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Thoughts and Experiences from the Mile High City of Denver, Colorado

Neumann Homes, Are They In Trouble?

Peter

I am wondering if Neumann Homes is in trouble financially. They have stopped work in our neighborhood, even homes that they are building for someone and not on spec. We even had a notice of a lien to be placed upon our house because they have failed to pay their contractors.

They have been working. According to a story in the Chicago Tribune, they have reworked their loans and now have $55 million in revolving credit.

It would be nice if they were going to finish our neighborhood, but I am not too optimistic, even with this new money. The new home market sucks and the number of homes on the market because of fraudulent or bad loans leading to foreclosure is crazy.

I just hope the market improves soon so that the remaining lots can be built out and the homes sold. It is just not helping our home value at this time.

You can read more about Neumann Homes trouble in the housing market in Michigan in the Detroit News. Link...