Sid Dunmore, of Dunmore Homes, a family run business with head quarters in Granite Bay who has built homes in the Sacramento area since 1954 is now the first casualty of this Real Estate market.
Although the market in Sacramento is worse than in Phoenix, it seems likely homebuilders will go out of business here too.
It’s a bad deal for the homebuilder and his employees, for sure.
They’re not the only ones hurt. It’s also a real tough deal for the homebuilder’s former clients.
Now, in the meantime there are new homeowners at the Monterey Village in Elk Grove who have liens slapped on their new home from contractors that were owed money by Dunmore Homes. The subdivision is not finished but has homes that are in the process of being built and others that simply have pads, gates that haven’t been installed and streets not yet paved in some areas.
That is indeed a tough deal for the homeowners.
Forewarned is forearmed.