Mortgage Mess Hits Home For Nation’s Small Builders
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home builders, mortgage mess March 21st, 2008Delinquencies Rise, Hitting Local Banks;
TWINSBURG, Ohio — In the first wave of the housing crisis, homeowners across the U.S. lost their properties to foreclosure. Now, many of the nation’s small and midsize home builders are on the ropes.
Bill Whitlatch, longtime owner of one of the leading home builders here in northeast Ohio, is among the casualties. Three years ago, he borrowed from regional banks to start six developments in the Cleveland area. Soon the region’s home market turned cold. Buyers vanished. Mr. Whitlatch drained his personal savings of $2 million to keep his company going.
Tags: home builders, mortgage mess
