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Old 12-31-2007, 10:55 AM
 
192 posts, read 261,969 times
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Any nominations? I think this is very important for buyers of new homes. It might be hard to close if the seller is in chapter 11.
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Old 12-31-2007, 01:49 PM
 
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Technical Olympia is the parent company of Engle Homes which does a substantial amount of development in No Virginia and Florida. The parent firm is almost certain to go into bankruptcy since they just announced that they're unable to make interest payments.

http://finance.yahoo.com/q/pr?s=TOUS.PK
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Old 01-04-2008, 07:33 AM
 
523 posts, read 1,414,344 times
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Quote:
Originally Posted by El General View Post
Any nominations? I think this is very important for buyers of new homes. It might be hard to close if the seller is in chapter 11.
I assume you mean which "large" builder will go bankrupt first? There have been numerous smaller companies that have already gone bankrupt, namely in Florida.

This brings up another point which should be a thread all by itself. If you put down a deposit on a new construction home and the builder subsequently goes bankrupt, you have virtually zero percent chance of ever getting your money back, much less a house. There are plenty of accounts from the past few months of this happening in Florida. Some people put down $100k+ deposits only to have the builder go bankrupt and all they have to show for it is a cleared lot. People need to realize this before they sign a new construction contract. Personally, for this exact reason, I would only buy an already built spec home from most builders at this point. The bust is just beginning and 2008 will be much tougher than 2007 on the builders and many more will go belly up. Unfinished neighborhoods and broken promises by the builder will be the norm.
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Old 01-04-2008, 07:37 AM
 
192 posts, read 261,969 times
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Yes I do (but want to hear about the smaller local ones). So the candidates would include:

Centex
Lennar
Kavorkian
DR Horton
Toll Brothers
others? Who is doing the worst. I know Lennar is heaqdquartered in Miami, so they are in real trouble.
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Old 01-04-2008, 06:35 PM
 
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The large builders will NEVER go bankrupt. They own most of the land the develop on. They can afford to wait out the housing slump.
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Old 01-29-2008, 09:58 AM
 
12,022 posts, read 11,490,062 times
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TOUSA just filed.

TOUSA files Chapter 11 - South Florida Business Journal:

:::: TOUSA :: Breaking new ground :::: (http://www.tousa.com/tousa_homes.html - broken link)

If I had to guess who may be next, it would be someone like Comstock Homes or Hovnanian/Washington Homes later this year or next year. Some of the builders may get taken private before they go under like Dominion Homes (Ohio, Indiana, etc.).
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Old 01-29-2008, 10:12 AM
 
Location: Gainesville, VA
566 posts, read 2,977,165 times
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I would be surprised to see Khov go. Beazer, Centex & Lennar would be my guesses.
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Old 01-29-2008, 12:21 PM
 
Location: Orange, California
1,576 posts, read 6,331,042 times
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Among the bigger builders, Beazer Homes is my pick. They are getting pummeled by a combination of housing market-related losses, financial restatements that are further depressing the stock price, a class action lawsuit related to the restatements, a federal criminal probe, and internal strife (which includes some top execs being fired or "stepping down").
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Old 01-29-2008, 12:57 PM
 
12,022 posts, read 11,490,062 times
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Beazer and Hovnanian are both in trouble. Hov just missed its quarterly dividend payment.

S&P Lowers Ratings on Hovnanian Stock: Financial News - Yahoo! Finance (broken link)
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Old 01-29-2008, 07:04 PM
 
Location: Raleigh, North Carolina
306 posts, read 1,133,778 times
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Centex just posted a 975K loss in the last quarter, in addition to a 500K+ loss in the previous quarter. Can they really survive with no improvement in the housing market anticipated within the next year?

Noones mentioned KB. One of their flagship Martha communities has just opened by my house. They officially opened in September 2007 and sold a lot that month. To date, end of Jan 2008, no building has commenced on this lot and no other lots for that matter. They have 'sold' 5 more lots since September including 4 in a week, suspiciously before a second 'big opening'. The wife and I think they are fake sold signs to give the impression of a booming subdivision! Strange goings on.
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