Local housing market improving?

Move over, McMansion.

The home-building industry is starting to emerge from deep hibernation. And some builders around town say it’s the smaller homes that people will want to buy.

Between June and August, Chesterfield County issued 236 permits for single-family homes, only three less than was issued during the same three months in 2008. Read more

Local builder files for bankruptcy protection

Prospect Homes, a local homebuilder for more than 25 years, filed for Chapter 11 bankruptcy Tuesday.

The company, owned by President Joe Audi, owes creditors between $50 million and $100 million, according to the filing. More than 200 companies and individuals are owed money.

Many businesses listed as creditors were not surprised by the news, as checks had been late in arriving for at least six months. But several local business owners said they kept working with Prospect after Audi met with them, in part because they wanted future work and had known the company for decades. Read more