C.P. Morgan Homes ceasing operations

Daily Journal of Johnson County

Citing untenable market conditions, homebuilder C. P. Morgan Homes Inc. announced today that it is closing its doors and ceasing operations effective Friday.

One of Central Indiana's most dominant builders of single-family homes for more than two decades, the company said in a news release that the collapse of the real estate industry "makes it impossible for us to serve our customers effectively and remain viable."

The company's founder and chairman Charles P. Morgan said the following in a news release:

"This is one of the most difficult decisions I've ever had to make. With home prices dropping precipitously, resulting in millions of foreclosures, we believe our industry will be in trouble for many months to come. Unfortunately, I believe it's a crisis that will swallow up many companies like ours all across the nation."

Morgan said all homes under construction have been completed. Applicable warranties on all Morgan homes will continue to be honored by a residential warranty company as outlined in each homeowner's warranty manual.