According to an article in the Associated Press, the nation’s largest construction subcontractor, Building Materials Holding Corp., will pay nearly $475,000 to a group of construction workers under a legal settlement approved by the bankruptcy judge overseeing the company’s Chapter 11 proceedings.

The article said:

“The lawsuit accused the company and its subsidiaries, including San Francisco-based SelectBuild Construction Inc., of violating state and …

Tags: Building Materials Holding Corp Labor Dispute SelectBuild Construction Inc. Settlement

According to an article in the Dallas Morning News, Texas construction starts are expected to drop by more than 20 percent this year due to foreclosures, bankruptcy and the tightening of the credit access for construction companies and investors.

The article said:

“It’s the biggest such fall-off since 1967, according to a report issued Wednesday by analyst McGraw-Hill Construction. The sharpest declines will be in the commercial and …

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… with rising job losses and cautious consumers has lowered the number of new home and apartment construction by 12.8 percent last month to an annual rate of 458,000, units. That’s the lowest number of new construction on record going back 50 years. And the low number of new building permits gives us a glimpse into what the future may hold for commercial real estate.

The article said:

Applications for new building permits dropped 3.3 percent to an annual rate of 494,000, also the …

Permalink: /foreclosures/foreclosures-and-sagging-economy-hit-construction-industry/

… to an article in the Dallas Morning News, the Commerce Department reported that new home construction declined by 15.5 percent, a record low. As of December 2008 annual new home construction fell to 550,000, the lowest record since new home construction began being recorded in 1959.

On the surface this may look like a bad event–less new home construction means less jobs, less money being borrowed and spent. But if you look at it in the wide scheme of things, it’s good news for …

Permalink: /foreclosures/new-home-construction-plunges-155-percent/

… it only lists $10 million to $50 million in assets.  A large portion of the debts stems from the construction of an extension of the line that opened in 2004.  The line was extended to reach the Sahara hotel, and the total construction and start up costs totaled around $650 million. 

 

The monorail system in Las Vegas is very important the city’s convention traffic and tourism industry, and recently during the Consumer Electronics Show, the line was carried in the neighborhood of …

… mechanic’s lien against the property and personal judgments against the debtors for $103,917 in construction costs, $20,541 for profits lost when the sale fell through, and $45,407 in attorney ’s fees. The debtors filed for Chapter 13 days before the property was scheduled for sheriff’s sale. Ciappa filed a proof of claim and objected to the debtors’ plan, which provided for the surrender of the property. Ciappa asserted that the debtors’ filing and plan were not made in good …

… in some of the debtors’ most significant industrial markets, including heavy-duty truck, construction and farm equipment, have negatively impacted the debtors’ operating performance,” Neenah said in court papers.

Many of the core industries are struggling during this recession as municipalities and even large private corporations slash budgets even in essential areas.  Bankruptcy is becoming a common choice amongst beleaguered businesses such as Neenah, who have found it …

… owes the debt must be in fact “a person” not a business.  For example, if you ran a construction business and you did not repay a supply credit line, that debt would not be covered by the Fair Debt Collection Practices Act.  But on the other hand, if you are a sole proprietor with a credit line under your personal credit (which is often the case) that debt would be governed by this act.

The debt collector must have committed some type of violation …

… avoid foreclosure and bankruptcy ?

Obama proposed new spending for highway and bridge construction, for small-business tax cuts and for retrofitting millions of homes to make them more energy-efficient. He said he wanted to extend economic stimulus programs to keep unemployment insurance from expiring for millions of out-of-work Americans and to help laid-off workers keep their health insurance. He proposed an additional $250 apiece in stimulus spending for seniors and veterans …

… placed o her property? According to several reports, Pamela Anderson is facing liens from various construction companies for unpaid bills totaling nearly $1 million and a bill for $252,360 for unpaid California state taxes. But despite the reports, Anderson says that she is far from filing bankruptcy :

“That’s all garbage. I have a beautiful home in Canada, nine little cabins on the dock that I’m building and a store in the front. That’s going to be kind of my sanctuary. I think …

… results are suspect.

The article said:

“The jobs include many instances in which construction companies assert that stimulus contracts allowed them to retain employees who otherwise would have been fired. As such, the report may further fuel criticism that self-reported government measures of the stimulus’s impact are unreliable. Nationwide, the government estimates that stimulus contracts have saved or created 30,383 jobs.”

Critics of the stimulus program for Texas …

… and/or bankruptcy. Although the credit and foreclosure crisis has slowed the building of condos, construction has not stopped.  With an oversupply of condos already on the market we could see prices declining further and more condo owners succumbing to foreclosure as they are unable to sell their units.