Manufactured Housing Institute President and CEO Comments on Research Report on State of the Industry
Arlington, VA – June 30, 2011 – (RealEstateRama) — Thayer Long, president and CEO of the Manufactured Housing Institute, issued the following statement on in the IBIS World, Inc. research report falsely characterizing the state of the manufactured housing industry.
“Since 1989, manufactured housing has accounted for 21% of all new homes sold. Due to the most significant economic and housing crisis in generations, over the past five years the pace of new manufactured homes sold in the US has declined by 57%.
However, the pace of new single family site-built homes sold in the US has declined by 76% since its peak in March 2005. Buyers purchased 322,000 new site-built homes in 2010, the fewest annual total on record going back 47 years.
Over the past five years, excesses in the site-built housing market contributed to one of the greatest economic disasters in generations. Buyers assumed more debt and more house than they could afford, and this behavior was supported by the marketplace.
Manufactured housing, having undergone its own subprime bubble over a decade ago, learned these lessons well. As a result, manufactured housing remains the best housing value proposition in the marketplace, a feat accomplished in spite of tougher self-imposed industry lending standards. Over 19 millions Americans live in a manufactured home, and the market share of manufactured housing is back on the rise over the past two years, with shipments increasing in 3 of the past 4 quarters.
Americans can realize the dream of owning their home at an affordable price, without sacrificing quality or the level of amenities they desire. The manufactured housing industry is very much alive, and very much here to stay.”
The Manufactured Housing Institute is the national trade association for manufactured and modular housing industries, representing all segments of the industries before Congress and the Federal government. From its Washington, D.C. area headquarters, MHI actively works to promote fair laws and regulation for all MHI members and the industry. For more information on MHI, visit www.manufacturedhousing.org