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Monday, March 23, 2009 Real estate brokerages hit by bankruptcy, closures
An increase in real estate business closures and bankruptcies is an inescapable reality of any housing market downturn, and this cycle has been no different from those past. Though there are no hard statistics that quantify the number of companies that have closed their doors, merged with their competitors or filed for bankruptcy court protection, there's no doubt that closures and bankruptcies are on the rise and that both large and small real estate companies have been involved.
A search of court records for real estate bankruptcies pulled up hundreds of records of personal and corporate filings, and seemingly no segment of the industry has been immune. The lengthy list of Chapter 7, Chapter 11 and Chapter 13 filings included individual brokers, sales agents, independent companies, franchises, developers, homebuilders, mortgage brokers, property managers, time-share operators and more ... CONTINUED
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