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Caruso Homes Files Voluntary Chapter 11 Petition To Implement Restructuring

Caruso Homes, citing real estate market conditions, issued a statement that the builder will file a voluntary Chapter 11 Reorganization Petition today with the U.S. Bankruptcy Court.

Jeffery V. Caruso, Chief Executive Officer, stated, "The housing market is experiencing a challenging economic cycle which requires pro-active financial management. Filing a voluntary Chapter 11 allows Caruso Homes to restructure its financial obligations and continue building quality homes. I am proud of how our management team has acted quickly to address the current volatile real estate market." Caruso added, "We will continue to provide extraordinary design and uncompromised quality of construction and will emerge from this as a stronger construction company."

About Caruso Homes

Caruso Homes has over 20 years of experience as a prominent and reputable builder in the Mid-Atlantic region and was named America's Best Builder in 2006 by The National Association of Homebuilders (NAHB). Founded in 1986, Caruso Homes has maintained the philosophy that homebuyers deserve the home they are looking for; at a price that fits their budget. Caruso Homes is a recognized leader within the homebuilding industry with award-winning homes found in communities throughout Maryland and Virginia.

Caruso Homes has been an active participant in the communities it serves through many worthwhile charities, including the annual "Christmas in April" project, which repairs homes for owners who are unable to do so on their own. Recently, Caruso Homes partnered with "Hope International", a nonprofit group that, under their "House for Hope" program, gives small business loans to entrepreneurs living in poverty.

For more information about Caruso Homes and its reorganization, please visit www.carusohomes.com/reorg or contact Christopher Block at 301-261-0277 extension 254.

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