by Calculated Risk on 6/05/2007 11:56:00 AM

From the AP: Ga. home builder files for Chapter 11 (hat tip Dave)

Georgia builder Meyer-Sutton Homes Inc. filed for protection from creditors Monday in the U.S. Bankruptcy Court in Newnan, the result of a "sudden and dramatic" decline in business.
...
"The housing market has suffered a dramatic decline in demand, with the result problems of excess inventory and compressed profit margins," Buchanan said in court papers.

According to its bankruptcy filing, the company has cut new construction starts to two per month from 25 per month.