What Do You Mean...Things Are Not Looking Good.....

[Helen]

I have read several references to things not looking good in the MH market. What exactly does that mean? I know the overall economy is shakey, but are there any specifics that those of us who are looking might need to be aware of?

[jgn]

While the overall housing market is strong the MH industry is weak. I don't mean this to insult anyone but MH's largest market are as second homes and for primary homes for people who want to own a home but don't have the finances or credit to afford a conventional site built home. In the past if you could fog a mirror you could get financing for a MH but that has changed. Lenders are more carefull and some of the companies who took high risk loans are no longer in business. The reason the housing market is strong is because of the low interest rates but many people who purchase MH can't avail themselves because of spotty credit.
Having a weak market has an upside and that is it gets some of the poor dealers and manufacturers out of the business so when things turn around it will be a better industry. If you can swing it now is the best time to buy low interest + weak industry can only help the consumer make a great deal but it is more important than ever to choose the dealer and manufacturer carefully.
Of course your opinion may vary

[rmurray]

The industry has gone from 300,000 sales 3 or 4 years ago to 130,000 sales projected for this year..Factories, lenders and dealers have all been hurt badly...One of the big 5 Oakwood is in bankruptcy..and there are persistant rumors about 2 others..50% of all dealers have left the business...and those left are all struggling....
The advantage of course is that great deals are out there now...mortgage rates are lower than ever...prices are in check...many used homes are in the market at good prices...even new home "repos" are plentiful...There is no better time for a careful buyer to move forward...