In August, new-home sales declined 2.3%
Sales of new single-family houses in August 2011 were at a seasonally adjusted annual rate of 295,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.
The figure is 2.3% below the revised July rate of 302,000, but is 6.1% above the August 2010 estimate of 278,000.
The median sales price of new houses sold in August 2011 was $209,100; the average sales price was $246,000.
The seasonally adjusted estimate of new houses for sale at the end of August was 162,000. This represents a supply of 6.6 months at the current sales rate.
No comments found
In tough times, a company protects its people
Warroad, Minn.-based Marvin Windows and Doors has refused to fire employees during the downturn. An article in the New York Times explains the company’s reasons.
The company’s philosophy was captured in a quote in the article from Susan Marvin, the company’s president and granddaughter of the founder, George Marvin: "You can’t cut your way to prosperity," she told the newspaper. "You can’t grow if you are cutting your lifeblood — and that’s the skills and experience your force delivers."
Marvin is a privately held windows and doors manufacturer with about 4,300 employees, some 2,000 in Warrroad.
I grew up with the mantra
I grew up with the mantra that when doors close, another one will open. Although they should be applauded for not firing any of its employees, I really wonder if that is really the best course of action. Some employees might miss the chance to find better jobs elsewhere, and if the company continues making losses, in the long run, more employees might suffer in the future. Stoett
I applaud the leaders of
I applaud the leaders of Marvin Windows. It takes guts to do what they did, and their employees know that, and undoubtedly appreciate their actions many times over. It's obvious that the family cares about their employees, and kudos to them for sticking to their principles, especially when their financial team had to be telling them that they were crazy! This action will come back to them tenfold, in the form of loyal, appreciative, long time employees. Ross Riddle/President South Coast Shingle Co. Southern California
Coatings manufacturer makes another acquisition
RPM International, the maker of Zinsser, Rust-Oleum, DAP, Varathane, and other specialty coatings and adhesives, has signed an agreement to acquire Legend Brands, a provider of equipment and solutions for water and fire damage restoration, professional cleaning and environmental control. Based in Burlington, Wash., Legend Brands has annual sales of more than $70 million. Terms of the transaction were not disclosed.
Legend Brands is comprised of three companies: Dri-Eaz Products, a provider of tools for water damage restoration and environmental control; ProRestore Products, providing odor, smoke and microbial control applications; and Sapphire Scientific, a provider of advanced carpet cleaning chemicals, tools and equipment.
Legend Brands has distribution in 15 countries and customers in 20 countries. It will remain a stand-alone operation within RPM2 and will continue to be led by its existing management team, headed by CEO Bill Bruders.
“Many of the products and services within the RPM portfolio of companies have traditionally focused on protecting the built environment from harmful and corrosive elements," said Frank Sullivan, RPM chairman and CEO. "Legend Brands will extend our reach a step further – to the restoration of property when the elements do infiltrate a structure. We will continue to seek acquisitions, like Legend Brands, that are in adjacent categories to our traditional markets, but still fit strategically."
Last month, RPM acquired an Italian flooring and deck coating business.
Should you be experiencing
Should you be experiencing high moisture content in your home, then be aware of which mold could start to proliferate every time. Once this occurs it happens to be near impossible to perform mold removal while using regular cleaning activities. Los Angeles Water Damage Removal