Brown Family Communities closes down unexpectedly leaving subcontractors, home buyers and home owners in abandoned communities in the lurch.
The comments are interesting reading.
WARNING
Be very careful when purchasing a new home!
If your Arizona home builder goes out of business, you’re toast.
The Good News
Arizona homeowners will have a bit less competition from new homes.
Arizona home builders have been horrendous about controlling their production. The stunning over supply of new homes in Arizona has pulled down home values for all Phoenix homeowners.
Apparently, Arizona home builders are incapable of cutting production on their own – they just build until they run out of money and then go out of business. Bankruptcy it seems is the only mechanism for reducing new home construction in Arizona.