It was first reported yesterday in the Boulder Daily Camera That Mcstain Enterprises has filed for bankruptcy protection. This is on the heals of Village Homes filing for bankruptcy last fall. These are two highly respected Colorado home builders, which both made the top 350 list of giant home builders that I noted in my previous post.
While it is not a surprise, it is truly sad to see Mcstain go under. They were one of the pioneers of green building, particularly on a production scale. The company was operated with a huge dosing of respect and integrity, something that is sorely lacking in many companies these days. The reasons they stated for filing is the poor housing market, and more importantly the gridlocked lending we find ourselves in. In my opinion, the gridlocked lending is making a bad situation worse. Without lending, nothing new is getting built or developed, which is now causing massive layoffs in the architecture and engineering fields. The entire industry has been brought to its knees.
Lets just hope that we can work our way out of this sooner than later, before we are all living under a bridge.