Remember last month when I wrote about Fulton Homes’ proactive (if slightly slanted) effort to position their new homes against the foreclosures on the market?
Guess which segment outlasted the other?
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.”
In truth, this is a sad event on several levels not the least of which was that Ira Fulton was a huge financial supporter of Arizona State University, which is going to need the money thanks to the short-sightedness of the Arizona Legislature.
And there’s also the basic reality that Fulton built a fairly nice home – the first home I ever bought was a Fulton in Peoria’s Fletcher Heights.
On the other hand, fewer builders means less new home construction which is the last thing we need in the Phoenix real estate market right now.
[tags]Phoenix real estate, Fulton Homes[/tags]