Power Home Remodeling Group expands to Massachusetts
Power Home Remodeling Group, an East Coast-based provider of exterior home renovations, has expanded its operations to Marlborough, Mass., where it will continue to serve the greater Boston metropolitan area. Power has already hired more than 50 employees in the Boston region and plans to create at least 100 jobs in 2011 and another 100 to 250 in 2012, the company said in a press release.
In 2010, Power installed energy-efficient solutions in more than 14,000 homes and sites, many of them taking advantage of 2010 energy-efficiency tax credit for homeowners. In 2011, the company expanded into three additional new markets, including Boston, Long Island and Atlanta. Power’s portfolio of exterior remodeling solutions includes replacement windows, vinyl siding, roofing, entry and garage doors, attic insulation, gutters and guards.
Family-owned since 1992, Power Home Remodeling Group is the nation’s fourth largest home remodeling company with more than 900 full-time employees and $135 million in sales. Headquartered in Chester, Pa., Power serves residents throughout the Eastern Seaboard, including Connecticut, Delaware, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia, and Washington, D.C.
Boston metropolitan area.
Boston metropolitan area. Power has already hired more than 50 employees in the Boston region and plans to create at least 100 jobs in 2011 and another 100 to 250 in 2012, the company said in a press release.-Marla Ahlgrimm
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“Shadow inventory” of homes continues to decline
CoreLogic, a provider of information, analytics and business services, has reported that the current residential shadow inventory as of July 2011 declined slightly to 1.6 million units, representing a supply of five months.
Also known as pending supply, shadow inventory is an estimate calculated by the number of distressed properties not currently listed on multiple listing services (MLSs) that are seriously delinquent (90 days or more), in foreclosure and real estate owned by lenders.
July’s 1.6 million units is down from 1.9 million units a year ago, and follows a decline from April 2011 when shadow inventory stood at 1.7 million units. The moderate decline in shadow inventory is being driven by a pace of new delinquencies that is slower than the disposition pace of distressed assets, according to CoreLogic.
In a prepared statement, Mark Fleming, chief economist for CoreLogic, said: “The steady improvement in the shadow inventory is a positive development for the housing market. However, continued price declines, high levels of negative equity and a sluggish labor market will keep the shadow supply elevated for an extended period of time.”
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ABC Supply names promotions
ABC Supply Co., the nation’s largest distributor of roofing, siding, windows and other exterior building products, has promoted 20 branch managers around the country to managing partners. They are Steve Colton of Neenah, Wis.; Ray Coxe of Delran, N.J.; Jamie Crawford of Salisbury, Md.; Gregg D’Angelo of Youngstown, Ohio; Dennis DeBolt of Santa Rosa, Calif.; Stephen Duggan of Conley, Ga.; Mark Forbes of Rockford, Ill.; Bob Gieseman of East Peoria, Ill.; Brian M. Jenks of Green Bay, Wis.; Allen Karspeck of Santa Fe, N.M.; Chuck Lavalley of Mentor, Ohio; Scott Morgan of Akron, Ohio; Jeremy Nickerson of Manassas, Va.; Mike Reilly of Portland, Maine; Travis Schmidt of Chippewa Falls, Wis.; Mick Self of Kenosha, Wis.; Rod Siler of Huntington, W.Va.; Kirk E. Stitt of New Castle, Pa.; Jason Torrence of Calhoun, Ga.; and Dustin Williams of St. Joseph, Mo.
The 20 new managing partners will continue to oversee their respective branches while taking on additional responsibilities. They have become members of ABC Supply’s National Branch Advisory Board, which advises senior management on a wide range of topics, including strategic initiatives, branch expansion, product development, technology, branch operation and company policy.
Based in Beloit, Wis., ABC Supply operates more than 450 branches in 44 states.