Beazer Cuts Back on Home Building

Daily Real Estate News  |   February 1, 2008

Beazer Homes USA Inc., one of the nation’s largest home builders and one that has been hard hit by the housing slowdown, announced Friday that it will shut down operations in several major markets.

Beazer will stop building in Charlotte, N.C.; Cincinnati, Ohio; Dayton, Ohio; Columbia, S.C.; and Lexington, Ky. The company will finish any homes under construction and continue to service the communities it has built. Operations in these areas represent only 5 percent of the company’s home building business.

Beazer will be recommending Countrywide Financial Corp. to its customers as part of a new marketing deal with the mortgage company, which is being acquired by Bank of America.

Beazer has been under investigation by the U.S. Attorney’s office in connection with violations of federal lending rules.

Source: The Associated Press (02/01/08)