Monday, September 22, 2008

More Renaissance Homes Bankruptcy Details

From the Oregonian:

Oregon's stubborn housing slump has taken one of Oregon's highest profile home builders as its latest casualty.
Renaissance Homes expects to file Chapter 11 bankruptcy next week. Slow sales have made it impossible for the Lake Oswego company to remain current on any of its $85 million in bank loans, company officials said.
Renaissance will be the third prominent metro-area home builder to file Chapter 11 since May. Though some in the housing industry initially insisted that the real estate bust would spare Portland due to in-migration and other factors, it now appears that the shrinking home values and stalled sales that hit much of the rest of the country in 2006 and 2007 were simply late in arriving here.
Rumors have been circulating about the company's precarious financial position for much of this year, fueled by a mounting number of construction liens filed against
Renaissance by unpaid suppliers and subcontractors.
"Obviously, this is humbling," Sebastian said. "It's tough medicine. You face big risks in this business, and the market caught up with us."
Sebastian promises his company will survive. Though he's learned to never again trust a market boom, he still believes in the Northwest and he still loves building homes.
"I'm 44 years old. I want to build for another 24."


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