New Technology Passes Horizon for Modular House

This non recession recession we seem to find ourselves in, the one that some in government still don’t want to admit exists is impacting the housing industry quite hard. Some in high office still think that playing the nice and easy politically correct game will somehow lessen the impact of what they would term as an economic slowdown.

Even the mainstream press which normally follows suit with official government versions on the disaster of the day, heralds this as close to a global economic meltdown. So why it is so hard for those in powerful political office to admit that there is a problem. Maybe it’s time they wake up and smell what it is they are standing in and call it by its rightful name.

The housing industry was the first to show the signs, and has been hard hit by this “economic downturn”. Modular housing is no exception to the rule. Many modular home manufactures may have to close their doors and lay workers off until a rebound is felt. It’s a sure thing that conventional construction of homes in the US is at a near standstill.

James B. Lockhart, federal regulator for Fannie Mae and Freddie Mac said recently that restoring home affordability was key to a turnaround in the housing market. Despite home prices being down by over 50% in some areas there are still many potential home buyers "on the fence." And most economists would agree that the cornerstone of bringing to an end this downturn is for the housing market to stabilize. Economists say affordability in the housing marketplace will bring back buyers.

Modular homes are every bit as much tied to mortgage rates and loan availability as any other type of home. Without capital available to the barrower to begin home building projects, there seems no clear way to bring about any meaningful change in the housing market in a time to avert disaster for many businesses directly tied to the housing market.

Those that do survive will be in position to take the reins and be the new driving force in the housing industry. Modular housing has the potential to become the new front runner in the new construction housing market. The advantage that some modular home manufactures will have over conventional construction type companies is the ability to return to present infrastructure and resume production, whereby other type construction companies may be left at the mercy of their workforce and equipment having been thrown into the four winds with no tangible way to pick up the pieces.

No one knows for sure when the economy will stabilize, or how much damage will be done before it does. And it may be that the boom market of past years may never return, it is a sure bet that as time passes new housing will be needed. How it gets constructed could well play a large role in how much healing if felt early on in the new global economy.

Modular construction offers a much more controllable and concise method of construction allowing for more precise cost analysis. This can help greatly when the number crunching begins. Cost overrun on conventionally constructed housing has put many buyers into an over extended situation with lenders who in many cases had no choice but to lend the additional amount to keep the mortgage loan alive.

And if this present crisis has taught us anything, it should be that borrowers need to be more astute in borrowing for a mortgage. They should be well informed as to their options and possible downsides of different types of mortgage loans. They need to be realistic about their ability to accept the responsibility of a home mortgage and not overextend themselves.

Lenders need to better analyze their lending situations to better help those applying to qualify within their current financial means in a stable manner. Modular home building can help both parties meet these criteria by allowing them to have a better, more realistic basis from which to work together in bringing about affordable new housing. Placing the industry one step closer to stability, and a bit more stability we could all use these days.

About the Author:

Scott Best is a freelance writer / author in association with www.newmodularinfo.com

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