Going Modular

By Alison Rice. Palm Harbor Homes, a manufactured-home builder in Addison, Texas, is entering the modular market. In June, Palm Harbor bought Nationwide Homes, a modular builder in Martinsville, Va., for $35.5 million in cash. With 640 shipments last year to Palm Harbor’s 10,829, Nationwide produces far fewer homes than its acquirer, but with a key advantage: Its modular homes qualify for traditional mortgages. That helps Palm as the financing environment for HUD-code homes worsens.