Homebuilder-Bankruptcy.com

Caruso Homes - for which we discussed its wholesale auction results in Caruso Homes Auction Results - has been steadily selling off lots. Since the auction, this has been an indication that the bankrupt builder is likely pursuing the path of orderly liquidation, rather than reorganization. For example, it recently did a bulk sale of Lots 1-299 in [...]

Recent equity research on DR Horton suggested that the stock is over-valued as sales trends in Q2 of 2009 might decline as much as 47%. The problem, as the analyst cited, isn’t that people are not buying homes. Prospective home buyers have gravitated to foreclosures, rather than newly-constructed properties.
It is not merely foreclosures resulting from [...]

Remember our earlier posts about banks hacking a path towards foreclosing on Village Homes of Colorado?
Shown below are part of the more memorable responses filed by Village Homes and the Committee of Unsecured Creditors. By the way, those of you interested in these Pre-Preforeclosure properties, Village Homes provided a list of all homes in its [...]

The bankruptcy court dismissed the case of EnCap Golf Holdings on Feb 3, 2009. With this dismissal, the secured creditor, Wachovia Bank, can now pursue foreclosure of the properties of the real estate developer. Earlier last year, EnCap Golf filed for bankruptcy to forestall foreclosure action by Wachovia. Wachovia had then begun foreclosure in Jan’08.

The court has just lifted the automatic stay in bankruptcy proceedings for Maryland Development Company to permit Suburban Federal Savings Bank to foreclose on 14111 and 14119 Turkey Foot Road, Darnestown, Maryland 20878.
The bank’s claim on the property consisted of a principal balance of $1,205,995.70, and accrued interest and late charges make it up to [...]

There has been escalating conflict between Village Homes of Colorado (which filed for Chapter 11 in Nov’08) and its lenders. See our earlier post – Fight between Lenders and Home Builder Over Short Sales.
The builder has been in a precarious position, given that it is unable to reach an agreement on post-petition financing from existing [...]

Sun River Mesa Condominiums, which filed for Chapter 11 in Jun’08, is the developer of a 150-unit condo complex in Bullhead City, AZ. At the time of bankruptcy, the property consisted of 13 finished townhomes, 6 partially-finished townhouse, 57 partially-finished townhome lots and 64 partially-finished condominium lots.
The “as is” appraisal of the property was $2.55 [...]