Portrait Homes properties in trouble
GREENSBORO - Several properties owned by Portrait Homes face foreclosure since banks have stopped funding the company's active projects after it violated terms of loan agreements, according to the Triad Business Journal.
Foreclosure filings have begun for land and unsold homes in The Avenues, Tuscany, McAlister Place, McAlister Woods and Robyn's Glen in Greensboro, the paper reported.
In October, the company announced it would lay off some employees and stop construction here, reflecting an overall trend across the state and nation as the economy continues to suffer.
Officials with Portrait didn't return messages seeking comment Friday evening.
Sales of Portrait homes fell from 326 in 2007 to 152 in 2008, the Business Journal reported.
At least two longtime local home builders, Pierce Homes and Sandra Anderson Construction, went out of business last year. Officials at Pierce, once among the top five busiest home builders in the Triad, blamed its demise on the slow economy.
The U.S. Commerce Department has reported that sales of newly built single-family homes in November declined to its slowest pace since January 1991. In the South, sales were down 38 percent from November 2007 to November 2008.
News & Record Network Sites
Triad Weather
- Current Condition: PARTLY CLOUDY
- Current Temperature: 47°
- UV Idx: 2
- Forecast High/Low: H: 60° L: 36°
User Tools
Search News-Record.com
closeSearch News & Record Article Archives
Not all of the newspaper's content appears online.
*There is a fee for downloading some older articles.
