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