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The Company is in the business of ownership and operation of manufactured home communities- leasing manufactured home spaces on a month-to-month basis to private manufactured home owners.
Manufactured home operators like UMH have been hurt by the loose standards of subprime lenders. The easy credit let people buy "site-built" housing (i.e. regular houses) instead of leasing a spot in a mobile home park.On top of that, UMH is being hit by difficult comparables. They had two sizeable community expansions open early in 2006, driving a lot of home sales. Q1 '07 was lousy by comparison, as those expansions sold out in Q4 '06.Things have hit bottom. Some new community expansions will open this year, driving additional home sales (and lot rental revenues). At the same time, the mortgage underwriting crackdown will mean that a lot of people who can't afford to buy a house won't just buy one anyway, driving more of them to communities like UMH's.
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