From the Oregonian:
David Oringdulph built Legend Homes over four decades by building middle-class housing in Willamette Valley suburbs.
With home prices rocketing up, Oringdulph, the company’s founder, expanded to red-hot Southern California. He also bought land for the first time in Bend, Oregon’s boomtown, and returned to fast-growing Vancouver.
Then the housing market tumbled. All three land deals fell apart. Legend’s parent company, Matrix Development, got stuck holding land worth less than the company owed on it.
On Tuesday, the three deals sent Legend Homes into bankruptcy.
If this downturn follows historical precedent, then Legend, sadly, only marks the beginning of many insolvencies to come.
Source:
Oregon builder Legend Homes seeks bankruptcy protection
Ryan Frank and Jeff Manning
The Oregonian
June 11, 2008