Tuesday, April 10, 2007

First Home Blamed for Bringing Michigan Lender Down

Read entire story and links to Fort Myers News Press article regarding SW Florida Builder First Homes and Michigan credit union.

SW Florida was one of the hottest housing markets in the country, and with that came overbuilding by several builders and investors who failed to accurately evaluate the market. This is a classic example of the "What a Bigger Fool WIll Pay" theory until finally the market collapsed under it's own weight. The rebalancing of the SW Florida real estate market is a healthy thing, although we have seen much pain along the way and the First Home crisis is just another example.

6 comments:

Pete Doty said...

Brett,
Do you find referencing news articles as effective as creating comments on others blogs?

Anonymous said...

I suppose that is the reason First Homes laid off over 200 employees yesterday and only 40 remain

pedro said...

I suppose this is the reason that First Home Builders laid off over 200 employees yesterday and kept less than 40?

pedro said...

This must be why First Homes laid off over 200 people Friday and 40 are left

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Century City Real Estate said...

Nice article so informative......n useful so thanks for charing........