I spend a lot of time looking at statistics on loans. That includes loans on manufactured housing. Most people, if they ever think about it, can guess what the predominant nature of manufacturing housing lending is. That's right -- most of the loans are not so great. A lot of them have very high interest rates. When you consider that many also come with shorter terms than are commonly associated with site built homes, you realize that financing constrains the claims of affordability
made about manufactured housing by its supporters.
Now, I'm always sifting through the numbers looking for a few other juicy findings.
Today I see something interesting. What happened to the market for securitizing manufactured housing loans in 2006? In 2004, more than 145,000 loans were sold on the seoncdary market. In 2005, it was a bit fewer...115,303. But in 2006, just 25,071 were sold. That has got to be a factor in the abiliyt of borrowers to get loans.
Maybe the mh market was foreshadowing the larger credit crisis that arrived in the later months of 2007.