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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Most Manufactured-Housing Borrowers Have Costly Loans

October 7, 2014 1:32 am

The Consumer Financial Protection Bureau (CFPB) recently released a report which found that manufactured-home owners typically pay higher interest rates for their loans than borrowers whose homes were built onsite. The report also found that manufactured-home owners are more likely to be older, live in a rural area, or have lower net worth.

“Manufactured housing is a critical source of affordable housing for some consumers,” said CFPB Director Richard Cordray. “These consumers may be more financially vulnerable.”

Manufactured homes are commonly referred to as “mobile homes” or “trailers.” They are a specific type of factory-built housing. After the homes are built in a factory, they are then transported on their framework to a retail center or the placement site if they have been purchased. Manufactured homes are required to be built and installed in accordance with standards set by the Department of Housing and Urban Development.

The report concluded:
  • One out of seven homes outside of a metropolitan area is a manufactured home. Manufactured homes account for only about 6 percent of all occupied U.S. housing. Outside metropolitan areas, however, one out of every seven homes is a manufactured home. These homes are more prevalent in the southeastern and western states. South Carolina has the highest prevalence of manufactured housing in the country, followed by New Mexico.
  • Manufactured-home owners are more likely to be older: Nearly one out of five families that live in manufactured homes do not have children in the home and are headed by someone aged 55 or older—compared with less than 15 percent of families that live in site-built homes.
  • Manufactured-home owners are more likely to have lower net worth. Bureau research has found that manufactured home residents tend to have lower net worth than other families. The 2004–2010 Surveys of Consumer Finances indicate that the median net worth among households that lived in manufactured housing was just about one-quarter the median net worth of families living in all other types of housing.
One of the main differences between a manufactured home and a home built onsite is that manufactured homes may be titled as either real estate property or personal property. A home built onsite is almost always titled as real estate property. For a manufactured home to be titled as real estate property, the home generally must be set on a permanent foundation on land that is owned by the home’s owner. If a manufactured home is titled as personal property, it generally must be financed through a personal property loan, also known as a chattel loan.

Source: CFPB

Published with permission from RISMedia.


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Organic Foods Best Option for American Families

October 6, 2014 1:31 am

Refuting prior claims to the contrary, conclusive evidence has been found that organic crops, and the food made from them, are nutritionally superior to their conventional counterparts.

A recent study by The Organic Center (TOC), a non-profit associated with the Organic Trade Association, serves to dispel consumer confusion about the benefits of organic. A 2012 Stanford University study claimed that organic foods were no healthier than non-organic, setting off a heated debate on the nutritional value of organic products.

“The nutritional differences between conventional and organic crops have always been a much debated topic,” said Dr. Jessica Shade, Director of Science Programs for TOC. “This significant study reevaluates the issue from a more inclusive, statistically accurate standpoint and strongly shows that organic fruits and vegetables have definite health benefits to conventionally grown products.”

Key findings from the study include:
  • Organic crops and crop-based foods are up to 60 percent higher in a number of key antioxidants than conventionally grown crops. Antioxidants have been linked to a reduced risk of serious chronic diseases.
  • For the millions of health-minded individuals watching their caloric intake, the amount of extra antioxidants one would consume each day by eating the recommended five servings of organic fruits and vegetables would be equal to one to two additional servings of conventionally grown produce.
  • Conventional foods are four times more likely to contain pesticide residues than organic foods. Exposure to pesticides has been found to affect brain development, especially in young children, and pose a greater risk for pregnant women and men and women of reproductive age.
  • On average, organic crops had 48 percent lower cadmium levels than conventional crops. Cadmium is a highly toxic metal that can cause kidney failure, bone softening and liver damage. It can accumulate in the body, so chronic exposure is dangerous even at low levels.
These findings present a positive update for U.S. families – another recent survey from the Organic Trade Association revealed that eight out of ten now purchase organic products, and nearly half of those families do so out of concern for their children’s health.

Source: OTA

Published with permission from RISMedia.


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