With Builder in Bankruptcy, Buyers Are Left Out
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The collapse of the fabled Levitt & Sons, the first big home builder to fail in the current slump, illustrates how the real estate turmoil is spreading far beyond subprime borrowers.
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By Newsday, Melville, N.Y.  Dec. 11--Gone are the days of the Master Builder, or even the Master Planner. For better or worse, Long Island will never again see the likes of Robert Moses or Lee Koppelman, who, in their separate ways, left indelible marks.
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RIVERVIEW, Fla., Jan. 25 -- Piece by piece, as the economy has faltered and as the subprime mortgage crisis has taken hold, Ivan Toledo's grasp on his job, his house -- his entire middle-class life -- has come undone.
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Managers wonât get $87 million for exiting bankruptcy.
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WASHINGTON -- Sales of new homes plunged by a record amount in 2007 while prices posted the weakest showing in 16 years, demonstrating the troubles builders are facing with a huge backlog of unsold homes.
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The subprime mortgage mess has created a mixed blessing for potential homebuyers.
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The building-materials specialist bears the brunt of the downturn.
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With the housing market in decline, financial predators are finding yet another way to take advantage of people behind on their payments.
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As the U.S. mortgage crisis forces more properties into foreclosure, even renters are feeling the pain.
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Builders responded to new demands for houses built to accommodate their owner's technolust. They built lots of homes and packed them with every new gewgaw a potential buyer might dream of. And then they built some more. Now, thanks to the housing bust, virgin homes and condos sit unoccupied in cities like Las Vegas, Phoenix, Miami, and, yes, Orlando.
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As mortgage companies face troubled times, an investor who made his name turning around distressed companies sees opportunity in the lending business.
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Frank's Nursery &amp; Crafts Inc., having filed for bankruptcy twice in three years and failing to lure enough customers back from bigger retailers like Wal-Mart and Home Depot, is going out of business.
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Smaller banks find problems in some commercial real estate loans.
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Problems with computers lead the fire engine maker to file for bankruptcy protection.
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Home builders such as Centex Corp. and Pulte Homes Inc. aim to survive an industrywide unraveling by selling houses at bargain prices, slashing jobs, and scrapping growth plans.
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Hundreds of lawsuits are being filed on behalf of borrowers who legal advocates say were shoehorned into homes beyond their means with creative and onerous mortgages.
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The slump in housing stocks to new four-year lows is hurting some well-known investors who recently added home builders and housing-related stocks such as KB Home  and Pulte Homes Inc  to their positions.