As a quick follow-up to our latest Industry Update on September 10, 2003, I want to bring you more recent news about Oakwood's condition that was not available to me at the time. Please read the attached article, copied from Quicken.com...

GREENSBORO, N.C., Sep 9, 2003 /PRNewswire-FirstCall via COMTEX/ -- Oakwood Homes Corporation announced today that it has filed with the U.S. Bankruptcy Court (the "Court") in Delaware an amended Plan of Reorganization (the "Plan") and related Disclosure Statement. A hearing has been scheduled on September 26, 2003 at which the Company intends to ask the Court to approve the Disclosure Statement and to allow the Company to solicit its creditors and seek confirmation of the Plan.

Myles E. Standish, President and Chief Executive Officer, stated: "The Plan contemplates that we will emerge from bankruptcy by the end of November and that our unsecured creditors will convert their claims into all of the outstanding common stock of the Company. Existing shareholders would receive out-of-the-money stock warrants as originally contemplated when we entered bankruptcy in November 2002. In connection with the reorganization, the Company expects to obtain new financing to replace its debtor-in-possession and other existing credit facilities. It is anticipated that the Company's new revolving and letter of credit facility will be secured by substantially all of the Company's assets. In addition, the Plan assumes replacement of the Company's warehouse facility and servicing advance facility. The Company is working with various national lending institutions to convert term sheets for these facilities into committed facilities and expects to receive commitments prior to the September 26 hearing.

"The proposed Plan will leave Oakwood with virtually no long-term debt and will position it to capitalize on the eventual recovery of the manufactured housing industry. However, the proposed Plan is subject to further amendment, and there can be no assurances that the Plan, as proposed, will be confirmed or that the exit financing facilities will be finalized.

"The Company views the filing of the amended Plan and related Disclosure Statement as an important step toward the successful conclusion of its bankruptcy filing and very much appreciates the continued support of its creditors, lenders, customers, suppliers and employees during this process."

The two Oakwood-owned manufacturing plants in the Pacific Northwest, Marlette Homes in Hermiston, Oregon and Golden West / Oakwood Homes in Albany, Oregon, both are operating today at a profit and with a solid backlog of orders. It is clearly in the best interests of our industry, the people who work at these facilities and the many customers that live in Oakwood/Golden West or Marlette Homes that this company flourishes in the future.

Greg Harmon - President
Commonwealth Real Estate Services
E-mail: greg@cwres.com
Telephone 503.244.2300 Ext. 101