Breaking: Home builders group files Chapter 11
By Daniel at 23 November, 2009, 12:23 am
http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=36217
“(Crain’s) — How bad is the local housing market?
So bad that even the Home Builders Assn. of Greater Chicago has filed for bankruptcy protection.
Unable to pay its bills, the Rolling Meadows trade group filed for Chapter 11 protection Friday, nearly four years into a severe industry slump that has put many its members out of business.
The Home Builders has about 500 members today, down from 1,500 at the peak, says William Factor, the group’s bankruptcy attorney.
“The housing market has taken a tumble and this is just another example of that,” he says.
…
“Over the last year, we have made significant progress internally on transitioning HBAGC to become more reflective of the needs of the current housing market,” Tracy Hill, acting president of the Home Builders, said in a news release. “Unfortunately, at the same time, factors beyond our control have created a perfect storm in the industry — a 90% decline in permits within the Chicagoland area, matched with an unprecedented credit crisis, have made it impossible to support our current debt.”
“
No comments yet.