Choice Homes Inc. has built over 39,000 homes, mostly for first time buyers. The company has now said that it will pay its bills and shut its doors. Apparently the company was doing so well in 2003 that they were considering an IPO. In 2005 the CEO left to start Wall Homes which later filed for bankruptcy.
I have to say that Choice homes is in a unique position to shut their doors peacefully. Other local developers like Kimball Hill Homes has filed for bankruptcy before their developments were even complete. After 50 years in business the family owned business finally threw in the towel. It’s not a good situation for the economy, and it is a really crummy situation for the homeowners. In some cases the infrastructure may not even be fully developed. This leaves HOA’s with some incredible headaches.
