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Another Home Builder Closes Its Doors

Last updated on Friday, February 27, 2009

(INDIANAPOLIS) - The tumbling home construction market has claimed another Indianapolis area home builder.

Carmel based CP Morgan will close its doors today after 26 years in business.

The company built 25 thousand homes in and around Indianapolis. It ranked as one of the nation's 30 largest homebuilders.

Owner Chuck Morgan stated the collapse of the real estate market made it impossible to stay in business.

Inside Indiana business' Gerry Dick tells WIBC's Dave Wilson Show that the closure affects not only CP Morgan employees, but contractors and subcontractors.

Dick says home prices are going down, but he worries if people can get credit and if consumer confidence is high enough for people to begin to buy homes.

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