After writing about the demise of Georgetown advertising firm Hammer Communications, I’m keenly aware of the misfortunes of America’s big builders. Until this year, Hammer was seemingly swimming in cash from builders slowly gobbling up land across the Washington D.C. region. But when the housing crisis hit, the losses mounted.
Take, for example, national company KB Home. In 2006, KB started working in the capital region. Two years later, it pulled out entirely.
“The company says many of the homes it anticipates building in the Washington market will be from its Open Series designs, smaller houses that cost less to build. KB Home’s customers have traditionally been first-time homebuyers,” according to the Journal.
Image by TheTruthAbout…, Flickr Creative Commons