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Posts Tagged ‘uptick’

Higher Mortgage Rates Cause Pause, may Fuel more Home Sales soon

August 26th, 2013 Comments off

nahb-2-logo-posted-daily-business-news-manufactured-home-marketing-sales-management-mhpronews-com-The National Association of Home Builders (NAHB) tells MHProNews that sales of newly built, single family homes declined in July 13.4%, to a seasonally adjusted annual rate (SAAR) of 394,000 units. “The drop-off in sales in July is in part a reflection of buyers’ reaction to the recent uptick in mortgage rates as people reassess their budgets to determine how much house they can afford,” said Rick Judson, chairman of the NAHB. NAHB Chief Economist David Crowe said, “However, there is still a great deal of pent-up demand for homes in markets nationwide, and builders continue to report improving consumer interest. This suggests that what we’re seeing is a temporary pause, and that buyers will return to the market once they are confident that the higher mortgage rates are here to stay.” ##

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Wells Fargo: Interest Rates Rise may Spur Home Sales

July 8th, 2013 Comments off

Providing mortgage rates rise in sync with underlying economic conditions, “Home sales and housing starts should continue to steadily improve even as interest rates edge higher,” according to a Wells Fargo Securities (WFS) Economics Group study. The report says 19 months of below four percent interest rates did not spur a concerted rise in mortgage applications, although it did affect house values. “Prices of new and existing homes have surged as buyers bought larger and more expensive homes and investors, attracted by relatively higher rental yields, rushed into the market to buy up lower-priced homes and convert them into rentals,” states WFS. MHProNews has learned from nationalmortgagenews the uptick in employment has spurred interest rates to rise. “With employment conditions improving, consumer confidence has increased and more families are looking to buy a home. Buying plans and prospective buyer traffic are both trending up and should continue to do so,” the June WFS report says.

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Elkhart Ind. is Bustling

March 1st, 2013 Comments off

Lippert Components, Inc., component supplier to the manufactured housing and recreational vehicle industries, is part of a strong industrial growth pattern in Elkhart, Ind, as etruth informs MHProNews. Lippert began as a steel fabricating plant in rural Michigan in the 1950’s, and has been fabricating chassis for manufactured housing since the beginning. It now has 34 plants and 5,300 employees. With the uptick in the RV industry, Elkhart is drawing related industries. Genesis Products, Inc. manufactures wood products primarily for the RV industry, and like Lippert, got its start as a small company ten years ago and now has five facilities. Named the eighth fastest growing privately held manufacturing company in the Inc. 500 ranking in 2007, Genesis intends to expand operations and hire an additional 100 employees by 2015. Lippert is a subsidiary of Drew Industries, Inc. (which recently moved its corporate offices to Elkhart from White Pains, NY) and with it’s sister company, Kinro, Inc. provides doors and windows to the MH and RV industries, and together they both manufacture an extensive line of bathroom fixtures.

(Photo credit: Wikipedia–MH chassis)

Home Improvement another Positive Housing Sign

January 28th, 2013 Comments off

Door and Window Market Magazine states a study by the Joint Center for Housing Studies at Harvard University indicates the market for remodeling is being stimulated by foreclosures being revitalized, seniors retrofitting their homes in response to changing needs, and energy conscious homeowners making their homes more sustainable. Homeowners over 55 accounted for more than 45 percent of all home remodeling, up from about 30 percent a decade earlier. Joint Center Director Eric S. Belsky says, “After limited spending during the housing bust, renovating the more than one million distressed properties that were sold in 2011 contributed nearly $10 billion to home improvement spending. With about three million more foreclosures and short sales in the pipeline, there is even more such spending ahead of us.” The study showed market spending on energy-related projects increased from 23 percent in 2007 to 33 percent four years later. MHProNews understands some of the remodeling uptick is the result of refinancings that save borrowers on their house payment.

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More Good Housing News

September 10th, 2012 Comments off

The National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) says the number of improving housing markets increased from 81 in August to 99 in Sept., further indication that the housing market is recovering. Based on employment growth,
house price appreciation, and single-family housing permit growth for six consecutive months, the survey shows 68 metropolitan areas retained their ranking, 31 new metros were added, and only 12 dropped from the list. While noting tight lending conditions continue to slow more rapid growth, NAHB Chief Economist David Crowe says, “More metros across the country are experiencing a sustained uptick in house prices, employment and new building activity as rising consumer confidence in local market conditions pushes more people to consider a new-home purchase.” As MHProNews has learned, the list includes cities in 33 states and the District of Columbia.

(Photo credit: San Antonio Express-News/Jose Mojica)

Improving Markets Index Falls

June 13th, 2012 Comments off

The National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) states the number of metropolitan areas displaying sustained and measurable improvement for at least six straight months fell from 100 in May to 80 this month. Of the 100, 52 remain on the list, and the 28 added include Knoxville, TN, Dallas, Fargo, ND, Tuscaloosa, AL, and Grand Junction, CO. 31 states are still represented on the IMI. Kurt Pfotenhauer of First American Title Insurance Co. says, “The volatility of this index mirrors the uncertain economic conditions in some of our nation’s individual markets. The fact remains, however, that real estate fundamentals are still improving in many areas across the country.” MHProNews.com has learned some of the metro areas removed from the list had made marginal gains that were readily wiped out by minor downward shifts. The index is based upon uptick in employment, house price appreciation, and single-family housing permit growth.

(Photo credit: FotoSearch)