Joining Trend Homes, KB Home, Americabuilt Communities, and Engle Homes, Fulton Homes is the latest tragedy in Valley home builders since 2007. Fulton Homes started operation in 1974 and grew to become one of the Valley's largest private home builders before their recent filing for Chapter 11 bankruptcy reorganization.
In 2008, Fulton Homes took out a mere 61 single-family permits to build new Valley homes. The builder reported 428 sales during that same time. This suggests that most of the sales were from the backlog of spec homes built from 2005-2007.
What makes this a little different than most is the fact that Ira Fulton, founder and CEO of Fulton Homes, was voted one of the 50 most generous philanthropists of 2006. According to the information in BusinessWeek, Fulton and his wife have given away more than $300 million, approximately 60% of their net worth. ASU alone, one of it's largest recipients, has received more than $160 million.
Fulton Homes has 21 actively selling subdivisions, and there are another 20 subdivisions in the Valley that the other builders are selling under bankruptcy reorganization.
Here's hoping that all of these Valley home builders can get back on their feet, especially this one, who has been so generous to others!
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