One of the US�s biggest and oldest builder has declared bankruptcy according to the NY Times. Levitt and Sons, a unit of the Levitt Corporation ran out of money last October and declared bankruptcy in November leaving a planned retirement development unfinished. Many seniors who have paid down payments are left in hotels without being able to move into houses they have paid for with the future still uncertain as to what will become of their investment. Many other firms are on the borderline when it comes to developers. The problems with prime and sub-prime lending has left many homes without potential buyers due to continuing increases and dips in the housing market which is a sure sign of further instability ahead.

This entry was posted on Tuesday, July 1st, 2008 at 7:36 pm and is filed under Advice, Buying, Renting. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.