Posts Tagged ‘uncertainty’

Millionaires Survey IDs Top Threats to Their Wealth

December 18th, 2018 Comments off



Sum it up in a word, uncertainty. But the details are insightful.


There are about 3.3 (+/-) percent of the population, or nearly 11 million Americans who are millionaires, per Spectrum n 2018.




In a new survey conducted for CNBC, there are nearly 11 million millionaires, Robert Frank says that the biggest threat in the view of that millionaire class is the federal government’s dysfunction.

Here are their bullets:

  • When asked about the biggest threat to their personal wealth, the largest number of millionaires said government dysfunction (37 percent), followed by the stock market (32 percent).
  • Overall, their views remain highly political, with 41 percent of Republican millionaires predicting the economy will be better in 2019, compared with only 8 percent of Democratic millionaires.

Frank says that most are generally bullish about the economy itself, which is a data-point that other groups that measure the economy and sentiment have also concurred upon.  Here in the linked report in the box below is one example.


Blue Collar Worker Attitude, Outlook, Finances – Latest Data, Express-Harris Survey


Another example of that similar sentiment is below, which can likewise be accessed by clicking on the linked textbox.


Latest Consumer Confidence Report and Housing Demand


The NFIB in the fall had similarly overall positive reports too about the economy.  But will the now divided Congress change that rosy small business outlook?


NFIB’s Small Business Leadership Updates Stunning Data


Surveys questions can be framed in a variety of ways, which will naturally impact responses.  But as another recent CNBC report reflected, news – arguably some of it agenda driven news – is in part to blame for this ‘uncertainty.’  The economy itself, per several indicators, is sound.  JP Morgan Chase’s Jaime Dimon said last summer that for 20 years, U.S. tax policies have driven capital overseas.  Dimon is a Democrat.

JP Morgan’s CEO Jaime Dimon Sounds Off – “For 20 Years, We’ve Been…Driving Capital…Overseas,” plus MH Market Updates


Millionaires Survey Qualifiers and Other Findings

The qualifications to participate in this new CNBC survey of millionaires included an analysis of the investment attitudes and behaviors of 750 investors with $1 million or more of investable assets. “Respondents are required to be the financial decision-maker or share jointly in financial decision-making within the household,” said Frank.

Other findings:


  • The survey also highlights the fact that millionaire attitudes toward the economy and markets remain highly political, with 41 percent of Republican millionaires predicting the economy will be better in 2019, compared with only 8 percent of Democratic millionaires.
  • Fully 40 percent of millionaires surveyed say the economy will be just as strong in 2019 as it was in 2018, and 28 percent say it will be even better. Yet government dysfunction remains the greatest concern for investors regarding the economy (38 percent) and also to their own personal wealth (37 percent). Thirty-two percent believe the stock market has increased as a threat compared to the past, and worries over the national debt and immigration have increased.
  • While more than half of millionaire investors anticipate that the S&P 500 will be up more than 5 percent in 2019, 20 percent believe it will be flat.
  • When asked about their own returns, 37 percent said they expect returns of 4 percent to 5.9 percent, while 30 percent expect returns of more than 6 percent. Only 4 percent of respondents expect to be down in 2019.
  • Their longer-term outlook for future generations are also cautious: Only a third of millionaires say their kids will be better off than they are, while 37 percent said they will be worse off.

These results obliquely point to issues that has been raised several times on MHProNews.


Barron’s Reports George Soros Move Presaging Market Drop, Harming Manufactured Housing, FAANG Stocks

For more, see the related reports, below the by line.  That’s this morning’s look at “News through the lens of manufactured homes, and factory-built housing,” © where “We Provide, You Decide.” © ## (News , analysis, and commentary.)

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Town’s Stance Against “Mobile Homes” Caused Division, Uncertainty – MH Association Reacts, Video, Report

July 20th, 2018 Comments off


In May, the McBee Town Council passed a temporary moratorium on manufactured homes from being placed in that town’s city limits.


WISTV reports that the motion read, “Mobile Homes are prohibited from being placed on any lot within the town limits of McBee, South Carolina and any current uninhabited mobile homes cannot be occupied and that the Mobile Home Ordinance will be reviewed and updated within the next 90 days.”

I’m a single mother of four kids. I’m going to try not to cry,” said Carrie Johnson, with her voice faltering with emotion. “I’m mad, I’m angry, and I’m hurt.”

Johnson, and her four daughters had been living in two-room single section home, stated WISTV, but then she got good news: a plan to rent a double wide1 and move it to the small town of McBee.”

I’ve seen pictures of it, and it’s beautiful. To me, it would be their mansion,” she said of the manufactured home.

The sudden controversy has caused some like Johnson to feel less than welcome, said WISTV. The resident feels like she’s thought of as “trailer trash” or a “second-class citizen” in the Town of McBee, “a town where some estimate there are more mobile homes1 than stick-built homes.”

But Johnson says that slice of her American Dream is now uncertain, due to McBee’s planned change in their ordinance.

According to a councilman Kemp McLeod, McBee simply isn’t discriminating at all. “It’s not the intent of the town to judge anybody,” he said. The town needed to make sure manufactured homes weren’t blocking right-of-ways, were hooking up to the water system correctly, and weren’t devaluing homes already here.

But that councilman’s statement reflects a common mistaken notion is disproven by Trulia and a study by two economic researchers, previously reported in the report linked below.

YIMBY vs. NIMBY, Obama Admin Concept Could Unlock $1.95 Trillion Annually, HUD & MH Impact

McLeod’s comment also represents a potential unjust taking, as was a decision in a recent court ruling in a high court ruling in Iowa.

“Unconstitutional Taking,” “Gentrification on Trial” in Recent Oak Hill Manufactured Home Community Ruling


Associations, Associations…

The Manufactured Housing Institute of South Carolina is working with the city officials in McBee,” said Mark Dillard, Executive Director Manufactured Housing Institute of SC (MHISC) to the Daily Business News on MHProNews.

We’ve offered to help them put together an updated manufactured home ordinance.  We’ve always found it works well to get with officials during the early drafting stage,” Dillard said.That’s when you can have the most influence.”

That fits with what MHISC’s Ed Schafer said to MHProNews in 2016, who’s praise for forward looking towns hints that there are others that aren’t so open minded.

Zoning, Opening up Urban Infill and Making Sure Citizens who want Manufactured Homes are Heard


But the battles in South Carolina – which has one of the highest percentage of manufactured homes in the housing stock – rages on there, and elsewhere in the U.S. too.


Third-party researchers who’ve been contacting MHProNews have asked variations of the following question. ‘Given the national scope of the problem, isn’t this something that a national trade association should be addressing?’

Fair question. Two MHI connected sources suggested to MHProNews today that MHI has not taken any apparent interst in the McBee matter.

It’s one of the reasons why the Washington, D.C. based Manufactured Housing Association for Regulatory Reform (MHARR) has said that a new national post-production association is needed to supplant what is often seen as the failures of the Arlington, VA based Manufactured Housing Institute (MHI) from habitually acting.

Those failures aren’t new, argued former MHI award winner, Marty Lavin, who explained that MHI has long worked in favor of the interests of their largest members.

‘Tip of Iceberg’ – Rick Rand; Marty Lavin, Communities have ‘No Confidence’ in Manufactured Housing Institute, New National Trade Group Announced

Long time, now former, MHI member George Allen recently said that the problem with MHI is summed up as “Perennial corporate consolidation and power plays among far too few elite producers of HUD-Code manufactured homes, along with far too few purveyors of chattel capital…”


The graphic above was a prior set of similar comments by Allen, who regular Daily Business News readers know has some of his own controversies.

While some might quibble over Allen’s conclusion, the problem he described echoes a point Sam Zell has also made.  High regulatory barriers results in more consolidation.

ELS’ Sam Zell – Compliance Costs Destroys Smaller Businesses = Consolidation

But beyond the cost to business, is the far higher cost to would be manufactured home owners.

MHI in recent years has responded only after months, or years, of pressures from within the industry, per voices inside and outside of that trade body.

Greener, Stylish Manufactured Homes – Hidden Facts in the Washington Post Manufactured Housing Narrative

That failure to provide genuine representation is among the reasons why the Arizona and Nevada community owners associations have launched their own national body with a focus on communities.

State Associations, Companies Quit Membership in Manufactured Housing Institute, (MHI), One Explains in Writing, ‘Why?’

The steady spread of local jurisdictions attempting to zone out, or outright ban, manufactured homes has led a non-profit to take legal action. For more on that, see the related report, linked below. “We Provide, You Decide.” © ## (News, analysis, and commentary.)

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Footnote 1: typo or terminological error is in the original WISTV report. As LMHA’s Steve Duke, JD, has said, “The terminology matters because the terminology defines the construction standards.” 


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New Home Sales Rise in August

September 26th, 2013 Comments off

The National Association of Home Builders (NAHB) reports August sales of new, single-family homes rose 7.9 percent to a seasonally-adjusted annual rate (SAAR) of 421,000 units, offsetting a slight decline in July resulting from a rise in mortgage rates. Says NAHB Chief Economist David Crowe, “We are only about halfway back to what would be considered a sustainable level of activity in a normal economy, and the ongoing housing recovery continues to be slowed by consumers’ concerns about interest rates, as well as weak job growth and uncertainty about what’s happening in Washington.” As MHProNews has learned, regionally new home sales in the South increased 15.3 percent, 19.6 percent in the Midwest, and 8.8 percent in the Northeast. Only the West experienced a decline, falling 14.6 percent.

(Photo credit: Reuters–new home sold)

Local Government May Disapprove of Community Conversion

September 6th, 2013 Comments off

California Assembly measure SB 510 would allow a local government to disprove of the conversion of a manufactured housing community to another use if a majority of the community residents do not support it. The uncertainty of the rights of both resident and community owner has led to dozens of lawsuits. The jurisdiction is not required to disprove of the conversion, nor does it have authority to stop the redevelopment, according to santamariatimes. Sponsored by Sen. Hannah-Beth Jackson, D-Santa Barbara, the measure passed off the Assembly floor in a 41-23 vote, and is now headed for the Senate, as MHProNews has learned.

(Image credit: CNNMoney)

Cordray Confirmed to Head Consumer Financial Protection Bureau

July 17th, 2013 Comments off

Following two years of uncertainty, the U S. Senate confirmed Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB) by a 66-34 vote. While an outstanding lawsuit questions the original recess appointment of Cordray to the post by President Barack Obama, the confirmation solidifies the director’s position as a host of new rules affecting the marketplace is set to take affect in Jan. 2014. Today’s vote eases concerns over what might have happened if Cordray had been forced to step down regarding current and past examinations, nonbank supervision and rules finalized during his term. Allyson Baker, a partner at Venable law firm who once worked for the CFPB, says “I think you now have some certainty that the work the agency has done so far will continue.” As for lenders and servicers, as MHProNews has learned from HousingWire, she adds, “It allows them to say this is what it’s going to look like, and now we can move forward because we have some certainty in the marketplace. Certainty is useful if you are trying to structure your business operations and working with fairly new paramaters.”

(Photo credit: abcnews–Richard Cordray)

Federal Reserve may Taper Stimulus Program this Year

June 14th, 2013 Comments off

With concerns growing over when the Federal Reserve Bank will slow its quantitative easing and the subsequent effect on the economy, of 39 economists and investment advisors surveyed, nearly two-thirds do not think it will begin before Dec. 2013, and some not till 2014. As MHProNews has learned from CNNMoney, while the intent of the Fed’s policy has been to keep interest rates low in order to allow businesses and consumers to borrow money, it has also provided meager returns on savings. Federal Reserve Chief Ben Bernanke is scheduled to speak at a press conference Wed. afternoon and may give hints as to the Fed’s plans. “The markets don’t like uncertainty,” said Allen Sinai, chief global economist for Decision Economics. “The Federal Reserve should clarify the uncertainty as soon as possible –which would be Wednesday.” In the past the Fed has suggested it intends to keep rates low until the unemployment rate reaches 6.5 percent.

(Image credit: Wikipedia)

Modular Housing for Vets Up in the Air

April 29th, 2013 Comments off

MHProNews has learned from a planned 38 unit modular housing complex to accommodate 112 homeless veterans may be scuttled by the Veterans Administration because the Alachua Count Housing Authority (ACHA) has made “minimal progress toward completion,” according to a letter received by the authority from Jeffrey L. Quarles, director of the VA’s Grant/Per Diem Program. The letter said the project was supposed to be completed by May 1, 2013, but ACHA Director Herbert Hernandez says he became director in Feb. of this year and cannot find documents purporting to show the completion date. He has until May 10, 2013 to explain why the VA should continue with the plan, noting the paperwork has been finalized to break ground. While the exact date for completion has been a matter of uncertainty for the housing authority, Hernandez says he has heard second hand that completion must be by Aug. 1, 2013 because the VA cannot fund projects after that date due to fiscal year concerns. Chairman of the housing authority, Kali Blount, says the problem may stem from inaccuracies on a form submitted to the VA. ACHA has appealed to elected officials to help save the $20 million project, which is designed to provide transitional housing for veterans to help rebuild their lives, and includes funding for 20 years of programming.
(Image credit: County Housing Authority

The Uncertainty is Over

November 9th, 2012 Comments off

BusinessInsider says the buzz on the internet is corporate America is sitting on bundles of cash instead of hiring, blaming it on the uncertainty of the election. Now that the election is over, voters made their choice regardless of what the opposition says, and corporate America needs to get back to work. As MHProNews has learned, business and uncertainty always walk together, the stock market is doing well, and corporate America needs to step up to the plate instead of sitting on the sidelines.

(Photo credit: Flickerview)

NAHB Cautiously Optimistic

October 18th, 2012 Comments off

The National Association of Home Builders (NAHB), while noting their prediction of a 21% rise in single-family housing starts this year to 528,000 units, and next year to 665,000, says the uncertainty of how the Dodd-Frank Act plays out is preventing lenders from loosening credit, and further constraining the housing recovery. In addition, the unknown effects of the “fiscal cliff” of mandatory budget cuts and tax increases at the beginning of 2013 have put some investors on hold. Mark Zandi of Moody’s Analytics, forecasting optimism, says the GDP will grow two percent for the year and housing starts will total 1.1 for 2013. But he also notes hiring will not pick up until the “fiscal cliff” is resolved. And as MHProNews has learned, the economy will be stymied until hiring increases.

(Photo credit: Fotosearch)

Fed Housing Involvement Will Remain

October 18th, 2012 Comments off

Despite calls by analysts and policy makers following the recent crash to get the government out of the housing business, Kerri Ann Panchuk of HousingWire says the GSEs still account for 85-95% of the outstanding mortgage loans, securitized and unsecuritized. Plus there is a myriad of programs to help homebuyers—Home Affordable Mortgage Program (HAMP), federal block grants, other refinance programs, etc.–that are in direct contrast to The Treasury saying it wanted a mortgage finance system supported by more private capital. Doug Duncan, chief economist for Fannie Mae, says private capital does not see clarity in the new system, and that uncertainty will keep investors away. As MHProNews has learned, government will remain involved for the foreseeable future.

(Image credit: Federal Housing Administration)