Economic Environment Causes TOUSA To Stop New Builds

Published March 24, 2009, 1:00 p.m. EDT

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After filing for Chapter 11 in Jan. 2008, Homebuilder TOUSA, Inc. is now suspending efforts to generate new build-to-order sales. The company said it is focused on completing and closing homes currently under construction, selling its remaining inventory of spec homes, and monetizing its land assets over time. TOUSA will continue to market and solicit offers for its assets during this process. The company is in discussions with various parties regarding a sale of its financial services businesses Universal Land Title, Inc., Preferred Home Mortgage Company, and Alliance Insurance Information Services. It is also in discussions regarding a sale of its homebuilding operations in Texas, which serve the Houston, San Antonio, and Austin markets under the Newmark and Trophy brands.

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