Nouveau Homes, Inc. - Residential

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2007-12-14

Per the Sacremento Business Journal, Rocklin-based Nouveau Homes, Inc., filed for Chapter 7 bankruptcy protection. A "tiny" implosion, Nouveau Homes' business was characterized as:

Nouveau Homes sold just three homes last year and had four sales this year, putting it at the bottom of the list of Sacramento builders, in company with dozens of builders and developers who haven't managed more than a handful of sales through the slump.

Company president and sole owner Robert Nelson could not be reached for comment. According to the filing, the company had total sales revenue of $15.4 million in 2005 and 2006.

The Journal notes that Nouveau had debts of approximately $18 million and assets of less than $100,000.

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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.