Neumann Homes Bankruptcy
Filed Under Business, Economy News, U.S. News |
Neumann Homes Bankruptcy? Neumann homes is one of the biggest home builders in the Chicago area. The home building company announced that they will not be able to continue its operations and building homes because they have not been able to secure adequate funding. The lack of funding has hindered their operations and it is not time for them to close their doors. It the press release announcement released yesterday Jean Neumann, the marketing director, stated that the actual bankruptcy had not yet been filed but will be filed very soon.
Neumann homes bankruptcy has caused the company to close down all of its offices and has forced them to layoff most of their employees. Kenneth P. Neumann, the company’s CEO gave a reason for the bankruptcy filing, “significant downturn in the Detroit, Chicago, and Denver housing markets resulted in this situation. … Even after the significant help we have received from our lenders this year, the company can no longer weather this storm.” This just shows first hand what is happening because of the current home market. Lenders and homebuilders are really suffering right now, I will not be surprised if we see more companies go under like this. It is really a sad event because we need homebuilders and lenders to help keep the price’s down. With less competition the market will surely rise in price.
The company also said in their statement that for any individuals who had already purchased a home or started the process and it had not yet been built would get a refund of the earnest money paid in. They say they will escrow the money and will ask the bankruptcy court to allow an immediate refund to those customers. The Neumann homes bankruptcy is not a good sign for our economy. We will update you if there is any new information or news released.
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