Another Homebuilder Files For Ch. 11
Announcing the bankruptcy filing Tuesday, Tousa cited the “dramatic” downturn of the American housing market in recent months. Like many observers, Tousa blamed the housing market's deflation on “severe liquidity challenges in the credit and mortgage markets, diminished consumer confidence, increased home inventories and foreclosures, and downward pressure on home prices.
"This action is necessary to reflect the realities...
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