he Federal Reserve, 81 percent of renters would like to join them. Unfortunately, half of them do not have the down payment, and nearly a third do not think they would qualify for a mortgage.

Keating recounts hearing of a young father in Montana who was denied a $16,000 loan to buy a manufactured home. He had a well-paying job, but he had not been working long enough to document his income that would satisfy rules set by the Consumer Financial Protection Bureau.

In another instance, a doctor, who had just acquired a private medical practice and thus became self-employed, could not be qualified to buy a home because his profile did not fit the mortgage rules.

If banks can hold these kinds of loans in their own portfolios instead of selling them on the secondary market, they would take the risk after making sure the loans were properly underwritten.

He says, “One reasonable reform that would help customers get a step up in housing would be to provide portfolio mortgages with the legal protections of “Qualified Mortgage” status. Banks are willing to take on the credit risks of these loans—but the legal risks imposed by excessive regulation and penalties for lending outside of the QM box are what prevent bankers them from making them.

A financial reform bill introduced by Sen. Richard Shelby (R-Ala.) will expand portfolio lending, and would resolve situations like the two mentioned above, as MHProNews understands. ##

(Image credit: firstbanktrust)

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

Home Prices Continue to Rise, Outpacing Wages

April 29th, 2015 Comments off

home_pr_increase___etftrends_creditAccording to thehill, home prices increased as Standard & Poor’s/Case Shiller 20-city index notched a five percent annual gain in February, an increase over the 4.5 percent pace in January, marking 34 months of growth.

Home prices continue to rise and outpace both inflation and wage gains,” said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. Prices are rising slower than the double-digit gains than were prevalent after the post recession housing market. As MHProNews understands, if home prices rise more than wages, it could put homebuyers out of range.

Prices rose by ten percent in Denver and 9.8 percent in San Francisco. Denver and Dallas have both surpassed house prices existent before the recession. Seventeen of the cities saw prices rise faster in the past year. Only San Diego, Las Vegas and Portland saw prices slow down.

Prices posted a 4.2 percent annual gain nationally, a drop from the 4.4 percent increase in January. However, prices remain ten percent below their 2006 level. The supply of homes for sale is 4.6 months, below the six months supply which signals a healthy market.

While nationally, prices are recovering, new construction of single family homes remains very weak despite low vacancy rates among both renters and owner-occupied homes,” Blitzer added. ##

(Image credit: etftrends)

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

The Hill-Bankers Sigh-but it’s not the “Iced Tea Party”

May 26th, 2014 Comments off

While the Tea Party can trace its origins to anger over the Wall Street bailouts in 2008, the sharp edge for that movement of the Republican Party to the right has been dulled at the polls recently, much to the relief of the banking industry, which sees the shift as a better chance for the establishment Republicans to retake control of the Senate. Representative Mike Simpson (R-ID) was taken to task for supporting the bailouts, but handily bested his conservative opponent, while Senate Minority Leader Mitch McConnell (R-KY) did the same to primary challenger Matt Bevin who highlighted the Wall Street rescue (for which McConnell voted) as a central theme of his platform.

The financial industry was not pleased with the conservative-led shutdown of the government nor the skirmish over the debt limit, preferring to not rock the boat of a shaky economy, but at the same time knows its bread is not best buttered by the Democrats either. While recent elections have seen conservative challengers win primaries over centrist Republicans and then lose to Democrats in the general elections, according to thehill.com, that is less likely to happen with more mainstream candidates on the ballot. Sen. Sherrod Brown (D-OH) is a frequent critic of Wall Street, and while he is not up for re-election until 2018, he is the heir apparent to head the Senate Banking Committee when Sen. Tim Johnson (D-SD) retires, making a Republican-controlled Senate more desirable for the banking industry.

Francis Creighton, head of government affairs for the Financial Services Roundtable, tells MHProNews, “As an industry, we have to look at every member of Congress independently, we can’t just assume that there’s going to be one party for us and one party against us.” While the economy remains in an iffy gear, Wall Street is prepared for more criticism on the presidential campaign trail, hoping a viable Republican contender will step forward and pull the debate to the right.

MHProNews publisher L. A. ‘Tony’ Kovach suggests that any who think the the GOP’s right wing is dead has misread the tea leaves. “It’s not the ‘Ice Tea Party,’” Kovach quipped. “That movement is maturing and is backing more candidates who can win in the general elections. It’s still the hot Tea Party for millions who see endless scandals, a weak economy and foreign policy reversals as goads to do more to fix DC politics, not less.” ##

(Image credit: Tea Party)

Bullseye Missed by CFED’s Doug Ryan in “The Hill” blog on Preserving Access to Manufactured Housing

May 20th, 2014 Comments off

Writing in thehill.com blog, Doug Ryan, director of Affordable Homeownership for Corporation for Enterprise Development (CFED), says the manufactured housing industry is trying to sabotage perfectly good Consumer Financial Protection Bureau (CFPB) regulations that protect buyers of MH from high-priced loans, through promoting its Preserving Access to Manufactured Housing Act H.R. 1779.

Noting that for low-income families a manufactured home is the clearest path to home ownership. Ryan says, “Most manufactured homes are financed with personal property loans, like cars, rather than traditional mortgages, and the lenders have largely operated outside of federal regulators’ supervision. The CFPB regulations ensure that manufactured housing loans are subject to the same rules that apply to traditional mortgages.”

Ryan says the Manufactured Housing Institute (MHI) has been trying to convince the CFPB for months that without change to the new regulations it will cost consumers more to purchase manufactured homes, but the CFPB says the evidence is not conclusive in impacting MH buyers. He adds the industry “stands to reap huge profits from the change” that would result from H.R. 1779, and that the MHI has been pouring thousands of dollars into coffers of congressional candidates. MHProNews.com understands H.R. 1779 in fact modifies the definition of mortgage originator and of high-cost mortgages to ease access to manufactured home loans. Ryan asks rhetorically if you would rather have industry lobbyists or the CFPB writing your regulations.

Noting that H. R. 1779 has bi-partisan support, Ryan suggests that Reps. Terri Sewell (D-AL) and Maxine Waters (D-CA) may have been duped into supporting this bill that seeks to circumvent CFPB authority without evidence of the need to do so. He says, “This is how working families lose out; not with careful consideration of the data and the public interest, but in an obscure, politically-charged markup in room 2128 of the Rayburn House Office Building.”

MHProNews publisher L.A. “Tony” Kovach says, “Ryan and his associates need to sit down and get clear on the facts on MH lending. This is simple math; its cost of funds, cost to service loans, need for a profit and a market that the GSEs have not served, in spite of HERA 2008’s so-called Duty to Serve. Respectfully, Ryan has homework to do!”

More information, including quotes from more industry professionals, are found at this link. A video interview with finance expert Dick Ernst for MHProNews’ June issue will shed additional light on regulatory challenges the CFPB ought to address.##

(Image credit: U. S. House of Representatives)

Mixed signals on Federal role, Fannie and Freddie Future uncertain

August 17th, 2011 Comments off

Deputy_Treasury_Secretary_Neal_Wolin_WSJ.pngTheHill reports a push back from the Treasury Department on an earlier Washington Post report that alleged that President Obama favored a plan retaining a major federal role in the housing finance market. Deputy Treasury Secretary Neal Wolin stated In each of the three options we outlined in our report to Congress, the governments footprint in the housing finance market will shrink substantially.” Wolin added “That’s why, in each of the options, any government support for housing finance will be targeted and limited. This will help ensure that taxpayers are protected and the private sector bears the burden for losses.” Wolin acknowledged that Fannie Mae and Freddie Mac, will play a critical role in supporting the still-fragile housing market.” Wolin claims the administration ultimately wants the government-sponsored enterprises (GSEs) wound down.

(Photo credit: Wall Street Journal)