Duro-Last Announces Promotions

Duro-Last® Roofing, Inc. is pleased to announce the promotions of Shawn M. Sny and Jason P. Tunney to Vice Presidents of John R. Burt (JRB) Enterprises, which consists of Duro-Last® Roofing, Inc.; Plastatech^® Engineering, Ltd.; Tri-City Vinyl^®, Inc.; EXCEPTIONAL^® Metals; and Creative Impressions^® Printing, Silkscreen & Embroidery (all located in Saginaw, Michigan) as well as Oscoda Plastics^®, Inc.; and TIP-TOP^® Screw Manufacturing, Inc. (both located in Oscoda, Michigan).

Both Sny and Tunney are grandsons of the late John R. Burt, who founded the companies in John R. Burt Enterprises.

In addition to continuing his work with the Duro-Last Sales Department, Shawn M. Sny will be directing special projects within all the JRB companies.

“I am very grateful to be a part of the John R. Burt Enterprises,” said Sny. I am looking forward to helping our companies grow and flourish. New product lines and more efficient manufacturing processes will continue to be implemented so that we can better serve our valued customers.”

Prior to his promotion, Sny was the Division Manager for Duro-Last, and also held the positions of District Regional Sales Manager and Sales Coordinator.

He earned a Bachelor of Science degree in cardiac rehabilitation from CentralMichiganUniversity.

Sny and his wife, Kerri, reside in SaginawTownship with their two daughters.

Jason P. Tunney will oversee the Duro-Last Legal Department and focus on records retention; community relations; risk management; and insurance and banking relationships for all the JRB companies.

"My grandfather built this business on outstanding customer service and the highest quality products in the roofing industry,” said Tunney. “Our current management team has successfully achieved those goals, and my grandfather would be proud of the accomplishments of his companies. I am honored to be joining our management team and committed to continuing those core values that have made our family of companies so successful."

Tunney most recently served as Corporate Attorney at Duro-Last. Additionally, he worked as a Quality Assurance Regional Manager and also in Field Operations for the company.

Prior to joining Duro-Last, Tunney worked as an attorney in the Cleveland office of Tucker Ellis & West LLP, where he defended cases in the areas of toxic torts and maritime personal injury. He also served as an assistant prosecuting attorney in Saginaw, Michigan.

Tunney earned his bachelor’s degree from the University of Michigan and his law degree from the Case Western Reserve University School of Law.

He resides in SaginawTownship with his wife, Pamela, and three sons.

With corporate headquarters and a manufacturing facility in Saginaw, Michigan as well as other manufacturing facilities in Grants Pass, Oregon; Jackson, Mississippi; and Sigourney, Iowa, the Duro-Last roofing system has become known as the "World’s Best Roof”®.

Since 1978, Duro-Last Roofing, Inc. has manufactured a custom-fabricated, reinforced, thermoplastic single-ply roofing system that is ideal for any flat or low-sloped commercial and industrial building. Energy-efficient and extremely durable, the Duro-Last roofing system is also leak-proof, virtually maintenance-free and resistant to chemicals, fire, punctures, and high winds.

For more information, contact Duro-Last Roofing, Inc. at 800-248-0280 or visit www.duro-last.com.

BUILDER CONFIDENCE IN MULTIFAMILY MARKET SLIPS IN THIRD QUARTER

Builder confidence in the multifamily housing market sagged in the third quarter of 2008, pushing both the Multifamily Condo Market Index (MCMI) and the Multifamily Rental Market Index (MRMI) to their lowest levels since the National Association of Home Builders created the indexes in 2003.

"We have a serious supply/demand imbalance in the housing market, coupled with a weakening job market, and stringent credit market conditions, and that is negatively impacting the multifamily sector," said David Seiders, NAHB's Chief Economist.

The component of the MRMI that gauges supply was dramatically lower for both market-rate and affordable apartments, standing at 22.2 and 15.7 respectively for the third quarter. At the same time last year, the same component stood at 43.8 for market-rate and 44.3 for affordable apartments.

NAHB's Multifamily Market Indexes are derived from a quarterly survey of multifamily builders and developers in which their responses are rated on a scale of 0 to 100, with a rating of 50 generally indicating that the number of positive responses is about the same as the number of negative responses.

The MCMI, which gauges current and expected supply in the condominium market, sank into single-digits for the first time: the index value for current conditions stood at 8.1 in the third quarter, dropping more than five points from 13.5 at the same time last year. Builder confidence in the condo market over the next six months remains low as well: the index tracking this measure fell from 20.8 in the third quarter of 2007 to 9.9 in the third quarter of this year.

Apartment builders are not optimistic about the next six months either--the component tracking expectations for supply for market-rate apartments fell from 47.1 in the third quarter of last year to 19.1 in the third quarter of this year. Affordable housing developers were even more pessimistic: the component of the index tracking their expectations for supply over the next six month slipped to 20.3 in the third quarter of 2008, down from 39.1 at the same time a year ago.

According to David Seiders, even in those markets where the rental apartment demand and supply are in balance - or where demand exceeds supply-- multifamily developers have been unable to get new projects started because of the ongoing credit problems in the capital markets. Since early this year, NAHB has ratcheted down its forecast for multifamily housing starts substantially.

FDIC Bank Takeovers Hurting Home Sales, Builders Report

Home builders with outstanding construction loans are reporting that they are having to stop work on new housing developments and are losing sales as the result of failed banks and thrift institutions being taken over by the Federal Deposit Insurance Corporation (FDIC).

“Builders with outstanding loans that are placed under FDIC control are frequently unable to contact a decision maker to deal with routine but time-sensitive matters related to loan draws or extensions,” NAHB President and CEO Jerry Howard said in a Nov. 20 letter to FDIC Chairman Sheila Bair.

“Some builders have encountered what seem to be arbitrary criteria on whether or not loans receive continued funding,” Howard added. “Again, these developments are unnecessarily turning good loans into problem assets that will significantly exacerbate the losses that must be absorbed by the FDIC and the building and banking industries.”

Reports of severe financing problems stemming from FDIC bank takeovers have started proliferating among builders in Texas, a part of the country whose housing markets have been performing notably better than the national average.

One builder, for example, complained that he has been unable to receive a draw on his construction loan for more than four weeks and, as a result, has been unable to finish work on homes that have already been sold. He said that there is a possibility that the FDIC will also require another appraisal of his homes, which would cause more delays and further jeopardize the viability of his project.

In his letter, Howard praised the efforts of the FDIC to limit mortgage foreclosures, but noted that housing production loans are now experiencing the same kind of severe stress afflicting the home mortgage credit sector.

“Home builders are having extreme difficulty in obtaining credit for viable projects, and those with outstanding construction and development loans are experiencing intense pressure as the result of requirements for significant additional equity, denials on loan extensions and demands for immediate payment,” he told Bair. “In many cases, performing loans are rendered nonperforming as a result of these actions.”

Howard asked for an opportunity to meet and work with the FDIC to address “this serious and urgent issue.”