Home Builder WCI Communities Files for Chapter 11
WCI Home Builders could not obtain the necessary funding to maitain a healthy cash flow. With $2.18 billion in assets and $1.92 billion in debts WCI had to file for Chapter 11. WCI Home builders focus on the luxary real estate market where most of its business is centered out of Florida (one the top states for declining real estate prices). A week ago its stock went from 99c to 2c. This is a far cry from the ~$20 it was trading for about a year ago. This is yet another plea for help in our declining real estate market.
Read the full story from NY Times.
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