Hollywood’s TOUSA issues warning
By Paul Owers | South Florida Sun-Sentinel
November 16, 2007
Home builder TOUSA Inc. of Hollywood says it may not survive the housing slump.
The company’s announcement came less than a week after Fort Lauderdale-based Levitt and Sons filed for Chapter 11 bankruptcy protection from its creditors last Friday.
TOUSA also is considering Chapter 11 as its third-quarter net loss reached $619.7 million, or $10.43 a share, compared with a loss of $80 million, or $1.34 a share, during the same period last year.
“As if we needed another indication of the lousy shape the housing market is in,” said Mike Larson, a housing analyst with Weiss Research in Jupiter.
Levitt and Sons sought relief from creditors, after defaulting on more than $300 million in loans, stopping construction of homes and laying off most of its 412 workers.
Analysts say more builders will follow Levitt and Sons into bankruptcy as the market crumbles. Most experts don’t see any improvement on the housing front until at least 2009.
TOUSA has developments in Palm Beach and Broward counties, including CasaBella in Delray Beach and Darlington Park in Cooper City. It also has operations in other parts of Florida and Texas, as well as the U.S. mid-Atlantic and western regions.
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http://www.sun-sentinel.com/business/sfl-flbtousa1116sbnov16,0,7781724.story
