ANOTHER HOMEBUILDER CALLING IT QUITS Kimball Homes, based in suburban Chicago, is shutting down. The company has built homes in markets all over the country, including in 4 Texas cities: “A spokeswoman said more than half of the company’s workers were laid off Tuesday, including an undisclosed number in the Houston area, where the company was active in 11 communities in the western and northwestern suburbs, Spring, the Humble area and Friendswood. Kimball Hill had 704 closings in the Houston area in 2007, down from 903 closings in 2006, according to Metrostudy.” The company filed for Chapter 11 bankruptcy in April. (The Chicago Tribune reports Kimball Hill had 1,100 employees as recently as last year.) [Houston Chronicle, via Swamplot inbox]
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This is a sad statement about the current condition of the housing market. Don’t expect to hear any of the drama, rumors, and innuendo that was posted after Royce Homes’ demise. From the corporate office in Chicago on down, Kimball Hill was run by good honest people trying to do the right thing. They have handled this situation as honorably as possible – all of the laid off employees have been given pretty significant serverence packages, at least relative to what most produciton home builders typically offer.