LYCOS RETRIEVER 
Housing: New York
built 224 days ago
These penalties applied specifically to manufactured housing are in addition to the recently announced 25 basis points charged for all mortgages. To make matters worse, the new announcement ... adds yet another 50 basis points penalty for mortgages scored "A-minus" or lower by Freddie Mac (this includes the vast majority of manufactured home mortgages) -- bringing the total penalty for most manufactured housing loans to 175 basis points (or 1.75 percent of the loan balance). This will dramatically impact the affordability for manufactured homes secured by real estate.
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PCA Chief Economist Ed Sullivan reports that record housing foreclosures will worsen the housing inventory situation and prolong the downturn in new construction activity in this sector. He believes the recent use of exotic and sub-term mortgages are a primary contributor to the high foreclosure rate as well as a drag on consumer spending.
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The search for senior housing is no longer a "neighborhood search" of local, well-known facilities, and new options spring up all the time. Seniors often need housing in locations far away from the caregiver or adult child who has assumed responsibility for the senior's well being.
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``There is no evidence it is bottoming,'' Paulson today said of the housing decline on CNBC television during a trip to New York. ``The evidence would be that it has further to run.''
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