Saturday, 10 November 2007

More US Homebuilder bankrupticies


Dunmore Homes files for bankruptcy protection

Seeking protection from creditors, Granite Bay home builder Dunmore Homes filed for bankruptcy late Thursday as it tries to restructure its tangled finances.

The move comes six weeks after Michael A. Kane, a Comstock Mortgage senior loan consultant in Sacramento, bought the firm from its second-generation owner Sid Dunmore. It's the first bankruptcy filing by a Sacramento-area home builder as dozens of firms struggle with a downturn in demand and prices for new homes.

and this from Yahoo Finance:

Levitt & Sons files for bankruptcy protection

home-building unit Levitt & Sons said on Friday that it had filed for bankruptcy protection, reflecting the badly battered Florida market.

The unit, which made most of its money in Florida, said Chapter 11 filing in U.S. Bankruptcy Court in the Southern District of Florida, was made "in response to unprecedented conditions in the home building industry, which have severely impacted the company."

We are getting closer to a major Homebuilder going belly up. Levitt & Sons is ranked as the 50th largest U.S. home builder by trade publication BuilderOnline. We are just getting started on homebuilder bankruptcies.