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Manufactured Housing May Be Viable Answer to High Real Estate Prices

“When factoring in the median value of a finished lot, the cost of manufactured housing relative to site-built falls to 54% for single-section homes, 70% for double-section, and 80% for CrossMods. As such, we suggest that manufactured housing may be most attractive in markets with lower land costs, but still offers savings regardless of land cost,” said Chadwick Reed of the Joint Center for Housing Studies at Harvard University.

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Home Purchase Apps Drop to Near 30-Year-Low

The MBA reports a 4.2% week-over-week slide in overall mortgage application volume, with apps for home purchase mortgages falling to levels last reported in April of 1995, as rates shot up to the 7.30% range.

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Mortgage Rates Hit Highest Point Since Spring 2002

Not since spring of 2002 have fixed-rate mortgages been as high as they were reported this week, and when combined with mortgage app volume sliding for the fourth straight week, affordability headwinds continue to impact housing demand.

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New Building Permit Numbers Beats Expectations

“U.S. housing starts in July were at a seasonally adjusted annual rate of 1.452 million, which is 3.9% above the downward revised June estimate of 1.398 million and is 5.9% above the July 2022 rate of 1.371 million,” First American Deputy Chief Economist Odeta Kushi said.

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