The economic medicine is apparently beginning to cure severe cases of “growthophobia.”
First it was Tamarack bankrupt, then the recent ruling on the downtown “Boise Pit.” Today we got a nasty tip about inside bloodletting at Kastera Homes. Looks like nearly all the top dogs from the CEO on down have been dumped. The lead dog reportedly got the word via e-mail while in Australia on vacation.
A piece in the Thursday Daily Paper quotes a spokesman at parent company DBSI saying the workforce has been reduced, but they aren’t folding.
If memory serves us, they are the folks with the friendly radio sports about the “old neighborhood.” Sound like the neighborhood is the wrong part of town and in decay if the LINK INFO is correct.
The GUARDIAN checked with some real estate developer friends–we actually have one or two–and they say word on the street is it is curtains for the developer. Subs are calling for cash and some are getting stiffed, but that’s never news working with speculation developers.
Growthophobes can take some solace in the news that another land speculator has met its maker. On the downside is the pain and suffering for the “believers” who worked at Kastera.
Yesterday’s news of arrests and pending investigations of some 400 people in the lending industry tends to confirm the rumors of predatory loan practices and people walking away from million dollar homes in the middle of the night.
We were told yesterday of a subdivision near Kuna was a single home (sales office) in it that has foreclosure notices posted on site.
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