Bankruptcies Reach Nearly 5-Year High

U.S. bankruptcy filings have reached the highest level since 2005, government data released on Tuesday show...

Banks Foreclose on Builders With Perfect Records

Not only have new-home sales stagnated, but builders confront a rising wave of foreclosed properties coming to market at prices below the cost of building a new home. To move houses, they have to mark them down to less than the cost of construction.

The convergence of these problems is bringing many small and medium-size builders — who account for about 70 percent of new-home construction in the United States — to their knees...

Read more Banks Foreclose on Builders

Source: new york times