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<SEC-DOCUMENT>0000950123-10-011512.txt : 20100601
<SEC-HEADER>0000950123-10-011512.hdr.sgml : 20100531
<ACCEPTANCE-DATETIME>20100211160047
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-011512
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAVCO INDUSTRIES INC
		CENTRAL INDEX KEY:			0000278166
		STANDARD INDUSTRIAL CLASSIFICATION:	MOBILE HOMES [2451]
		IRS NUMBER:				860214910
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1001 N. CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		602-256-6263

	MAIL ADDRESS:	
		STREET 1:		1001 N. CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">February&nbsp;11, 2010
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>By Federal Express and EDGAR</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mr.&nbsp;John Hartz<BR>
Senior Assistant Chief Accountant<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Cavco Industries, Inc.<br>
File #0-8822</DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Dear Mr.&nbsp;Hartz:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On behalf of Cavco Industries, Inc. (&#147;Cavco&#148; or the &#147;Company&#148;), we are providing the following
responses to the comments of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (the
&#147;Commission&#148;) by letter dated January&nbsp;28, 2010. For your convenience, the headings and paragraph
numbers in our letter correspond to the headings and paragraph numbers in the Staff&#146;s letter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Form&nbsp;10-K for the fiscal year ended March&nbsp;31, 2009</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page 18</B></U><BR>
<U><B>Liquidity and Capital Resources, page 21</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">1.&nbsp;<I>In future filings, please address whether you have in place access to external sources of
liquidity. For example, if you have access to a credit facility, you should identify and describe
its material terms. Please refer to item </I><I>303(a)(1)</I><I> of Regulation&nbsp;S-K.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Because of the Company&#146;s strong cash position, the Company has not sought, nor does it have
access to, external sources of liquidity, such as a credit facility. The Company acknowledges the
Staff&#146;s comment and will make the requested change in future filings commencing with its Quarterly
Report on Form 10-Q for the quarter ended December&nbsp;31, 2009.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
February&nbsp;11, 2010<BR>
Page 2

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Critical Accounting Policies, page 23</B></U><BR>
<U><B>Goodwill, page 24</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">2.&nbsp;<I>To the extent that your reporting unit has an estimated fair value that is not substantially in
excess of its carrying value, please provide the following disclosures in future filings:</I>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>The percentage by which fair value exceeds carrying value as of the most-recent
step-one test.</I></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>A description of the material assumptions that drive estimated fair value.</I></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>A discussion of any uncertainties associated with each key assumptions</I></DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><I>A discussion of any potential events, trends and/or circumstances that could have a
negative effect on estimated fair value.</I></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>If you have determined that the estimated fair value substantially exceeds the carrying value
of your reporting unit, please disclose that determination in future filings. Refer to Item&nbsp;303 of
Regulation&nbsp;S-K and Sections&nbsp;216 and 501.14 of the Financial Reporting Codification for guidance.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company acknowledges the Staff&#146;s comment and will make the requested change in future
filings. In accordance with Financial Accounting Standards Board Accounting Standards Codification
(&#147;FASB ASC&#148;) Topic 350, <I>Intangibles&#151;Goodwill and Other, </I>goodwill and other indefinite-lived
intangible assets are evaluated for impairment on an annual basis and between annual tests whenever
events or circumstances indicate that the carrying value of the goodwill or other intangible asset
may exceed its fair value. We will conduct our next required annual goodwill impairment analysis
as of March&nbsp;31, 2010. The Company continues to monitor the performance of its reporting units for
indicators of potential impairment, and acknowledges the importance of recognizing incipient
problems that might lead to an impairment charge. The Company recognizes the importance of
disclosing such issues at the earliest possible time in the Company&#146;s financial statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Changes in Internal Control over Financial Reporting, page 26</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">3.&nbsp;<I>We note your disclosure that &#147;There were no significant changes in our internal controls over
financial reporting identified in connection with this evaluation that occurred during our last
fiscal quarter...&#148;. Your use of the modifier &#147;significant&#148; is inappropriate. Please confirm to us,
if correct, that there were no changes in your internal controls over financial reporting that
occurred during the last quarter that have materially affected, or is reasonably likely to
materially affect, the company&#146;s internal control over financial reporting, and in future filings,
please refrain from using &#147;significant&#148; or other modifiers. Please refer to Rule&nbsp;13a-</I><I>15(d)</I><I> of the
Exchange Act and </I><I>Item 308(c)</I><I> of Regulation&nbsp;S-K.</I>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
February&nbsp;11, 2010<BR>
Page 3

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We confirm that there were no changes in our internal controls over financial reporting
identified in connection with our evaluation that occurred during our fiscal quarter ended March&nbsp;31, 2009 that have materially affected, or are reasonably likely to materially affect, the
Company&#146;s internal control over financial reporting. In future filings, we will refrain from using
modifiers such as &#147;significant&#148; or other modifiers in our disclosure of whether there are changes
in our internal controls over financial reporting that occur during the most recent fiscal quarter
which materially affect, or are reasonably likely to materially affect, the Company&#146;s internal
control over financial reporting in accordance with Rule&nbsp;13a-15(d).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Exhibit&nbsp;23.1</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">4.&nbsp;<I>An updated consent of the independent auditors should be filed as Exhibit&nbsp;23 to an amended Form
10-K. It appears that the currently filed consent is inadvertently dated May&nbsp;18, 2008.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Consent of Independent Registered Public Accounting Firm provided to the Company by the
independent auditors was correctly dated May&nbsp;18, 2009. However, because of a typographical error,
the consent included in the filing was inadvertently dated May&nbsp;18, 2008. The Company will file an
amended Form 10-K solely to include the correctly dated Exhibit&nbsp;23.1.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Form&nbsp;10-Q for the quarterly period ended September&nbsp;30, 2009</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Note 1. Basis of Presentation, page 4</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">5.&nbsp;<I>With a view towards future disclosure, please provide us a more comprehensive analysis regarding
how you determined that you have a controlling interest in Fleetwood Homes. In this regard, please
provide us more specific details regarding your board and management control.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company acknowledges the Staff&#146;s comment and will make the requested change in future
filings. The Company has determined that Cavco has a controlling interest and is required to fully
consolidate the results of Fleetwood Homes, Inc. (&#147;Fleetwood Homes&#148;). The primary factors that
contributed to this determination were Cavco&#146;s board control and management control of Fleetwood
Homes. To that end, members of Cavco&#146;s management hold two out of three total seats on the board
of directors of Fleetwood Homes. In addition, as part of a management services agreement among
Cavco, Fleetwood Homes and Third Avenue, Cavco provides all executive-level management services to
Fleetwood Homes including, among other things, general management oversight, marketing and customer
relations, accounting and cash management.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,
page 12</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">6.&nbsp;<I>We note that you disclosed various factors that impacted your results such as reduced order
rates, production efficiency, product mix and pricing. Please revise future quarterly filings to quantify the impact of these factors where practicable. Please also ensure that you
quantify the impact of Fleetwood Homes, Inc. in future filings.</I>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
February&nbsp;11, 2010<BR>
Page 4

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B><I>Cavco Response:</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Within our gross profit discussion, the impacts of three of the factors we highlighted are
impracticable to accurately quantify: order rates, production efficiency and product mix. As a
result, we have disclosed these items but do not quantify them. However, we acknowledge the
Staff&#146;s comments and in future filings, where and if practicable, we will quantify the specific
factors of change within gross profit and cost of sales. With respect to our discussion on
pricing, we will further enhance our disclosure in future filings to quantify the effects of
changes in prices where possible without putting ourselves at a competitive disadvantage.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">With respect to the Company&#146;s disclosures related to Fleetwood Homes, management makes
operating decisions and assesses performance separately for each of our ten factories comprised of
the three legacy Cavco factories and the seven new Fleetwood Homes factories. The Cavco and
Fleetwood Homes factories each produce a variety of products responsive to local market demands
that continually change. Operations for each factory are affected by variable economic forces and
business conditions. In addition, certain markets among our factories overlap. As a result, we do
not believe that quantifying detailed financial results for individual legal entities is helpful to
investors. We note that FASB ASC 805, <I>Business Combinations, </I>does require that the Company
disclose the amount of revenue and earnings recognized by Fleetwood Homes from the acquisition date
through the end of the reporting period, and to continue this practice until the end of the fiscal
year wherein the acquisition occurred. However, these measures will no longer be disclosed
separately for Fleetwood Homes subsequent to our issuance of the annual report on Form 10-K for the
year ended March&nbsp;31, 2010, in accordance with Topic 805 of FASB ASC.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Definitive Proxy Material on Schedule&nbsp;14A filed on May&nbsp;21, 2009</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Principal Stockholders, page 4</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">7.&nbsp;<I>In future filings, please eliminate the exception in the introductory sentence and include the
holdings of Mr.&nbsp;Stegmayer in the principal stockholders table, since he is a beneficial owner of
more than five percent of the outstanding shares of Cavco&#146;s common stock.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company acknowledges the Staff&#146;s comment and will make the requested change in future
filings.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Compensation Discussion and Analysis, page 12</B></U><BR>
<U><B>Benchmarking, page 13</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">8.&nbsp;<I>With a view towards future disclosure, please tell us how your compensation committee used peer
group compensation information in connection with its compensation decisions for 2009.</I>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
February&nbsp;11, 2010<BR>
Page 5

</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company acknowledges the Staff&#146;s comment and will make the requested change in future
filings. In connection with its compensation decisions for Fiscal Year 2009, the Compensation
Committee (the &#147;Committee&#148;) used peer group compensation information as guidance to ascertain
whether our CEO and CFO base salaries and incentive compensation are generally aligned with those
positions in the peer group. The Committee did not decide that the compensation for the named
executives should be a specified percentage above or below, or equal to, the comparable
compensation for the peer group. However, the Committee did note that the compensation of its
senior management was below that paid to executives of peer group companies, many of which
performed worse than Cavco.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">While the Committee does review peer group compensation information, it is not the sole factor
they consider in setting executive compensation. The Committee also takes into account other
factors, including an executive&#146;s compensation history, experience, performance, tenure, and the
Company&#146;s performance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Components of Executive Compensation</B></U><BR>
<U><B>Base Salary, page 14</B></U>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">9.&nbsp;<I>We note your disclosure that your compensation committee reviewed &#147;the salaries for similar
positions at similar companies&#148; in determining salaries for your named executive officers. With a
view towards future disclosure, please tell us whether these companies are the same companies in
the peer group you identify on page 13. If they are not the same companies, please identify the
companies by name. In addition, please tell us how the committee used this information to set
salaries for your officers. For example, you may wish to address whether the committee targeted a
particular salary percentile or range within the peer group. Finally, with respect to the base
salary paid to Mr.&nbsp;Urness, please tell us what you mean when you state that his base salary was
&#147;consistent&#148; with the base salaries paid to the chief financial officers in the peer group.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company acknowledges the Staff&#146;s comment and will make the requested change in future
filings. The Committee&#146;s review of the salaries for similar positions at similar companies are the
same companies in the peer group identified on page 13 with the addition of Coachmen Industries,
Inc. and Nobility Homes, Inc.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Please see our response to comment 8 above for a discussion of how the Committee used the peer
group information to set salaries for officers.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
February&nbsp;11, 2010<BR>
Page 6

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Finally, with respect to the base salary paid to Mr.&nbsp;Urness, in stating that his base salary
was &#147;consistent&#148; with the base salaries paid to the chief financial officers in the peer group, we
mean that Mr.&nbsp;Urness&#146; base salary was within the range of the lowest and highest base salaries paid
to the chief financial officers in the peer group.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Incentive Bonus, page 14</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">10.&nbsp;<I>Regarding the non-salary cash awards you awarded to Mr.&nbsp;Urness, with a view towards future
disclosure, please provide us with a materially complete discussion and analysis as to how your
compensation committee determined the amounts of the awards and what specific factors the committee
considered in deciding to make the awards. You should also address why the May&nbsp;12, 2009 CFO
Incentive Plan for Mr.&nbsp;Urness was amended and superseded by the board&#146;s awards of $36,000 and
$24,000 in bonuses to Mr.&nbsp;Urness. Tell us if initial compensation measures were adjusted and, if
so, explain how these adjustments were calculated. See Item&nbsp;</I><I>402(b)(2)(vi)</I><I> of Regulation&nbsp;S-K.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The initial compensation measures established for Mr.&nbsp;Urness were adjusted. As disclosed,
under the original performance bonus component adopted on July&nbsp;10, 2008 (&#147;Original Plan&#148;), Mr.
Urness was to have the opportunity to earn a cash bonus up to an amount equal to 1.5% of the first
$7.5&nbsp;million of pretax income for the fiscal year ended 2009 plus 3% of pretax income for the
fiscal year ended 2009 above $7.5&nbsp;million. Under the revised plan adopted on May&nbsp;12, 2009
(&#147;Revised Plan&#148;), which amended and superseded the Original Plan, Mr.&nbsp;Urness had the opportunity to
earn a total bonus of up to $60,000. On May&nbsp;12, 2009, pursuant to the terms of the Revised Plan,
the Board awarded Mr.&nbsp;Urness $36,000 of the eligible bonus amount based upon an overall evaluation
of Mr.&nbsp;Urness&#146; performance for the fiscal year ended 2009 and his assumption of human resource
related duties after Cavco eliminated the position of Human Resources Director. On May&nbsp;19, 2009,
pursuant to the terms of the Revised Plan, an additional $24,000 of the eligible bonus amount was
awarded based upon a further evaluation of Mr.&nbsp;Urness&#146; performance for the fiscal year ended 2009,
specifically as it related to his assumption of the human resource functions of the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Long-Term Compensation, page 15</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">11.&nbsp;<I>With a view towards future disclosure, please tell us how your compensation committee
determined the size of the equity award it granted to Mr.&nbsp;Urness.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company acknowledges the Staff&#146;s comment and will make the requested change in future
filings. With respect to the grant reported in the 2009 proxy statement, the Committee granted to
Mr.&nbsp;Urness a non-qualified option to purchase 10,000 shares of common stock for $32.00 (the closing
price on the date of the grant) per share vesting 20% on the first anniversary of the grant and 20%
on each anniversary thereafter until fully vested. For purposes of determining the size of the
award, the Committee considered (i)&nbsp;the impact of an approximated annual value of the options on Mr.&nbsp;Urness&#146; total compensation package, and (ii)&nbsp;the size of
grants made to senior executives of peer group companies.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
February&nbsp;11, 2010<BR>
Page 7

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Employment, Severance, and Change in Control Agreements, page 15</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">12.&nbsp;<I>With a view towards future disclosure, please quantify for us the aggregate value of the total
payments that your named executive officers would receive under each of the scenarios you have
described. Please refer to Instruction 1 to </I><I>Item 402(j)</I><I> of Regulation&nbsp;S-K.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In our future filings with the Commission requiring disclosure pursuant to Item&nbsp;402(j), we
will comply and intend to include either a table or a parenthetical disclosure quantifying the
aggregate value that named executive officers would receive upon each of the events disclosed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><U><B>Summary Compensation, page 17</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">13.&nbsp;<I>Please provide us with your analysis as to why you used the &#147;Bonus&#148; column rather than the
&#147;Non-Equity Incentive Compensation&#148; column for the awards included therein for Mr.&nbsp;Stegmayer. In
this regard, we note that his award for 2009 appears to be for the achievement of a pre-tax income
target, as described on page 14.</I>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B><I>Cavco Response:</I></B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">We have reviewed the item noted above and agree that the awards included therein for Mr.
Stegmayer are more accurately includable in the Non-Equity Incentive Compensation column and will
report such payments in that column in future filings.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>***</B>
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">We acknowledge to the Staff that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">we are responsible for the adequacy and accuracy of the disclosure in our filings;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Staff comments or changes to disclosure in response to Staff comments do not
foreclose the Commission from taking any action with respect to the filing; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">we may not assert Staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Should the Staff have any additional questions or comments after reviewing this response
letter, we would appreciate an opportunity to discuss these comments or questions with the Staff
prior to the distribution of another comment letter. Please do not hesitate to contact me at
602-283-9205 (or via facsimile at 602-256-6189) with any questions, or if you wish to discuss the
above response.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
February&nbsp;11, 2010<BR>
Page 8

</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Daniel L. Urness
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Daniel L. Urness&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Vice President, Treasurer and<BR>
Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&nbsp;
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Cc:</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Matthew Feeney, Snell &#038; Wilmer LLP<br>
William Heimerdinger, Ernst &#038; Young LLP<br>
Travis Leach, Snell &#038; Wilmer LLP</DIV></TD>
</TR>
</TABLE>
</DIV>


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</DIV>




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