RIP Kimball Hill Homes

Kimball Hill Homes, which didn't build in Southern California but was a large builder in other markets in the U.S. including Central and Northern California, has decided it won't be able to emerge from bankruptcy and is shutting down completely. The news of the company's demise comes after the death of its CEO, David Hill, earlier this year. From a BuilderOnline.com story:

Kimball Hill Homes, a private builder founded in 1969, has become the latest casualty of the housing and credit crisis: the firm will close its doors after finishing the homes currently under construction, according to a company announcement made yesterday... The news indicates just how difficult conditions have become for the nation’s home builders. Kimball Hill, a BUILDER 100 builder which closed 3,246 homes as recently as 2007, filed for Chapter 11 bankruptcy protection earlier this year. But restructuring proved impossible given the current state of the economy and housing market, and now the company plans to either sell the business or its assets.

The past year has been difficult for the company and its employees financially and emotionally. Kimball Hill also lost its founder David K. Hill to cancer in July. He had named the company after his father, Kimball Hill.

I never knew Mr. Hill well, but I know he was a very well-liked figure in the industry, and his company had a very good reputation among the nation's larger private building companies. Its demise is certainly sad news.

And for those numerous commentators on blogs who says, "Good riddance to the greedy builders, someone else will take their place!" I would urge them to reconsider the wisdom of moving their families into homes built by future amateurs filling the void. Suzuki Samarai, anyone?

The late, great Los Angeles Times?

Although this isn't a housing-related post, since I've been recently writing a few freelance stories for the L.A. Times, the news of publisher David Hiller's departure today is certainly noteworthy, especially on the heels of the departure of a Chicago Tribune editor. From an AP story:

The Los Angeles Times says publisher David Hiller has resigned after 21 months at the helm of Tribune Co.'s largest paper.

The news comes the same day Chicago Tribune editor Ann Marie Lipinski resigned from Tribune's flagship paper, continuing a string of executive defections amid a broad cost-cutting effort at the company's papers nationwide.

Hiller was the third publisher to lead the Times since Tribune Co. bought the paper in 2000. Predecessor Jeffrey Johnson was ousted in late 2006 when he balked at trimming newsroom staff to cut costs.

The Times said two weeks ago it will cut 250 positions, including 150 in the newsroom. The paper did not immediately name a successor.