From the Phoenix Business Journal:
Fulton Homes Corp. filed for Chapter 11 bankruptcy reorganization Tuesday.
“It is confirmed,” said Rosaria Glasco of Knoodle Shop, the home builder’s public relations firm. “Fulton Homes Corp. filed for Chapter 11 protection today this morning. This does not affect home warranties or customer service.”
“Back in the day” (of the real estate boom — you know, way back in 2005 / 2006) builders in Phoenix went nuts. And they over-built in this writers humble opinion.
Now they are facing the consequences of over-building and a depressed real estate market.
Fulton Homes was big around here. They are “restructuring”, not going away, but this is still a big deal.
I suspect that they won’t be the last home builder to hit the bankruptcy courts…
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