Like many before them in this financial debacle, another well-known homebuilder announced recently that it will literally be closing its doors.
As reported by the homebuilding trades’ BUILDER Magazine’s Alison Rice, Kimball Hill Homes, founded in 1969, has become the latest casualty of the housing and credit crisis. Once the firm finishes building the homes it currently has under construction, it will have become a statistic and comment on life in our times.
Kiimball Hill’s CEO Ken Love is quoted as saying that he deeply regrets the decision, but given the current housing and financial market conditions, the homebuilder is simply unable to conduct normal operations while it continues with sales efforts.
Kimball Hill was one of the elite BUILDER 100, closing 3,246 homes as recently as 2007, but proceeded with filing for chapter 11 bankruptcy earlier this year. In addition to its financial difficulties, Kimball Hill also lost it founder David K Hill to cancer in July. It was David who had named the company after his father, Kimball Hill.