Tuesday, August 11, 2009

Local Home Builder Going Under

A local home builder, Barratt American, switched its bankruptcy filing from Chapter 11 to Chapter 7 last week because the company’s creditors claimed that any attempt at reorganization would be unsuccessful.

Through June, there were only 908 building permits issued in San Diego County, compared to 1,409 from January to June 2008. During the hpising boom, in 2005, there were 4,795 permits issued through June. Yet, surprisingly, Barratt is one of just a few builders to go under. Barratt is chiefly known as the developer for the master-planned Fanita Ranch community in Santee. Approved for 1,400 homes in 2007, the community is in jeopardy itself. The two mortgage holders are currently in the beginning stages of foreclosure. Search La Jolla foreclosures, or other La Jolla real estate

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