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2009-01-17

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stories: fwbusinesspress.com

Texas-based home builder Wall Homes has filed for Chapter 11 bankruptcy protection according to the Fort Worth Business Press. The home builder was featured recently on ABC's Extreme Makeover: Home Edition, making them one more bankrupt star builder from the hit show. Per the article on the bankruptcy filing:

In a prepared statement, company president Steve Wall said the decision to file Chapter 11 bankruptcy "should provide Wall Homes with the opportunity to strengthen our balance sheet and develop an even more efficient expense structure. This will then position Wall Homes to compete more effectively as we pull out of the housing market downturn."

The builder will continue to operate, finishing homes scheduled for closing.

Regarding Wall Homes' size, the article notes:

Today, Wall Homes sells homes in 50 neighborhoods in Fort Worth, Dallas, Austin, Houston and San Antonio. According to the Fort Worth Business Press 2008 Book of Lists, Wall Homes ranked as the 12th largest homebuilder and developer in the area. The firm listed revenues of $25.6 million in 2007 with 140 full time employees. In May of 2007 Wall Homes purchased the local assets of Newmark Homes for an undisclosed price.

We have classified Wall Homes as a "tiny" implosion. If you have any information on Wall Homes, please comment below or email us.

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Comments:

Nelson at 15:51 2008-12-05 said:
What is up with Wall Homes?

They keep winning awards, but seem to be closing many subdivisions down in the DFW area. Permalink

vendor1 at 17:16 2008-12-05 said:
We have heard that finacial backers of wall have stepped back. Steve Wall is trying to find someway or somehow to keep it going. Permalink
MB@PPLLC at 17:25 2008-12-05 said:
Well I don't believe he is hurting too much, sent him an offer of $1.35mil for all his inventory out in Grayhawk in Frisco..... Not including the lots, turned it down flat.... Not even a counter.... Maybe he needs to get rid of the regional managers.... Permalink
James Connery at 13:14 2008-12-08 said:
They are closing their operation in Houston effective immediately. Only a hand full of employees remaining to clean up home under construction. All inventory homes will be listed with a realtor to liquidate. Permalink
houston at 15:48 2008-12-08 said:
They are closing their operation in Houston effective immediately. Only a hand full of employees remaining to clean up home under construction. All inventory homes will be listed with a realtor to liquidate.
Wow, that was quick (the company started up in 2005). I think Steve Wall is another victem of the credit crunch. They were/are highly leveraged and bought a lot of property at the peak of the market. As values have decreased and while sales have become harder to find, they are being squeezed. Their lendor(s) are probably playing hard ball and Steve may be running out of options. Permalink
Steamer at 19:52 2008-12-09 said:
[size=18:f41ba342d1][/size:f41ba342d1]Wall Homes' primary lot financier is reportedly calling in Letters of Credit on all delinquent properties tomorrow. Steve Wall has began informaing close business relationships he plans to startup a new venture soon. Permalink
houston at 08:12 2008-12-10 said:
Is this new venture outside of homebuilding? Permalink
supersnake at 18:52 2008-12-10 said:
God I hope so....I doubt he will find much support in homebuilding after this trainwreck! They tried to grow too big, too fast, and made poor aquisitions in a tough market without the experience or infrastructure to navigate the ship. The next 12 months in Dallas will seperate the men from the boys. Permalink
Nelson at 22:33 2008-12-10 said:
Word on the street is that the new venture is another home builidng company. This will be a good intelligence test for the banks and investors. Permalink
supersnake at 07:02 2008-12-11 said:
Surely not, it's probably just a bunch of big ego's trying to save face. I really doubt anyone (banks, investors, developers, landbankers) will give Steve Wall a second look in DFW if Wall Homes really does go out this hard and fast. Permalink

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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.