Thursday, January 3, 2008

Builder goes KABOOM (bankrupt)


A few posts ago I wrote about the dangers of buying new homes in markets like this. It seems I'm clairvoyant, see this article in the New York Times today. Levitt & Sons, a unit of the Levitt Corporation, which ran out of cash in October and declared bankruptcy in November leaving a half built development and a lot of angry customers and unpaid subs.

2 comments:

Erin said...

That is so maddening. And sad :( The people affected by this are mostly retirees! People on a fixed income who are probably losing a large chunk of their savings.

Joseph said...

Lots of homebuilders are going bust. Check out the ever-growing list on this website .