Current news for this company:
Mayer Homes - St. Louis-area residential builders
The "seventh" largest builder in the St. Louis area has shut down under the pressure of defaults, because of the bear market. Per the article above:
The article gives the output as 8,500 homes over the company's 30 years of existence; so we estimate 250-500 homes were built annually at the company's peak. This places them unambiguously on our "major" builder list, but they wouldn't likely be a "mega" builder by any stretch.
Further describing the default situation, the article goes on:
Rather sadly, Mayer commented "I wish we would have just held in there for another year... I think (the market) is coming out of it.". That is sad because there is of course no sign the market will be recovering any time soon -- the most optimistic projections based on the fundamentals we have seen are 2011. Really, if all the intervention was working towards a recovery (as opposed to just dragging out the bear market), we should be well into a recovery already. But that is clearly not the case.
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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.