Word: homex
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...1960s produced dozens of "hot issues"-young companies whose stocks soared on dazzling dreams of instant wealth. Many collapsed just as quickly, falling victim to mismanagement, unrealistically high expectations or, in some cases, outright fraud. Some survive only as names in the memory of angry investors. Stirling Homex (modular housing) no longer exists; King Resources is still in bankruptcy proceedings; and Bernie Cornfeld's Investors Overseas Services is in the terminal stages of liquidation...
...Hercules Inc. and Wickes Corp along with a score of smaller firms, also pulled put of the industry. Last year Florida's Behring Corp. cut its losses and closed down the nation's largest house-building plant. Beset by production and marketing troubles, another industry leader, Stirling Homex, crashed into bankruptcy seven months...
...mass-produced, "module" houses built room by room in factories where the workers generally do not belong to highly paid crafts unions. Modular construction has doubled in the past five years, and this year will account for 80,000 new houses. Some large builders like National Homes and Stirling Homex turn out modular homes that are put together like building blocks on the development sites. The nation's biggest builder, ITT Levitt, operates one of the most modern of these plants in Battle Creek, Mich., turning out one complete house every hour. The modules are hauled to the building...
Modular housing may help to free the fragmented building industry from its dependence on localized and often inefficient production methods. Stirling Homex Corp., largest of the modular builders, last month moved an entire trainload of $20,000 town houses 950 miles from its plant in Avon, N.Y., to Corinth, Miss. Each house was built and shipped in four sections, averaging 12 ft. by 24 ft.; then the modular units were swung by crane onto foundations and were made ready for occupancy on the same day that they arrived...